Netflix is ​​making a miniseries about the biggest crypto disaster in history!

Netflix is ​​making a miniseries about the biggest crypto disaster in history!

Netflix announces the production of a multi-part miniseries about the FTX scandal, considered one of the largest financial fraud cases in recent years. The rise and fall of the crypto exchange FTX, which was founded in 2019 and was at its peak one of the leading trading platforms for cryptocurrencies such as Bitcoin and Ether, is now attracting the attention of the film and television industry. FTX’s collapse in the fall of 2022 resulted in the loss of over $8 billion from US customers.

The miniseries titled “The Altruists” will have a total of 8 episodes. Anthony Boyle will play the role of Sam Bankman-Fried, the company's founder. Julia Garner will portray former Alameda Research CEO Caroline Ellison, who herself was sentenced to two years in prison. Loud btc-echo.de Higher Ground, Barack and Michelle Obama's production company, accompanies the development of the series.

The collapse and the consequences

The frightening events surrounding FTX began when a report from Coindesk revealed financial weaknesses of Alameda Research that were closely linked to the token FTT, FTX's own token. After the CEO of Binance announced the sale of FTT tokens, the price of the token crashed, causing panic among customers and a massive wave of withdrawals.

FTX had to stop withdrawals to avoid full bankruptcy and attempted to obtain a bailout from Binance, but it was withdrawn due to mismanagement. In the following months, the SEC and the US Department of Justice were forced to launch investigations. This led to Bankman-Fried's resignation announcement and FTX's bankruptcy.

The trial of Sam Bankman-Fried

Sam Bankman-Fried was indicted in October 2023 on fraud, conspiracy and several other charges. He was ultimately found guilty on all seven criminal charges, which occurred in the Southern District of New York. The verdict was announced on November 2, 2023, and Bankman-Fried faces up to 110 years in prison. He has already been sentenced to 25 years in prison, while Ellison, his former business partner, received two years. Bankman-Fried's primary sentence is scheduled for March 28, 2024, and he will remain incarcerated until that date at the earliest, while he also prepares for a second trial in March 2024 on five additional charges.

FTX's transgressions have not only had serious consequences for the affected customers, whose assets worth over $10 billion are considered lost, but have also shaken trust in the entire crypto market. The $40 million Bankman-Fried donated to political candidates and PACs, primarily Democrats, before the collapse will also play a role in the coming debates.