Julia Garner is in final negotiations to portray Caroline Ellison in a Netflix limited series that will chronicle the dramatic unraveling of cryptocurrency exchange FTX. The project comes from Higher Ground, the production company founded by Barack and Michelle Obama, and is based on reporting from New York Magazine.
The untitled series will follow the rise and collapse of FTX and explore the connection between founder Sam Bankman-Fried and Ellison, who served as CEO of Alameda Research. Garner is also attached to executive produce.
Graham Moore, best known for writing The Imitation Game, is writing the series and will serve as co-showrunner alongside Jacqueline Hoyt (The Leftovers, The Underground Railroad). James Ponsoldt (Shrinking) is attached to direct. All three are executive producers on the series.
The project, described by sources as a drama centered on two young figures with outsized ambitions, will depict the internal dynamics and rapid collapse of a crypto empire that once sought to reshape global finance. The characters at the center are portrayed as bright but reckless individuals whose decisions ultimately triggered one of the most publicized financial implosions in recent memory.
Netflix has declined to comment on the project.
Garner, who received multiple Emmys for her work on Ozark and another nomination for Inventing Anna, is returning to Netflix following a stretch of high-profile roles. Her portrayal of Ellison follows a pattern of playing complex, high-stakes figures navigating legal and financial scrutiny.
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Ellison, a former romantic partner of Bankman-Fried, pleaded guilty to multiple charges and testified against him in a federal trial. Her cooperation was instrumental in securing convictions against the FTX founder, who was found guilty on seven criminal counts related to fraud and conspiracy in 2023. Ellison is currently serving a reduced sentence and is expected to be released later this year.
Garner’s portrayal will focus on Ellison’s involvement in the operations of Alameda Research and her relationship with Bankman-Fried as the two worked to expand their influence across the crypto landscape. The narrative is being shaped as a character study within a broader exploration of power, manipulation, and ambition.
Moore, Hoyt, Ponsoldt, and Garner are executive producing alongside the Obamas and Vinnie Malhotra for Higher Ground. Additional producers include Scoop Wasserstein of Scoop Productions and Lauren Morelli.
The project is one of several currently underway that depict the events surrounding FTX’s collapse. Apple and A24 are developing a feature film written by Lena Dunham. Prime Video is working on a separate limited series from AGBO, the company run by Joe and Anthony Russo, with Hunters creator David Weil attached. Documentary efforts are also underway, including a nonfiction project from Mark Wahlberg’s Unrealistic Ideas and another from Bloomberg.
Garner’s recent casting adds momentum to Netflix’s dramatization, which has been in development since 2022. While no title or release window has been confirmed, the series joins an expanding slate of content tied to the cryptocurrency fallout.
In addition to her television work, Garner is scheduled to appear in two major films this summer. She plays the Silver Surfer in Marvel’s The Fantastic Four: First Steps and stars in Zach Cregger’s Warner Bros. horror film Weapons. She is represented by UTA, LBI Entertainment, and Sloane Offer.
