Crypto news site The Block has just waved good-bye to a third of its staff.

Larry Cermak, the site’s former head of research, has been promoted to CEO by the new company board, which features Evgeny Gaevoy of crypto hedge fund Wintermute.

The move comes in the wake of The Block’s FTX funding scandal.

Don’t worry too much about how the rise of Wintermute, and the excuses for it, are disconcertingly parallel to the story of FTX/Alameda — the nigh-magical arbitrage and how Gaevoy is a mathematical genius, much as SBF was.

We beat CoinDesk on this one. Read the full story on David’s site. [David Gerard]