Yuga Labs restructures the company and lays off some team members

Yuga Labs is undergoing a restructuring, which led to the layoffs of some team members on Friday. Yuga Labs co-founder Greg Solano, who took over as CEO of the company in February, announced the company's restructuring on social media. Regarding the restructuring announcement, Solano said, "Today is a very difficult day. I am determined to change Yuga and bring us back to our original purpose, which means making difficult decisions. So far, the hardest decision has been to say goodbye to some talented team members."

In the memo, Solano said, "Yuga Labs has lost its direction and will focus on building a smaller, more flexible, and more crypto-native team."