Yuga Labs is undergoing a company restructuring and has laid off some team members

ChainCatcher news, according to The Block, Yuga Labs is undergoing a restructuring, which has led to some team members being laid off on Friday.

It is reported that Yuga Labs co-founder Greg Solano has posted a memo announcing the company's restructuring on social media since taking over as CEO in February.

Regarding the restructuring announcement, Solano stated, "Today is a very difficult day. I am determined to change Yuga and bring us back to our original intent, which means making tough decisions. So far, the hardest decision has been to say goodbye to some talented team members."

In the memo, Solano mentioned that Yuga Labs "has lost its way" and will focus on building "a smaller, more agile, and more crypto-native team."