Bored Ape NFTs creator Yuga Labs joins in on crypto sector layoffs

The announcement follows a series of layoffs in the crypto sector. — Image by pikisuperstar on Freepik

Yuga Labs, the crypto company behind the popular Bored Ape Yacht Club and CryptoPunks nonfungible token collections, said it is laying off some staff across its business as part of an internal restructuring.

Employees were informed of the changes in an email by newcomer chief executive Daniel Alegre on Friday (Oct 6), who said that his six months at the company had shown that it required streamlining. "I realised very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies,” he said in the email, which was published online by Yuga.