Yuga Labs announces US layoffs as part of broader restructuring

Yuga Labs CEO Daniel Alegre sent a message to employees Friday


mundissima/Shutterstock modified by Blockworks


Yuga Labs, the VC-backed NFT startup behind the Bored Ape Yacht Club and CryptoPunks, is the latest crypto firm to conduct layoffs.

According to a message posted to Yuga’s website, CEO Daniel Alegre detailed the restructuring of teams in an email to staff on Friday. 

Yuga declined to publicly disclose the number of layoffs, but co-founder Greg Solano posted on X that Yuga still has over 120 employees. Per Alegre’s message, the layoffs impacted the company’s US teams.

It’s unclear how many employees were impacted. Per the message, the layoffs impacted the company’s US teams. Yuga Labs did not immediately respond to a request for comment on the layoffs.

“It’s a challenging time, not only for our industry but also for the global economy. We must stay focused on our core strengths as we continue to create unique, engaging experiences for the broader Yuga audience. The restructure today impacts US team members, and we are actively reviewing the impact on our international teams,” Alegre wrote.

Alegre joined Yuga as CEO roughly six months ago. Previously, he served as president and chief operations officer at Activision Blizzard.

“I realized 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,” Alegre wrote.

As part of the changes, the company will focus on Otherside, Yuga’s gamified metaverse

“Every ongoing digital connection will be part of and reinforce the Otherside evolution. This encompasses gaming, entertainment experiences, interactive social connections, and a range of unique initiatives coming from Eric Reid and team,” he said.

Otherside will also begin to issue “regular development updates” beginning in the “coming weeks.”

Additionally, Yuga plans to “continue to build complementary long-term partnerships that will help us realize our mission to build culture on the blockchain.”

Updated Oct. 6, 2023 at 11:20 am ET: Added additional context.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Data publishing costs have historically been a bottleneck for rollups, and as more rollups launch, interoperability will continue to be a major challenge. Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion, which together aim to unify the web3 experience.


Short-term “sell the news” reactions could follow new BTC price peaks months from now, industry watchers say — but only if history repeats itself


While crypto fundraising remains well off its bull market highs, Q1 data shows capital is returning to the space


Billed as a better BRC-20 fungible token standard, Bitcoin Runes launches tomorrow


Bitcoin miners need to explore unconventional energy avenues or be buried by the financial realities created by this halving


BlackRock’s iShares Bitcoin Trust continues to see daily positive net flows, though its inflow total for a single day hit a new low Wednesday


Binance is making moves, from receiving a new license in Dubai to switching its SAFU fund to USDC