(Bloomberg) -- Yuga Labs Inc., the developer of the popular Bored Ape Yacht Club nonfungible token collection, is letting go of an unspecified number of employees as it undergoes restructuring. 

Chief Executive Officer Greg Solano, who also uses the nickname “Gargamel,” wrote in a social media post on X that he was “hellbent” on transforming the company, which meant making hard decisions, noting that “by far the hardest is saying goodbye to some talented team members.” He included images of a message he said was sent to employees on Friday, which noted that affected workers were invited to a meeting later that day. 

“To put it simply: Yuga lost its way,” he wrote. “Getting ourselves centered and on the right path means being a smaller, more agile and cryptonative team.”

A spokesperson for Miami-based Yuga confirmed the accuracy of the tweet and declined to comment further.

The restructuring is the latest major change for Yuga. Solano, who co-founded Yuga, returned as CEO in February, replacing former Activision Blizzard Chief Operating Officer Daniel Alegre in the role. At the time, he said he was interested in bringing the company back to its crypto roots.

The startup, which raised $450 million at a $4 billion valuation in 2022, has also endured criticism over a controversial token project and was sued by investors who claimed that the company and its celebrity promoters duped them into buying Bored Ape NFTs, since it wasn’t disclosed they were being paid to promote the tokens. 

The company has even faced numerous delays in launching its much-anticipated Otherside video game inspired by the Bored Ape universe. Solano said in the employee message Friday that Yuga would be focusing its gaming efforts on “3D Otherside” and that other aspects of its gaming plans would be announced soon.

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