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ApeCoin's Yuga Labs Co-Founder Stepping Down to Advisory Role, Here's What Happened

Sun, 01/29/2023 - 09:12
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Tomiwabold Olajide
Yuga Labs co-founder stepping away
ApeCoin's Yuga Labs Co-Founder Stepping Down to Advisory Role, Here's What Happened
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Wylie Aronow, a co-founder of Yuga Labs' Bored Ape Yacht Club (BAYC), has announced on Twitter that he will be taking a leave of absence from his role at Yuga Labs to focus on his health.

The Yuga Labs co-founder announced he had been diagnosed with congestive heart failure, with the symptoms having progressed over the past few months.

According to Wylie, who said he lost his twenties to a chronic illness, he did not want to waste a second chance at life so he took up building Yuga Labs.

Saddened by the fact he will not be on the front lines anymore due to his illness, Wylie takes solace in Yuga's future under the leadership of its other co-founder, Greg Solano. A new role will also be taken by Daniel Alegre, which he said makes him more bullish.

Wylie Aronow says he will still stay on but as a board member and strategic advisor. He takes joy in what the community has achieved and says he believes Yuga's impact on Web3 is just beginning.

It has not been a roller coaster ride for Yuga Labs, as in October 2022, reports that the United States Securities and Exchange Commission (SEC) was investigating Yuga Labs over whether its Bored Ape Yacht Club Ethereum NFTs and the ApeCoin token are unregistered securities surfaced online. As per the report, Yuga Labs was not accused of any wrongdoing, and thus charges may not be pressed.

For official purposes, the ApeCoin token was not created or launched by Yuga Labs โ€” it was issued by the Ape Foundation, which is led by a board that includes notable Web3 developers like Reddit co-founder Alexis Ohanian and Amy Wu. It appears that strategy was chosen due to regulatory concerns.

As reported by U.Today, ApeCoin (APE) gained traction in the week, possibly owing to momentum in the NFT market.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.