Mega (MEGA), renamed from MegaETH, reduced its workforce by 20 percent through restructuring, The Block reported on Thursday.
According to the report, Shuyao Kong (슈야오 콩), a Mega co-founder, said the layoffs were part of restructuring aimed at changing the company’s direction.
Those affected included employees involved in the Ethereum layer-2 blockchain MegaETH, as well as wallet and ecosystem development. Founders, early employees and the core engineering team will remain to continue the project.
The MegaETH Foundation announced this week that it has changed its name to Mega and will invest $30 million in new products including AI inference.
Kong said, "Cryptography and distributed systems will change how the world creates and uses refined intelligence." He added, "There is much to prove and much to do." He also said, "Cryptocurrency is the only technology that makes AI fair and open."
The MegaETH team launched the Mega token in April.
