Overview
- Founders Andre Cronje, Michael Kong and David Richardson resigned from the Sonic Labs board in a move announced Saturday that installed Matt Visser as CEO and Kosta Kourkoumelis as COO.
- The S token has lost roughly 97% of its value since its January 2025 launch and was trading near $0.028–$0.031 after a roughly 5% drop tied to the resignation news.
- On‑chain metrics show total value locked on the Sonic network collapsing from over $1 billion to around $20 million, creating severe liquidity and yield problems for users and protocols.
- Andre Cronje said he stands behind the technical work he led but was not the decision owner for migration, airdrop or tokenomics choices, and he plans to focus on his Flying Tulip project while retaining financial exposure to Sonic.
- Sonic Labs pledged clearer governance, a dedicated risk and compliance committee and a disciplined execution plan, but recovery will depend on tangible rises in TVL, trading activity and on‑chain signals rather than governance changes alone.