Overview
- Three founding board members — Andre Cronje, Michael Kong, and David Richardson — have resigned from Sonic Labs’ board and said they will step back from business decisions while keeping financial stakes.
- Sonic named Matt Visser as chief executive officer and Kosta Kourkoumelis as chief operating officer to run day-to-day operations and oversee the transition to the new governance structure.
- Andre Cronje confirmed on X that he will focus on his newer project Flying Tulip and said he remains responsible for technical work but not for migration, airdrop, tokenomics, or legacy-network decisions.
- Market and on-chain metrics remain weak with the S token down about 5% on the resignation news, roughly 97% below its all-time high, and total value locked collapsed to near $20 million from over $1 billion.
- Sonic said it will introduce clearer governance processes and a risk and compliance committee, but the new team faces the immediate task of stopping liquidity outflows and reversing a self-reinforcing cycle of falling yields and user departures.