Overview
- The Sonic Labs board announced the resignations of Andre Cronje, Michael Kong, and David Richardson in a move made public Saturday and named Matt Visser as CEO and Kosta Kourkoumelis as COO.
- The S token has lost about 97% of its value since its January 2025 launch and traded near $0.029 on the announcement day after an additional roughly 5% drop.
- On‑chain liquidity has evaporated from over $1 billion to roughly $20 million in total value locked, leaving the network with thin pools and weaker yields that could accelerate outflows.
- Sonic said the leadership changes form part of a new governance framework that will add clearer processes, more frequent updates, and a dedicated risk and compliance committee.
- Cronje said he stands behind the technical work he led but denied responsibility for migration and tokenomics decisions, and the key question now is whether the new team can restore confidence and stop further TVL losses.