Hong Kong · The Block
Cronje published a separate statement on his website addressing his role
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He also said he was "not a founder of the company or original token project," recasting his prior use of the term co-founder as a description of his technical role.
Key facts
- The price sits about 97% below the $1.03 all-time high it reached in January 2025, putting the network's current market cap near $107 million
- Cronje said his focus is now Flying Tulip, his DeFi exchange, which raised $200 million at a $1 billion fully diluted valuation in August 2025 and later added a private token round
- The S token traded at about $0.028 around publication time, down roughly 10% over 24 hours, 's Sonic Price page
- Sonic Labs had been pushing into the U.S., including passing a $150 million proposal to enter U.S. capital markets, and appointed Mitchell Demeter CEO in September 2025 to lead that effort
Summary
Sonic Labs, the research and development firm behind the Sonic blockchain, said on Friday that three longtime board members are resigning as part of a leadership overhaul. Andre Cronje, Michael Kong and David Richardson are stepping down from the board, the company said. The S token traded at about $0.028 around publication time, down roughly 10% over 24 hours, 's Sonic Price page. The departures follow an earlier reshuffle. Visser said his initial focus is operational discipline and rebuilding trust rather than a roadmap reveal, and that he is not promising "an instant turnaround.