Hong Kong · Cointelegraph
S token drops 5% as 3 former execs resign from Sonic Labs board
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Andre Cronje, Michael Kong and David Richardson stepped down from the Sonic Labs board on Friday, while Matt Visser has been appointed as CEO, replacing Mitchell Demeter who resigned in February.
Key facts
- Sonic Labs, the research and development organization behind the Sonic EVM-compatible layer-1 blockchain, is the successor to the Fantom Foundation, which was founded in 2018
- Sonic Labs is overhauling its leadership and governance structure as it attempts to address growing community dissatisfaction and a prolonged decline in its S token, which has fallen 97%
- The leadership shuffle comes days after Ethereum Foundation co-executive director Hsiao-Wei Wang announced that she had stepped down on Thursday, adding to a list of 19 layoffs and departures
- Andre Cronje, Michael Kong and David Richardson stepped down from the Sonic Labs board on Friday, while Matt Visser has been appointed as CEO, replacing Mitchell Demeter who resigned in February
Summary
The S token, the native utility asset behind the Sonic blockchain, dipped on Friday after Sonic Labs announced the resignation of three former executives from its board. The S token fell to 0.031, down 5% over 24 hours. “These are the people who built what Sonic is today. Sonic Labs is overhauling its leadership and governance structure as it attempts to address growing community dissatisfaction and a prolonged decline in its S token, which has fallen 97% since launching in January 2025 as part of a network upgrade.