Hong Kong · Crypto Briefing
Sonic drops 5% as Cronje and top executives resign from Layer-1 project
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Andre Cronje, Michael Kong, and David Richardson exit the board as the S token sits 97% below its all-time high.
Key facts
- Cronje’s exit comes against a backdrop of a 97% decline in token value, TVL that has evaporated from over $1 billion to $20 million, and a revolving door in the executive suite
- The market capitalization of the Sonic ecosystem now sits somewhere between $85 million and $117 million
- Sonic Labs announced the departures on June 20, simultaneously naming Matt Visser as the new CEO and Kosta Kourkoumelis as COO
- Andre Cronje, Michael Kong, and David Richardson exit the board as the S token sits 97% below its all-time high
Summary
Andre Cronje, one of DeFi’s most recognizable builders, has stepped down from Sonic Labs’ board alongside fellow founding members Michael Kong and David Richardson. Sonic Labs announced the departures on June 20, simultaneously naming Matt Visser as the new CEO and Kosta Kourkoumelis as COO. Cronje confirmed his exit on X, noting that he plans to focus on Flying Tulip, his newer project. The market capitalization of the Sonic ecosystem now sits somewhere between $85 million and $117 million.