S token drops 5% after three Sonic Labs board resignations
The S token fell 5% to $0.031 after Sonic Labs announced board resignations by Michael Kong, David Richardson and Andre Cronje and a leadership reshuffle.
The S token fell 5% to $0.031 on Friday after Sonic Labs announced the resignations of three former executives from its board and a change in senior leadership. Matt Visser was named chief executive and Kosta Kourkoumelis was appointed chief operating officer.
The departing board members are Michael Kong, a former Fantom Foundation CEO and Sonic Labs director; David Richardson, who served as executive chairman; and Andre Cronje, the network’s former chief technology officer. Sonic Labs confirmed they are handing off responsibilities and will no longer make business decisions for the organization.
Sonic Labs framed the departures as part of a wider leadership and governance overhaul intended to address falling community confidence and the token’s performance. The S token has fallen about 97% since its January 2025 launch, which accompanied the network’s technical upgrade and rebrand from Fantom to Sonic.
In a statement, Sonic Labs wrote: “We are not going to open with a victory lap. The token is down. Community sentiment is down. We see both clearly, we are not spinning it, and we are not asking anyone to pretend otherwise.” The organization said it will pursue clearer public communication, more transparent governance and the creation of a dedicated risk and compliance committee.
Andre Cronje posted a brief note thanking colleagues and describing an orderly handoff: “These are the people who built what Sonic is today. They remain invested in Sonic’s success and are handing off their responsibilities the right way, in full. From here, they will no longer make business decisions for the organization.”
Sonic Labs is the research and development body that succeeded the Fantom Foundation. The Sonic blockchain was relaunched as an EVM-compatible layer-1 after replacing the legacy Fantom Opera chain; Sonic Labs estimates the network can process 10,000 transactions per second and deliver subsecond finality.
The announcement did not include new product roadmaps or changes to tokenomics. The organization said the governance and leadership changes are intended to restore confidence and improve oversight.
The resignations come days after Hsiao-Wei Wang, co-executive director at the Ethereum Foundation, announced her departure.
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