Andre Cronje and Co-Founders Step Down from Sonic Labs Board as S Token Hits Record Lows
Andre Cronje and fellow co-founders Michael Kong and David Richardson have resigned from the board of Sonic Labs (formerly Fantom), with Matt Visser appointed as CEO. The move comes as the S token trades near all-time lows, approximately 91% below its January 2025 peak. Total value locked (TVL) on Sonic has collapsed from over $1.1 billion to about $18 million, a 98% decline. Critics question the timing, arguing that stepping back during a downturn erodes trust. Sonic Labs insists the project has sustainable funding and development momentum, citing 400 merged pull requests and a private testnet for version 2.2.0. The upcoming Fantom Opera shutdown on June 30 may add volatility as users complete migration. Price analysis shows S sitting below major moving averages, with RSI at 32.5 signaling weak demand. Key support at $0.028; a break below could test the $0.0277 record low.
Key facts
- Andre Cronje, Michael Kong, and David Richardson resigned from Sonic Labs board; Matt Visser becomes CEO.
- S token trades near all-time lows, down ~91% from January 2025 peak of $1.03.
- Total value locked on Sonic collapsed from $1.1B to ~$18M, a 98% drop.
- Sonic Labs denies crisis, cites diversified treasury and 400 merged pull requests this year.
- Fantom Opera shutdown on June 30 may increase volatility as migration completes.