Sonic Labs Directors Including Andre Cronje Resign; S Token Drops 5%

Three founding board members at layer-1 blockchain developer Sonic Labs, including Andre Cronje, have resigned. The management shake-up rattled the market, sending Sonic’s native S token down about 5% from a day earlier.

Sonic Labs said on X on June 19 that Michael Kong, Andre Cronje and David Richardson were stepping down from the board. The company named Matt Biser as chief executive officer and Costa Kourkoumelis as chief operating officer.

The overhaul marks the founding members’ retreat from the front lines of management. Sonic Labs said the three helped build the company into its current form, but will no longer take part in the organization’s business decisions.

The sudden resignations and leadership reshuffle put pressure on the S token, which fell about 5% from the previous day. Sonic was trading in the $0.03 range on Binance’s Tether, or USDT, market.

Matt Biser, the new CEO, said he was not taking the role to promise an immediate dramatic turnaround. Instead, he said the company would improve by 1% each day, compound that progress and prove it publicly.