Andre Cronje Exits Sonic Labs Board as S Token Plunges 97% from Peak
Summary
Andre Cronje, Michael Kong, and David Richardson have exited the Sonic Labs board as the platform's S token continues to decline sharply, falling 97% from its $1.03 peak. TVL has dropped to approximately $20 million. Matt Visser has taken over as CEO with Kosta Kourkoumelis as COO, setting expectations of no immediate turnaround but pledging daily 1% compounding improvements. Sonic Labs announced new governance measures including a risk and compliance committee, public decision-making, and a disclosure email for holder concerns. Following the announcement, the S token fell another 5% in 24 hours, trading around $0.028-$0.03.
Source
bskyAndre Cronje Exits Sonic Labs Board as S Token Plunges 97% from Peakbriefly.coKey quotes
· 2 pulledMatt Visser set expectations of no instant turnaround and pledged daily 1% improvements that compound.
Sonic Labs committed to a dedicated risk and compliance committee, public decision-making, fewer substantive announcements, and a disclosure email for holder concerns.
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