Andre Cronje leaves Sonic board as token slump sparks overhaul
first published 2026-06-19T19:33:56Z
Sonic Labs announced that founders Andre Cronje, Michael Kong and David Richardson are stepping down from the board. Matt Visser is now CEO and Kosta Kourkoumelis is COO. The company said it will emphasize transparency, compliance and restoring trust, while its S token has fallen about 97% from its peak and total value locked has declined sharply.
AI Analysis
The summary reports founder resignations, a major management overhaul, a 97% token decline from peak, and a sharp collapse in total value locked. These are concrete negative developments that can affect near-term trader sentiment and liquidity.
Expected Investor Sentiment: Bearish
Potential Market Impact: Significant
