S token drops 5% as 3 former execs resign from Sonic Labs board
Summary
Sonic’s native S token fell 5% to about 0.031 after Sonic Labs announced that three former executives resigned from its board: Michael Kong, David Richardson, and Andre Cronje. Sonic Labs said the departures are part of a broader leadership and governance overhaul, with Matt Visser named CEO and Kosta Kourkoumelis COO. The organization acknowledged weak token performance and poor community sentiment, noting the S token is down 97% since its January 2025 launch. It said the changes are meant to improve transparency, communication, and oversight, including a new risk and compliance committee. Sonic Labs is the successor to the Fantom Foundation and runs the Sonic EVM-compatible layer-1 network.
