Sonic Labs, formerly the Fantom Foundation, has announced a sweeping leadership overhaul as its S token continues a devastating 97% decline since its January 2025 launch. The key departures include former chief technology officer Andre Cronje, former CEO Michael Kong, and executive chairman David Richardson, all of whom have resigned from the board.
The resignations form part of what Sonic Labs described as an orderly transition, with Matt Visser appointed as the new CEO and Kosta Kourkoumelis as chief operating officer. In a statement, the project acknowledged that both the token’s price and community sentiment have deteriorated, plainly stating "the token is down". Cronje issued a separate statement taking responsibility only for technical decisions, distancing himself from the network migration, airdrop structure, and tokenomics.
The S token fell roughly 5% on the day of the announcement to trade near $0.029, and technical indicators point to persistent bearish momentum. The Relative Strength Index sits around 34, well below the neutral 50 mark, while the MACD remains below the zero line. A breakdown below $0.028 could open the door to lower post-launch levels, while any recovery would need to reclaim the $0.034-$0.035 range to challenge the bearish structure.
Sonic Labs rebranded from Fantom after a major network upgrade to the Sonic layer-1 blockchain, which it claims can handle 10,000 transactions per second with sub-second finality. Earlier this year, it launched the USSD stablecoin backed by tokenized U.S. Treasury assets to support DeFi applications. As part of the governance restructuring, the company plans to introduce more transparent processes, clearer development updates, and a dedicated risk and compliance committee.
