Sonic Token Falls 5% As Long-Standing Execs Resign

The S token, the native utility asset behind the Sonic blockchain, fell to 0.031 on Friday, down 5% over 24 hours, after Sonic Labs announced the resignation of three former executives from its board. The departures include Michael Kong, a former CEO of the Fantom Foundation and director at Sonic Labs; David Richardson, who served as executive chairman of Sonic Labs; and Andre Cronje, who previously served as its chief technology officer.

Sonic Labs said the departing executives "remain invested in Sonic’s success and are handing off their responsibilities the right way, in full. From here, they will no longer make business decisions for the organization," and announced Matt Visser as its new CEO and Kosta Kourkoumelis as chief operating officer.

The organization is overhauling leadership and governance to address growing community dissatisfaction and a prolonged decline in the S token, which has fallen 97% since launching in January 2025.

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