S Token Drops 5% After Andre Cronje and Other Former Sonic Labs Executives Resign

The S token moved lower after Sonic Labs confirmed that three well known executives had officially stepped down from the company’s board. The token fell around 5% over the past 24 hours and traded near $0.031 following the announcement.

Among those leaving are Andre Cronje, former chief technology officer of Sonic Labs, Michael Kong, former CEO of the Fantom Foundation and director at Sonic Labs, and David Richardson, who served as executive chairman.

In its statement, Sonic Labs said the three executives played a major role in building the project and would continue supporting the ecosystem, but they will no longer be involved in business decisions or governance matters.

Matt Visser Named New CEO of Sonic Labs

As part of the restructuring, Sonic Labs appointed Matt Visser as its new chief executive officer. He replaces Mitchell Demeter, who resigned earlier this year in February. The company also named Kosta Kourkoumelis as chief operating officer.

Sonic Labs admitted that both community sentiment and token performance have weakened in recent months. The company openly acknowledged the decline instead of avoiding criticism, saying it understands investors are frustrated by the current situation.

S Token Down 97% Since Sonic Network Launch

The S token has fallen nearly 97% since January 2025, when the Sonic network launched as part of the rebranding and upgrade from Fantom to Sonic.

Sonic Labs is now promising more transparent governance, clearer updates for the community, and the creation of a dedicated risk and compliance committee.

The Sonic blockchain operates as an EVM-compatible layer-1 network focused on speed and scalability. The platform claims it can process up to 10,000 transactions per second with subsecond finality after replacing the older Fantom Opera network.