Sonic Labs announced a management reshuffle, with former CEO Michael Kong, CTO Andre Cronje, and Chairman David Richardson resigning from the board. The company disclosed that Matt Visser has been appointed as the new CEO, and Kosta Kourkoumelis as COO. The company's current priority is not to announce a new roadmap, but rather to restore operational discipline and market confidence.
Three senior executives resigned from the board of directors
In a statement released Friday, Sonic Labs said the new management team will focus on governance transparency, building a compliance team, strengthening community communication, and reducing empty promises. Andre Cronje subsequently confirmed his departure.
Sonic acknowledged that both token prices and market sentiment are at low levels, and the current phase is more like a restart than a short-term reversal. New CEO Matt Visser stated that he would not promise an immediate turnaround, but rather hopes to gradually restore external confidence through continuous improvements.
Token S has fallen by approximately 12% in two days.
Following the announcement of the management changes, Sonic's native token S fell by approximately 6% on Friday. As of press time, the token had further declined by about 6%, trading around $0.028.
Looking at a longer timeframe, S has been declining steadily since reaching a high of nearly $1 in early 2025, with a cumulative drop of over 97%. Price action suggests that the market has not yet responded positively to this personnel reshuffle.
On-chain activity has not yet been restored.
In addition to the pressure on the token price, core data on the Sonic chain remains weak. Its total value locked in DeFi has fallen from approximately $1 billion to approximately $18 million, indicating a significant contraction in funds and user activity.
Meanwhile, on-chain revenue continued to decline, and the market capitalization of stablecoins also dropped from nearly $1 billion to about $100 million, reflecting a significant loss of liquidity. The article mentions that persistently weak on-chain demand and transaction volume may also be one of the reasons for the long-term downward pressure on the price of S.
Additional information:The original text describes this adjustment as a change at the board level, and a more specific timetable for the business restructuring has not yet been disclosed.
