Andre Cronje, one of DeFi’s most recognizable builders, has stepped down from Sonic Labs’ board alongside fellow founding members Michael Kong and David Richardson. The S token dropped roughly 5% on the news, landing at about $0.031.
That 5% dip barely registers against the broader picture. The S token has fallen approximately 97% from its all-time high, turning what was once a billion-dollar-plus ecosystem into something considerably more modest.
New leadership, familiar problems
Sonic Labs announced the departures on June 20, simultaneously naming Matt Visser as the new CEO and Kosta Kourkoumelis as COO.
This isn’t even the first leadership shakeup this year. Former CEO Mitchell Demeter resigned back in February 2026, meaning Sonic has now cycled through its entire C-suite in under five months.
