Three founding board members of Sonic Labs, including the project’s most recognizable name, Andre Cronje, resigned on June 19 as part of a sweeping governance overhaul. The S token, which hit an all-time high of $1.03 in January 2025, now trades at roughly $0.028. That’s a 97% decline for anyone keeping score, which is basically everyone who bought near the top.
Michael Kong and David Richardson also exited alongside Cronje, effectively clearing out the original board in a single move. In their place, Sonic Labs appointed Matt Visser as CEO and Kosta Kourkoumelis as COO, signaling a deliberate pivot from founder-driven governance to what the project describes as professional executive management.
From billion-dollar TVL to ghost town metrics
The leadership change didn’t happen in a vacuum. Look at the numbers: total value locked on the Sonic network has cratered to approximately $20 million. That figure once stood at $1.14 billion as recently as May 2025. In percentage terms, that’s a 98% decline in TVL, which tracks almost perfectly with the token’s own freefall.
The S token dropped another 5% immediately following the resignation announcement. For context, a $0.028 token price against a former high of $1.03 means an investor who put $10,000 in at the peak would now be looking at roughly $270.
