Sonic Labs said its three founding board members — Andre Cronje, Michael Kong and David Richardson — are resigning from the board, and named Matt Visser as chief executive officer and Kosta Kourkoumelis as chief operating officer, in a leadership overhaul at the blockchain network whose token and onchain activity have collapsed over the past year. The company disclosed the changes in a post on X.

Sonic Labs said its three founding board members — Andre Cronje, Michael Kong and David Richardson — are resigning from the board, and named Matt Visser as chief executive officer…

Sonic Labs has overhauled its leadership as Andre Cronje and two other former executives resigned from the board, sending the S token down 5%.