Sonic Labs announced that management changes had been made and former CEO Michael Kong, CTO Andre Cronje and Chairman David Richardson had withdrawn from the Board. The company disclosed that Matt Visser had become the new CEO, Kosta Kourkoumelis, and that the primary task was not to publish a new road map but to restore operational discipline and market confidence.

Three executives quit the board

In its Friday statement, Sonic Labs indicated that the new management would focus on transparency in governance, the establishment of compliance teams, enhanced community communication and a reduction in general commitments. Andre Cronje subsequently confirmed his departure.

Sonic also acknowledges that both currency prices and market sentiment are at a low level and that the current stage is more like a start-up than a short-term reversal. The new CEO Matt Visser stated that he would not commit to an immediate reversal of the situation but would like to see a gradual restoration of external confidence through continuous improvement.

The token S dropped by about 12% in two days.

Following the release of the management change, Sonic original currency S fell by about 6 per cent on Friday. By the time the manuscript was sent, the tokens had fallen further by about 6 per cent, close to 0.028 dollars.

In a longer cycle, S has continued to decline since early 2025, when it approached a high point of US$ 1, with a cumulative decline of over 97 per cent. Price performance indicates that there is no positive feedback from the market on this personnel adjustment.

The chain's still active.

The core data on the Sonic chain remain weak, in addition to the price constraints. The total value of its DeFi locket fell from approximately $1 billion to about $18 million, indicating a significant contraction in funds and user activity.

At the same time, chain income continued to decline, and the market value of the stable currency declined from close to $1 billion to about $100 million, reflecting a marked loss of liquidity. The article mentions that the continuing weakness of the demand and trade in the chain may also be one of the reasons for the long-term price pressure on S.

Additional information:The original version of the adjustment is presented as a change at the board level, and no more specific business restructuring timetable has been disclosed at this stage.