Three Sonic Labs Board Members Including Andre Cronje Resign as S Token Trades 97% Below Peak

According to Sonic Labs on Friday, three longtime board members, including Andre Cronje, Michael Kong, and David Richardson, have resigned from the company's board. Matt Visser was named chief executive officer and Kosta Kourkoumelis as chief operating officer. The departures mark the second leadership change in nine months following the earlier resignation of CEO Mitchell Demeter in February 2026.

The S token traded at approximately $0.028 at publication, down roughly 10% over 24 hours and about 97% below its $1.03 all-time high reached in January 2025. Total value locked across Sonic's DeFi protocols stood at about $26 million, down from a peak above $1.1 billion in May 2025, according to DefiLlama.