Techub News, citing CryptoBriefing, reported that DeFi protocol Sonic Labs has announced a major leadership change. Founder Andre Cronje, Michael Kong and David Richardson have resigned from their board positions. Following the announcement, the S token fell about 5% on the day to $0.031. The token is now down 97% from its all-time high.
New CEO and COO Named at Sonic Labs
Alongside the board resignations, Sonic Labs named Matt Visser as its new CEO and Kosta Kourkoumelis as its new COO. The changes affect both board-level roles and the protocol’s executive structure. The departing names include Sonic Labs founder Andre Cronje, as well as Michael Kong and David Richardson.
This marks Sonic’s second leadership change this year. Former CEO Mitchell Demeter left the company in February. Compared with the February departure, the latest reshuffle covers a wider group of senior figures, with multiple board resignations announced at the same time as the appointments of a new chief executive and chief operating officer.
Cronje Moves Focus to Flying Tulip
According to the report, Andre Cronje plans to focus on a new project called Flying Tulip. He still retains a financial interest in the project. The announcement did not provide further details about Flying Tulip, nor did it specify the size or form of Cronje’s remaining financial interest.
The protocol’s on-chain scale has also contracted. Sonic’s TVL has dropped from more than $1 billion to around $20 million. Its market capitalization has fallen into a range between $85 million and $117 million. The leadership transition therefore comes as the protocol’s asset base has been reduced sharply, while the S token has posted a roughly 5% daily decline and a 97% drawdown from its historical peak.