Michael Kong, the former CEO of Sonic, has publicly responded to Sonic Labs’ recent statement announcing the immediate termination of its relationship with him. Kong said the company was still asking him for help on the same day the statement was issued and also expressed concern for his well-being, while the public notice gave no explanation for the move. He said that omission created a false impression that he may have been removed over misconduct.
According to Kong, his departure was not voluntary. After more than eight years working across Fantom and Sonic, he said he negotiated and signed a severance and release agreement with Sonic Labs and its affiliates. He added that Sonic Labs repeatedly promised over the past two and a half months to honor that agreement, but is now refusing to do so. Kong also said his existing contractor agreement has not been respected.
He argued that the release agreement barred both sides from publicly disparaging each other, and said Sonic Labs chose to make public an issue that should have been handled internally, causing damage. Kong added that he reserves all rights to bring claims against Sonic Labs and its affiliates.
According to ChainCatcher, former Sonic CEO Michael Kong has responded to Sonic Labs’ recent statement announcing the immediate termination of its relationship with him.
Kong said Sonic Labs was still seeking his assistance on the same day it released the statement and said it hoped he was well. He said the announcement did not explain the reason for the move, creating what he described as a false impression that he may have been removed for misconduct.
Departure was not voluntary
Kong said his exit was not voluntary. After working at Fantom / Sonic for more than eight years, he said he negotiated and signed a severance and release agreement with Sonic Labs and its affiliates.
He said Sonic Labs had repeatedly promised over the past two and a half months to carry out that agreement, but is now refusing to do so. Kong added that his existing contractor agreement has also not been honored.
Dispute centers on the release agreement
According to Kong, the release agreement said neither side could publicly disparage the other. He said Sonic Labs made public a matter that should have been handled internally, and that this caused damage, which is why he chose to respond publicly.
Kong also said he had once almost single-handedly won about $150 million in litigation for the company in South Korea, a case he said had been described at the time as one of the country’s largest cryptocurrency disputes.
He also cited a written assessment from David Richardson, identified as the owner of Fantom and Sonic, saying his work should be appreciated by the foundation.
Kong said he reserves all rights to bring any claims against Sonic Labs and its affiliates.
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