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Sonic Labs Names New CEO and COO; S Token Falls 10% as Cronje Exits Board

GateNews
Project ProgressPrice Volatility
S5.79%

According to Sonic Labs announcement on June 21, the company appointed Matt Visser as chief executive officer and Kosta Kourkoumelis as chief operating officer. Longtime board members Andre Cronje, Michael Kong, and David Richardson have resigned from their positions, though the company said they "remain invested in Sonic's success."

The S token traded near $0.028 following the announcement, down approximately 10% over 24 hours. Sonic's total value locked in DeFi protocols stands near $26 million, a sharp decline from the $1.1 billion peak reached in May 2025.

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