S token drops 5% as 3 former execs resign from Sonic Labs board

Andre Cronje, Michael Kong and David Richardson stepped down from the Sonic Labs board on Friday, while Matt Visser has been appointed as CEO, replacing Mitchell Demeter who resigned in February.

The S token, the native utility asset behind the Sonic blockchain, dipped on Friday after Sonic Labs announced the resignation of three former executives from its board.

The S token fell to 0.031, down 5% over 24 hours. The resignations include Michael Kong, a former CEO of the Fantom Foundation and director at Sonic Labs; David Richardson, who served as executive chairman of Sonic Labs; and Andre Cronje, who previously served as its chief technology officer.

Statement from Andre Cronje about his resignation from the board. Source: Andre Cronje

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