Sonic Labs said longtime board members Andre Cronje, Michael Kong and David Richardson are resigning, and named Matt Visser CEO and Kosta Kourkoumelis COO.Sonic Labs said the three “remain invested in Sonic’s success” but will no longer make business decisions for the Layer 1 network, formerly Fantom.The S token is down 10% following the announcement, down roughly 97% from its January 2025 high, with network TVL currently near $26 million.