Sonic’s S token fell after Andre Cronje, Michael Kong and David Richardson stepped down from the project’s board, adding a new leadership shock to a network already trading near historic lows. Sonic Labs named Matt Visser as chief executive officer and Kosta Kourkoumelis as chief operating officer, while the three departing board members moved out of formal board roles. The change removes several of the names most closely associated with Sonic’s post-Fantom rebuild from the project’s leadership structure.