Sonic Labs Clarification: AC Does Not Unilaterally Control the Development Fund, No Misappropriation of Funds by the Foundation

BlockBeats News, February 13th, Sonic Labs issued a statement regarding recent public comments about Andre Cronje and the Sonic network. In 2018, a Korean team launched an ICO for Fantom (now rebranded as Sonic) but failed to deliver a functional product due to mismanagement, leading to a significant loss of funds. In June 2018, Andre Cronje joined and relaunched Fantom. When Andre Cronje joined, the treasury held non-FTM assets of less than $5 million, which grew to a nine-figure sum between 2020 and 2021.

Sonic Labs further stated that Andre did not design the original Fantom tokenomics, as it was created by the original Korean team in 2018 and later modified through on-chain governance. Andre also does not unilaterally safeguard or control the Sonic Development Fund. Andre has never abandoned Fantom/Sonic, designed the original technology, expanded funding, and continues to serve as a technical advisor, regularly guiding the technical team. There has been no misappropriation of funds.