Sonic Labs Clarification: AC does not unilaterally control the development fund, and there are no misappropriations of funds by the foundation.

BlockBeats News, February 13 — 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 renamed Sonic). Due to mismanagement, they failed to deliver a fully functional product, and a large amount of funds were exhausted. Starting in June 2018, Andre Cronje joined and rebooted Fantom. When Andre joined, the treasury held less than $5 million in non-FTM assets, which grew to nine figures between 2020 and 2021.

Sonic Labs further clarified that Andre did not design the original Fantom tokenomics; the model was created by the initial Korean team in 2018 and later modified through on-chain governance. Andre also does not unilaterally hold or control the Sonic development fund. He has never abandoned Fantom/Sonic, designed the initial technology, expanded the funding, and continues to serve as a technical advisor, regularly providing guidance to the technical team. There is no misappropriation of funds.