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

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

Sonic Labs further stated that Andre did not design the original Fantom tokenomics, as the model was created by the initial South 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 the funds, and continues to serve as a technical advisor, regularly providing guidance to the technical team. There is no embezzlement of funds.