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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
PayPal's former AI Payments Head Ehsan Yousefzadeh joins Kite AI as Chief Product Officer
Kite AI announces Ehsan Yousefzadeh joins as Head of Product, having previously led AI payments at PayPal and possessing extensive experience in internet and payment product management. This addition will drive the development of agent-based infrastructure and autonomous intelligent agents.
GateNews39m ago
Pi Network Tests AI Computing on Nodes Ahead of Pi Day DEX Launch
Pi Network tested AI image recognition on nodes with OpenMind, using idle CPU power during its ongoing Mainnet upgrade phase.
The network requires Mainnet nodes to upgrade to v20.2 by March 12 as part of its path toward version 23.0 in Q2 this year.
Pi Network is testing artificial
CryptoNewsFlash50m ago
Bitcoin Payments Expand as Utexo Secures $7.5M From Tether
Utexo has secured $7.5 million to enable direct USDT settlements on the Bitcoin network, reducing reliance on bridges and enhancing payment efficiency. Tether's investment signals strong market potential for Bitcoin as a stablecoin payment platform.
Coinfomania52m ago
Circle completes $68 million in internal settlement using USDC in less than 30 minutes
Circle CEO Jeremy Allaire stated that the company recently used USDC and Circle Mint to settle $68 million cross-company transactions in less than 30 minutes, replacing the traditional fiat wire transfer process that takes 1-3 days. This method has full auditability and is expected to be adopted by more enterprises in the future.
GateNews1h ago
Web3 Foundation Strategic Adjustment: Transferring governance support for Polkadot, Polkadot Wiki, and several other projects
The Web3 Foundation announced a strategic realignment on March 7, focusing on Web3 promotion, resource management, and long-term vision, transferring several projects to other teams to ensure healthy ecosystem development.
GateNews2h ago
Pi Network Eyes DEX Launch as Price Jumps 35% This Week
Pi Network news today reports that it is seeing renewed attention. As its ecosystem prepares for a major update. Over the past week, the Pi coin price has surged by more than 35%. It is driven by strong retail demand and growing excitement around upcoming upgrades. The latest momentum comes as the n
Coinfomania2h ago
