On February 13, Sonic Labs issued a statement regarding recent public comments about Andre Cronje and the Sonic Network. According to BlockBeats, a South Korean team initiated an ICO for Fantom, now known as Sonic, in 2018. Due to poor management, the project failed to deliver a fully functional product, leading to significant financial depletion. Andre Cronje joined the project in June 2018, revitalizing Fantom. At the time of his involvement, non-FTM assets in the treasury were less than $5 million, which grew to nine figures between 2020 and 2021.
Sonic Labs clarified that Andre Cronje did not design the original Fantom token economic model, which was created by the initial South Korean team in 2018 and later modified through on-chain governance. Additionally, Andre does not solely manage or control the Sonic development fund. He has never abandoned Fantom/Sonic, having designed the initial technology, expanded funding, and continued to serve as a technical advisor, regularly guiding the technical team. There have been no instances of fund misappropriation.