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
Self-Custody Startup Bron Adds Inheritance Flow Built Around Guardians and MPC - Unchained
Bron has launched a "Digital Inheritance" feature for its self-custody wallets, allowing heirs access after the owner's death, with a six-month delay and pre-selected guardians for verification. This aims to prevent funded loss due to missing keys or phrases.
UnchainedCrypto4m ago
Web3 Foundation Strategic Adjustment: Transferring Governance Support for Polkadot, Polkadot Wiki, and other projects
Web3 Foundation announces strategic realignment, returning to its core mission by focusing on Web3 promotion and resource management, while transferring projects like the JAM Prize to other teams to support community governance and healthy ecosystem development.
GateNews26m ago
Next-Generation Trade Finance Platform Launches on the XRP Ledger for Instant Global Settlements
Vlightup launched an XRPL-based trade finance platform using multi-party smart escrow and conditional fund release for global settlements.
The system will focus on settlement delays, fraud risks and excessive fees, and will work to shift payments, which may take days or weeks, to seconds or m
CryptoNewsFlash31m ago
Polygon launches on-chain toolkit built specifically for the agent economy Polygon Agent CLI
Polygon has launched the on-chain toolkit Polygon Agent CLI, designed specifically for the agent economy. It integrates wallet, tokens, exchanges, and other features, supports fee payments with stablecoins, is compatible with ERC-8004, and aims to simplify the operational processes for agents.
GateNews39m ago
V God rare self-criticism: Ethereum should not attempt to dominate the world; its true mission is to create a "digital sanctuary"
Ethereum co-founder Vitalik Buterin reflects on the role of blockchain on the X platform, advocating that Ethereum should become a "sanctuary technology" to help people resist surveillance and technological degradation, and focusing on building a decentralized shared digital space. He calls on the community to identify users who truly need sanctuary technology and to dedicate efforts to addressing deeper social challenges, rather than pursuing the status of tech giants.
動區BlockTempo50m ago
Aave Labs Announces V4 Security Plan: 345 Days of Audits and a $1.5 Million Security Budget
Aave Labs has released the security framework for Aave V4, adopting a "security-first" development approach, with security verification conducted during the architecture design phase. The plan took approximately one year, combining multi-layer audits and long-term security measures to ensure the safety of the protocol.
GateNews1h ago
