[Sonic Labs Clarifies: AC Does Not Unilaterally Control the Development Fund, No Misappropriation 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 South Korean team initiated an ICO for Fantom (now renamed Sonic). Due to poor management, they failed to deliver a fully functional product, and a large amount of funds was depleted. Starting in June 2018, Andre Cronje joined and rebooted Fantom. When Andre Cronje joined, the treasury held less than $5 million in non-FTM assets, which grew to nine figures between 2020 and 2021. Sonic Labs further stated that Andre did not design the original Fantom tokenomics model, which was created by the original South Korean team in 2018 and later modified through on-chain governance. Additionally, Andre does not unilaterally manage or control the Sonic development fund. Andre has never abandoned Fantom/Sonic, designed the initial technology, expanded the funds, and continues to serve as a technical advisor, regularly providing guidance to the technical team. There is no instance of any misappropriation of funds.