Former Sonic CEO Michael Kong Says Exit Was Not Voluntary

Former Sonic CEO Michael Kong responded to Sonic Labs’ recent statement that it had immediately ended its relationship with him. According to ChainCatcher, Kong said the company still sought his help on the same day and wished him well, but did not explain the reason for the announcement, making any implication that he was dismissed for misconduct untrue. Kong said his departure was not voluntary and that, after more than eight years working at Fantom and Sonic, he had negotiated and signed a severance and release agreement with Sonic Labs and related parties. He said Sonic Labs had repeatedly promised over the past two and a half months to honor the agreement, but has now refused to do so, and that his existing contractor agreement has also not been followed. He said the release agreement barred both sides from publicly disparaging each other, but Sonic Labs disclosed matters that should have been handled internally, causing damage and prompting him to respond publicly. Kong also said he had nearly single-handedly helped the company win a South Korea lawsuit involving about $150 million, which was described at the time as one of the largest crypto disputes in South Korea, and cited a written remark from Fantom and Sonic owner David Richardson saying his work should be appreciated by the foundation. Kong said he reserves all rights to bring any claims against Sonic Labs and related parties.