Sonic founder Andre Cronje has opened up about his departure from DeFi, citing relentless harassment from the SEC as the driving force behind his decision.
In a candid post, Cronje revealed that he was faced with threats of further persecution if he spoke out about his ordeal. However, he now feels a shift in the SEC's stance and is comfortable sharing his story.
Andre Cronje Sets the Record Straight on SEC Harassment
Formerly known as Fantom, Sonic's founder, Andre Cronje, has finally shed light on the reasons behind his exit from the DeFi scene in 2022. Speculation ran rampant following his sudden departure, leading to fluctuations in FTM's price as rumors of his potential return circulated.
In a recent blog post, Cronje detailed a relentless harassment campaign orchestrated by the SEC.
The SEC initially targeted Cronje with a series of threatening letters, inquiring about his project's investors and profits, among other things. Despite not being a US citizen, not engaging in business activities in the country, and only making one visit, the SEC's inquiries intensified.
"The letters were relentless, shifting focus with each communication, delving into fundraising and alleged SEC violations. The demands for information drained my time, energy, and resources, ultimately stalling my development efforts," Cronje shared.
After enduring two years of persecution by the SEC, Cronje felt defeated. The ongoing battle consumed his resources and stalled his progress on open-source projects that aimed to benefit the public, all while facing scrutiny and little personal gain.
Despite the challenges, Cronje's passion for the industry persisted, driving him to continue working behind the scenes and silently supporting other projects.
"Now, as I edge closer to unveiling my latest innovations, I reflect on the years spent in anonymity, constantly striving to contribute to the community," Cronje expressed.
With the departure of Gary Gensler, Cronje noted a more crypto-friendly approach adopted by the SEC in 2025, prompting him to share his story. Previously warned of escalated persecution if he spoke out, Cronje believes the regulatory environment has shifted under the new SEC leadership.
This account serves as a stark reminder of the regulatory hurdles faced during Gensler's tenure. While some may downplay the challenges, incidents like Operation Choke Point 2.0 are embedded in crypto's history.
Despite efforts to push him out of DeFi, Cronje's resilience and the industry's perseverance have ultimately prevailed against regulatory hostilities.