Phaver, a social media app, has ceased operations following a drastic decline in its token value, which has fallen by 99% since its token generation event (TGE) in September 2024. The company reportedly spent over $1 million on listings across five centralized exchanges (CEXs) but could not sustain its operations, leading to the closure after just seven months. Phaver had garnered 35,000 daily active users (DAU) and achieved 800,000 downloads, yet poor treasury management ultimately led to its downfall. Meanwhile, Neon Machine, a gaming company, is facing a severe financial crisis, with a significant amount of debt and millions owed to suppliers. Employee numbers have plummeted from around 100 to just 12. The company's token, SHRAP, has seen a decline of more than 98%. Neon Machine has spent nearly $86.9 million on operational costs and is currently facing a net loss of $11.4 million. The company raised $20 million from Polychain but is now under scrutiny as its co-founder has been accused of selling tokens improperly.