The Internet reported that according to DeFi researcher Ignas, the social media application Phaver has stopped operating and its token price has dropped 99% since TGE in September 2024. Phaver team members said that first, technical problems occurred in TGE and airdrops, which prevented users from receiving them in time, triggering FUD; second, Phaver paid more than US$1 million for the launch of five CEXs; third, due to depressed market sentiment, the team did not sell tokens during TGE, resulting in insufficient working capital. As a Finnish company, Phaver also has to pay employees severance costs for one to two months.