PANews reported on January 14 that DefiLlama founder 0xngmi posted on the X platform, "Yesterday, another typical case occurred: the project party first obtained VC investment through equity financing, and then further raised funds through token and NFT sales, issued equity-like tokens, and was eventually acquired at a nine-digit price (US dollars). However, equity holders (including investors, founders, and employees) received full returns, but token holders received nothing."