Denuvo binds the license to the specific hardware of the user (CPU, GPU, Motherboard IDs). If a user significantly upgrades their PC (e.g., swapping a motherboard or CPU) without revoking the old license first, the existing license file becomes invalid. Upon checking the file, the system sees an old license that does not match the current hardware, resulting in a "No Token" logic error because the token was for a "different machine."