anonymous founder of the on-chain data analysis website DefiLlama, 0xngmi, posted on X platform, stating that Figure wanted him not to conduct due diligence on the company and tried to exert pressure through public and private defamation. 0xngmi pointed out that the value of DefiLlama lies in user trust, which can provide good data, and that high-quality data that meets user expectations and helps them make the right decisions is crucial. Figure claims that their on-chain RWA scale has reached 12 billion US dollars, but DefiLlama found some strange things during the investigation:

1. Figure only holds BTC worth 5 million US dollars and ETH worth 4 million US dollars on the exchange (with a 24-hour trading volume of only 2,000 US dollars for Bitcoin);

2. Figure's stablecoin YLDS has a supply of only 20 million coins, theoretically all RWA transactions should be based on this;

3. Most of the transactions transferring RWA assets by Figure seem to be conducted by accounts other than those holding these assets;

4. Most of Figure's loan processes are completed through fiat currency, with hardly any on-chain payments found.

Therefore, DefiLlama is unsure how the 12 billion US dollars in assets are being traded with so few assets available for trading on-chain, as most holders do not seem to have transferred these assets with their own keys, and whether they have simply mirrored their internal database on-chain.