According to Odaily Planet Daily, the anonymous founder of the on-chain data analysis website DefiLlama, 0xngmi, posted on the X platform that Figure wanted him to avoid due diligence on the company and attempted to pressure him through public and private defamation. 0xngmi pointed out that the value of DefiLlama lies in user trust in providing good data. Providing high-quality data that meets user expectations and helps them make informed decisions is crucial. Figure claims that the scale of RWA on their chain has reached $12 billion, but DefiLlama's investigation found that:

Figure only holds $5 million worth of BTC and $4 million worth of ETH on exchanges (of which Bitcoin's 24-hour trading volume is only $2,000).

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

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

4. Figure's loan process is mostly completed through fiat currency, and there is almost no on-chain payment.

0 xngmi added that DefiLlama is not sure how Figure's $12 billion in assets are traded when there are so few assets available for trading on the chain. Since most holders do not seem to transfer these assets with their own keys, it is questionable whether they are simply mirroring their internal databases on the chain.