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ChainCatcher reported that DefiLlama founder 0xngmi posted on social media stating that DefiLlama discovered a serious discrepancy between Figure's on-chain assets and trading volume: BTC and ETH reserves are extremely limited, its own stablecoin supply is minimal, most loans are still processed in fiat currency, and there is almost no on-chain trading. They suspect that most of Figure's TVL may simply be a mirror of an internal database rather than real, tradable assets. As part of due diligence, DefiLlama has discussed Figure's TVL data (claimed to be $12 billion) with the Figure team in a Telegram group chat and has raised several system and issuance-related questions. However, a person familiar with the entire process spread rumors on X (formerly Twitter) claiming that DefiLlama refused to list Figure due to its follower count on X, and some even implied that DefiLlama charges listing fees, which is completely untrue. In fact, DefiLlama has never refused any project due to follower count, nor has it charged any fees, and it continues to adhere to strict due diligence to ensure the authenticity and reliability of the data.

Jinse Finance reported that 0xngmi, the anonymous founder of the on-chain data analysis website DefiLlama, posted on the X platform stating that Figure wanted him not to conduct due diligence on the company and tried to exert pressure through both public and private defamation. 0xngmi pointed out that DefiLlama’s value lies in users’ trust in its ability to provide good data, and that providing high-quality data that meets user expectations and helps them make correct decisions is crucial. Figure claims that their on-chain RWA scale has reached $12 billion, but DefiLlama’s investigation found some strange things: 1. Figure only holds $5 million worth of BTC and $4 million worth of ETH on exchanges (with bitcoin’s 24-hour trading volume being only $2,000); 2. Figure’s own stablecoin YLDS has a supply of only 20 million, and theoretically all their RWA transactions should be based on this; 3. Most of Figure’s RWA asset transfer transactions appear to be conducted by accounts other than those holding these assets; 4. The vast majority of Figure’s loan processes are completed through fiat currency, with almost no on-chain payments found. Therefore, DefiLlama is unsure how $12 billion in assets are being traded when there are so few assets available for trading on-chain, and since most holders do not seem to transfer these assets with their own keys, whether they are simply mirroring their internal database onto the blockchain.