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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.