DefiLlama founder: Under pressure for questioning Figure data, most of its loan processes can hardly find on-chain payment transactions

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 DefiLlama's value lies in user trust in providing good data, and providing high-quality data that meets user expectations and helps them make informed decisions is crucial. Figure claims to have $12 billion in on-chain RWAs, but a DefiLlama investigation revealed that: 1. Figure only holds $5 million worth of BTC and $4 million worth of ETH on exchanges (with Bitcoin's 24-hour trading volume at just $2,000); 2. Figure's own stablecoin, YLDS, has a supply of only 20 million, which is theoretically the basis for all its RWA transactions; 3. Most of Figure's RWA transfers appear to be conducted by accounts other than the ones holding these assets; 4. Figure's loan processes are largely completed with fiat currency, with virtually no on-chain payments. 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.