PANews reported on September 13th that 0xngmi, the anonymous founder of the on-chain data analysis website DefiLlama, 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 that their on-chain RWA volume has reached $12 billion, but DefiLlama's investigation revealed something peculiar: 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. Most of Figure’s transactions transferring RWA assets appear to be conducted by accounts other than the accounts holding those assets; 4. Figure’s loan process is mostly completed through fiat currency, and there is almost no on-chain payment. 0xngmi added that DefiLlama is unsure 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.