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

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 the value of DefiLlama lies in user trust in providing good data, and that 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 DefiLlama's investigation revealed the following: 1. 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, which theoretically should be the basis for all RWA transactions; 3. Most transactions transferring RWA assets appear to be conducted by accounts other than those holding these assets; and 4. Figure's lending process is overwhelmingly completed using fiat currency, with virtually no on-chain payments. 0xngmi added that DefiLlama is unsure how Figure's $12 billion in assets are being traded with so few on-chain assets available for trading. Since most holders don't appear to be transferring these assets using their own keys, it's questionable whether they are simply mirroring their internal databases on-chain.