The Spark On 13 September 2025, barely 48 hours after ringing the opening bell, Nasdaq’s freshly minted “RWA First-Stock” Figure found itself under a blinding spotlight. DeFiLlama founder 0xngmi publicly accused the company of inflating on-chain metrics to juice its IPO narrative: Figure boasted US$12 billion of tokenized real-world assets, yet verifiable crypto reserves (BTC, ETH, stablecoins) totaled only ~US$30 million and on-chain activity was virtually ghost-town quiet. The A-List Debut ...

The Spark On 13 September 2025, barely 48 hours after ringing the opening bell, Nasdaq’s freshly minted “RWA First-Stock” Figure found itself under a blinding spotlight. DeFiLlama founder 0xngmi publicly accused the company of inflating on-chain metrics to juice its IPO narrative: Figure boasted US$12 billion of tokenized real-world assets, yet verifiable crypto reserves (BTC, ETH, stablecoins) totaled only ~US$30 million and on-chain activity was virtually ghost-town quiet. The A-List Debut ...