Figure, recently listed on Nasdaq as the 'RWA First Stock,' is under scrutiny for data authenticity just days after its IPO on September 13, 2025. DeFiLlama founder 0xngmi accused the company of inflating its on-chain asset data, pointing out a significant discrepancy between its declared $12 billion RWA issuance and verifiable reserves of only $30 million in BTC, ETH, and stablecoins. The controversy arises as Figure's IPO was initially celebrated, with shares surging 44% on the first day, highlighting its pioneering role in tokenizing real-world assets. This incident underscores the challenges Web3 companies face in maintaining transparency and trust as they enter public markets, emphasizing the need for robust due diligence systems.