How does a RWA project fabricate funds? This article by the founder of DefiLlama questioning Figure is a perfect textbook example. · Figure claims to have issued $12 billion in RWA on-chain, but in reality, only $5 million in BTC, $4 million in ETH, and $20 million in stablecoins are on-chain. · Although they hold $235 million in RWA assets on ZKSync, there are only 11 holding addresses, all created at the same time and displaying highly consistent behavior. · Another RWA asset has only 10 holding addresses, and aside from receiving these so-called RWA tokens, no transfers occur. · To create more fictitious data, they claim to be equity tokens issued by a company. If the company's valuation is $500 million, they will map $500 million worth of tokens on-chain and then claim this is TVL. Ultimately, this RWA project, which raised $600 million, merely mirrored its so-called lending and payment services by issuing virtual tokens on-chain. There were no substantive RWA activities on-chain, and these off-chain businesses were also opaque (it was impossible to tell whether they were real or fake). twitter.com/_FORAB/status/1966...

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