From IPO carnival to data Rashomon, what happened to the "RWA First Stock" Figure?

According to Coinjie.com, the newly listed "RWA first stock" Figure was questioned by the founder of DeFiLlama for fraud on-chain data and claimed to issue $12 billion in RWA assets, but its verifiable reserves are only about $30 million, and there is scarce on-chain transaction activity. The controversy exposes the data transparency and due diligence challenges faced by Web3 companies in the capital market.