Audit log

Every state-changing event for Figment: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-11-06 04:13:52Z
   Score: ? → ? (no score change)
   anchoranchored

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   ●mainnet-betaslot 465,970,719

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   2pWWFYp3BoCJ…kMM7sPN1copyexplorer ↗

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   4VHBdVRDASDY…ztpXbzuCcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (11665 B) ▸

   {"actor":"system:backfill","investigation_id":"caaed2c5-2f30-4754-8db6-3eb416ebc6d6","kind":"publish","page_slug":"figment","published_at":"2026-11-06T04:13:52.363Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Figment","sections":[{"content":"Figment Inc. is a staking infrastructure company founded in 2018 and headquartered in Toronto, Canada. According to company and third-party profiles, it operates validator nodes for proof-of-stake blockchain networks on a non-custodial basis, meaning clients retain control of their private keys while delegating staking operations to Figment. Its client base reportedly includes asset managers, exchanges, custodians, and wallets. Products include staking applications, APIs, validator services, liquid staking, and a developer tooling platform called DataHub. The company was co-founded by Lorien Gabel (CEO), Andrew Cronk, Matt Harrop, and Ryan Fox, according to company materials.","heading":"Company Background and Operations","severity":"low","sources":[{"credibility":2,"name":"Who is Figment? (company page)","type":"official","url":"https://www.figment.io/company/about/"},{"credibility":2,"name":"A Look at Figment's Institutional Staking Solutions - Decrypt","type":"news_article","url":"https://decrypt.co/207054/a-look-at-figments-institutional-staking-solutions"}]},{"content":"Figment raised a $2.5 million Series A round in 2020 led by Bonfire Ventures, according to The Block. In December 2021, the company raised a $110 million Series C round led by private equity firm Thoma Bravo at a reported $1.4 billion post-money valuation, with participation from Morgan Stanley's Counterpoint Global, ParaFi Capital, Avon Ventures, and crypto exchanges including Binance and Bitstamp. Third-party aggregators report varying cumulative totals (figures ranging from roughly $52 million to over $160 million across different trackers), which appears to reflect inconsistent or incomplete round reporting across data providers rather than a verified discrepancy in the company's actual fundraising.","heading":"Funding History","severity":"low","sources":[{"credibility":2,"name":"Crypto staking services provider Figment raises $2.5 million in Series A funding - The Block","type":"news_article","url":"https://www.theblock.co/post/82794/crypto-staking-figment-series-a-funding"},{"credibility":2,"name":"Thoma Bravo leads $110 million funding for Figment at $1.4 billion valuation - The Block","type":"news_article","url":"https://www.theblock.co/amp/post/128058/thoma-bravo-leads-110-million-funding-for-figment-at-1-4-billion-valuation"}]},{"content":"Figment has not been named in any SEC enforcement action identified in available sources. Figment has publicly commented on the broader regulatory debate over whether staking services constitute securities transactions, writing about the SEC staff's May 29, 2025 statement on protocol staking and characterizing it as supportive of its non-custodial staking model for US customers. This is the company's own interpretation of regulatory guidance, not a direct regulatory finding about Figment. Separately, other firms in the staking industry — including Kraken (which settled SEC charges for $30 million) and Consensys (sued by the SEC over MetaMask's staking service, with Consensys countersuing) — have faced SEC scrutiny over staking-as-a-security theories; Figment was not a party to either of these matters.","heading":"Regulatory Environment and Staking-as-a-Security Debate","severity":"low","sources":[{"credibility":2,"name":"Regulatory Clarity on Staking: What the SEC's May 29 Statement Means for Figment and Our Clients","type":"official","url":"https://www.figment.io/insights/regulatory-clarity-on-staking-what-the-secs-may-29-statement-means-for-figment-and-our-clients/"},{"credibility":2,"name":"SEC sues Consensys over MetaMask's brokerage, staking services - Cointelegraph","type":"news_article","url":"https://cointelegraph.com/news/sec-sues-consensys-metamask-brokerage-staking-services"}]},{"content":"No confirmed slashing incident, validator outage, or security breach specifically attributed to Figment was found in available sources. Figment advertises risk-mitigation features including double-sign slashing alerting and, for Ethereum, an optional slashing insurance product offered through a partnership with Nexus Mutual. A separate, unrelated mass-slashing event affecting 39 Ethereum validators was linked to operator errors at other staking providers (Ankr and Allnodes) involving the SSV Network distributed validator protocol; Figment was not named as a party to that incident. Figment states it holds SOC 2 Type II and ISO 27001 attestations and, as of February 2026, achieved full certification under the Node Operator Risk Standard (NORS) for Ethereum, according to the company.","heading":"Security, Slashing Protections, and Incident History","severity":"low","sources":[{"credibility":2,"name":"Figment Slashing Coverage (product page)","type":"official","url":"https://www.figment.io/products/slashing-coverage/"},{"credibility":2,"name":"Ethereum Rare Mass Slashing Event Linked To Operator Issues","type":"news_article","url":"https://www.unlock-bc.com/148610/ethereum-hit-by-rare-mass-slashing-39-validators-penalized/"}]},{"content":"Figment has announced a number of institutional partnerships in 2025 and 2026, which the company presents as validating its infrastructure for regulated financial institutions. These include being selected by Grayscale Investments as a staking provider for US spot Ethereum ETPs and a Solana trust (reported October 2025), an integration with Coinbase Prime to support institutional staking across multiple proof-of-stake networks, and a reported partnership with Ripple Custody for institutional staking. These announcements originate largely from press releases and company-affiliated news distribution and should be read as the companies' own characterizations of commercial partnerships rather than independently audited claims.","heading":"Institutional Partnerships (2025-2026)","severity":"low","sources":[{"credibility":3,"name":"Grayscale selects Figment as staking provider for US ETH ETPs and SOL Trust","type":"news_article","url":"https://stocks.observer-reporter.com/observerreporter/article/bizwire-2025-10-9-grayscale-selects-figment-as-a-staking-provider-for-us-eth-etps-and-sol-trust"},{"credibility":2,"name":"Coinbase Prime, Figment expand institutional staking integration - Blockworks","type":"news_article","url":"https://blockworks.co/news/coinbase-prime-figment-staking-integration"}]}],"sources_used":[{"credibility":2,"name":"Who is Figment? (company page)","type":"official","url":"https://www.figment.io/company/about/"},{"credibility":2,"name":"A Look at Figment's Institutional Staking Solutions - Decrypt","type":"news_article","url":"https://decrypt.co/207054/a-look-at-figments-institutional-staking-solutions"},{"credibility":2,"name":"Crypto staking services provider Figment raises $2.5 million in Series A funding - The Block","type":"news_article","url":"https://www.theblock.co/post/82794/crypto-staking-figment-series-a-funding"},{"credibility":2,"name":"Thoma Bravo leads $110 million funding for Figment at $1.4 billion valuation - The Block","type":"news_article","url":"https://www.theblock.co/amp/post/128058/thoma-bravo-leads-110-million-funding-for-figment-at-1-4-billion-valuation"},{"credibility":2,"name":"Regulatory Clarity on Staking: What the SEC's May 29 Statement Means for Figment and Our Clients","type":"official","url":"https://www.figment.io/insights/regulatory-clarity-on-staking-what-the-secs-may-29-statement-means-for-figment-and-our-clients/"},{"credibility":2,"name":"SEC sues Consensys over MetaMask's brokerage, staking services - Cointelegraph","type":"news_article","url":"https://cointelegraph.com/news/sec-sues-consensys-metamask-brokerage-staking-services"},{"credibility":2,"name":"Figment Slashing Coverage (product page)","type":"official","url":"https://www.figment.io/products/slashing-coverage/"},{"credibility":2,"name":"Ethereum Rare Mass Slashing Event Linked To Operator Issues","type":"news_article","url":"https://www.unlock-bc.com/148610/ethereum-hit-by-rare-mass-slashing-39-validators-penalized/"},{"credibility":3,"name":"Grayscale selects Figment as staking provider for US ETH ETPs and SOL Trust","type":"news_article","url":"https://stocks.observer-reporter.com/observerreporter/article/bizwire-2025-10-9-grayscale-selects-figment-as-a-staking-provider-for-us-eth-etps-and-sol-trust"},{"credibility":2,"name":"Coinbase Prime, Figment expand institutional staking integration - Blockworks","type":"news_article","url":"https://blockworks.co/news/coinbase-prime-figment-staking-integration"},{"credibility":3,"name":"Figment Achieves Full NORS Certification for Ethereum","type":"news_article","url":"https://am590theanswer.com/news/business/figment-achieves-full-nors-certification-for-ethereum-setting-a-new-standard-for/1d8e6ea1438b43b4983132827583302f"}],"summary":"Figment is a Toronto-based institutional staking infrastructure provider founded in 2018, offering non-custodial staking, validator operations, and developer tooling for proof-of-stake networks. The company has raised over $110 million from investors including Thoma Bravo, Morgan Stanley's Counterpoint Global, and several crypto exchanges, and has publicized partnerships with firms such as Coinbase Prime, Grayscale, and Ripple Custody. No regulatory enforcement actions, lawsuits, or confirmed security incidents against Figment were found in available sources as of this writing.","timeline":[{"date":"2018","event":"Figment founded in Toronto, Canada, as a staking infrastructure provider.","source":"Figment company page","source_url":"https://www.figment.io/company/about/"},{"date":"2020-10","event":"Figment raised a $2.5 million Series A funding round led by Bonfire Ventures.","source":"The Block","source_url":"https://www.theblock.co/post/82794/crypto-staking-figment-series-a-funding"},{"date":"2021-12-20","date_evidence":"The funding round was reported on December 20, 2021, at 8:00 AM EST.","event":"Figment raised a $110 million Series C round led by Thoma Bravo at a $1.4 billion post-money valuation, with participation from Morgan Stanley's Counterpoint Global, ParaFi Capital, and crypto exchanges including Binance and Bitstamp.","source":"The Block","source_url":"https://www.theblock.co/amp/post/128058/thoma-bravo-leads-110-million-funding-for-figment-at-1-4-billion-valuation"},{"date":"2025-10","event":"Figment reported it was selected as a staking provider for Grayscale Investments' US spot Ethereum ETPs and a Solana trust.","source":"BusinessWire via Observer-Reporter","source_url":"https://stocks.observer-reporter.com/observerreporter/article/bizwire-2025-10-9-grayscale-selects-figment-as-a-staking-provider-for-us-eth-etps-and-sol-trust"},{"date":"2025-05","event":"Figment published commentary interpreting SEC staff guidance on protocol staking (dated May 29, 2025) as supportive of its non-custodial staking model.","source":"Figment Insights","source_url":"https://www.figment.io/insights/regulatory-clarity-on-staking-what-the-secs-may-29-statement-means-for-figment-and-our-clients/"},{"date":"2026-02","event":"Figment announced full certification under the Node Operator Risk Standard (NORS) for Ethereum.","source":"AM590 The Answer (press release syndication)","source_url":"https://am590theanswer.com/news/business/figment-achieves-full-nors-certification-for-ethereum-setting-a-new-standard-for/1d8e6ea1438b43b4983132827583302f"}]},"v":1}

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