Audit log

Every state-changing event for Figure Heloc: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-14 06:02:30Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 419,628,902

   sig

   3QdcK9gBpens…97Peffvicopyexplorer ↗

   hash

   CqKAjHhboJ51…ZrcRJtUWcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (9616 B) ▸

   {"actor":"system:backfill","investigation_id":"60c2ff4a-7f88-4487-b510-f9de0c966f95","kind":"publish","page_slug":"figure-heloc","published_at":"2026-05-14T06:02:30.230Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Figure Heloc","sections":[{"content":"Morpheus Research published a short report citing Figure's own S-1/A SEC filing, which states that the loan origination system 'does not rely on the use of blockchain technology' — contradicting the company's core marketing claim of being a blockchain-based lending platform.","heading":"Blockchain Misrepresentation Allegations","severity":"critical","sources":[{"credibility":2,"name":"Morpheus Research: Figure Technology Smoke And Mirrors","type":"research","url":"https://www.morpheus-research.com/figure/"},{"credibility":1,"name":"FIGR SEC S-1/A Filing","type":"regulatory","url":"https://www.sec.gov/Archives/edgar/data/2064124/000162828025041837/figuretechnologysolutionsi.htm"},{"credibility":2,"name":"The Defiant: Figure Clashes With Short Seller","type":"news_article","url":"https://thedefiant.io/news/defi/figure-clashes-with-short-seller-over-blockchain-lending-claims"}]},{"content":"In February 2026, Figure suffered a data breach (attributed to ShinyHunters) affecting approximately 967,200 accounts with SSNs exposed. An active class action (Case No. 3:26-cv-00135) has been filed in response.","heading":"2026 Data Breach","severity":"critical","sources":[{"credibility":2,"name":"ClassAction.org: Figure Lending Data Breach","type":"news_article","url":"https://www.classaction.org/news/figure-lending-facing-class-action-lawsuit-over-february-2026-data-breach"},{"credibility":2,"name":"TopClassActions: Figure Data Breach","type":"news_article","url":"https://topclassactions.com/lawsuit-settlements/lawsuit-news/figure-technology-confirms-data-breach-affecting-nearly-1-million-users/"}]},{"content":"DL News and DefiLlama questioned whether $18B in off-chain assets constitutes a legitimate top-10 cryptocurrency, as the token represents tokenized home equity loans rather than a traditional crypto asset.","heading":"RWA Classification Controversy","severity":"high","sources":[{"credibility":2,"name":"DL News: Figure Heloc Becomes 10th Biggest Crypto","type":"news_article","url":"https://www.dlnews.com/articles/defi/figure-heloc-becomes-tenth-biggest-crypto/"}]},{"content":"Ward v. Figure Lending (Case No. 3:24-cv-00533, filed June 2024) alleges bait-and-switch from HELOC to closed-end loan products. 90+ day delinquency rates are allegedly 2x competitors; loan balance delinquency rose from 3.91% (2024) to 5.46% (2025).","heading":"HELOC Misrepresentation Class Action","severity":"high","sources":[{"credibility":2,"name":"ClassAction.org: Figure Lending Misled Borrowers","type":"news_article","url":"https://www.classaction.org/news/class-action-lawsuit-claims-figure-lending-misled-borrowers-misrepresented-loans-as-helocs"},{"credibility":2,"name":"National Mortgage News: Figure Bait-and-Switch","type":"news_article","url":"https://www.nationalmortgagenews.com/news/figure-lending-accused-of-bait-and-switch-tactics-in-suit"},{"credibility":1,"name":"Law360: Fintech Lender Bait and Switch","type":"news_article","url":"https://www.law360.com/real-estate-authority/articles/1845048/fintech-lender-ran-bait-switch-with-borrowers-suit-says"}]},{"content":"Morpheus Research alleges 65%+ HASH concentration with Figure/Cagney. HASH token is down ~90% from peak. Figure assumed operational control of Provenance Blockchain Foundation in January 2026.","heading":"Provenance Blockchain Centralization","severity":"high","sources":[{"credibility":2,"name":"The Block: Figure Takes Operational Role at Provenance","type":"news_article","url":"https://www.theblock.co/post/386526/figure-operational-role-provenance-blockchain-foundation-community-structure"}]},{"content":"CEO Mike Cagney resigned from SoFi in 2017 amid sexual harassment allegations and subsequent $75K settlement. Figure's bank charter application was withdrawn in 2023.","heading":"CEO Background","severity":"medium","sources":[{"credibility":1,"name":"Fortune: SoFi CEO Mike Cagney Resigns","type":"news_article","url":"https://fortune.com/2017/09/12/sofi-ceo-mike-cagney-resigns/"},{"credibility":1,"name":"CNBC: SoFi CEO Ousted Amid Harassment","type":"news_article","url":"https://www.cnbc.com/2018/01/02/the-sofi-ceo-who-was-ousted-amid-sexual-harassment-allegations-is-already-back-with-a-new-startup.html"},{"credibility":1,"name":"Bloomberg: Figure Withdraws Bank Charter","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-08-01/figure-cagney-s-blockchain-firm-pulls-bank-charter-application"}]},{"content":"$339M adjusted revenue (2024, +60% YoY). Goldman/Jefferies DART partners. S&P-rated securitization (AAA). Pantera-backed. Listed on Nasdaq at $5.3B valuation in September 2025.","heading":"Legitimate Business Metrics","severity":"low","sources":[{"credibility":2,"name":"Decrypt: Figure Hits Nasdaq at $5.3B","type":"news_article","url":"https://decrypt.co/339024/blockchain-lender-figure-nasdaq-5-3-billion-valuation"},{"credibility":2,"name":"Pantera Capital: Figure IPO","type":"research","url":"https://panteracapital.com/blockchain-letter/figure-ipo-where-capital-markets-meet-blockchain/"}]}],"sources_used":[{"credibility":2,"name":"Morpheus Research: Figure Technology","type":"research","url":"https://www.morpheus-research.com/figure/"},{"credibility":1,"name":"FIGR SEC S-1/A Filing","type":"regulatory","url":"https://www.sec.gov/Archives/edgar/data/2064124/000162828025041837/figuretechnologysolutionsi.htm"},{"credibility":2,"name":"DL News: Figure Heloc Top 10","type":"news_article","url":"https://www.dlnews.com/articles/defi/figure-heloc-becomes-tenth-biggest-crypto/"},{"credibility":2,"name":"ClassAction.org: Borrower Misrepresentation","type":"news_article","url":"https://www.classaction.org/news/class-action-lawsuit-claims-figure-lending-misled-borrowers-misrepresented-loans-as-helocs"},{"credibility":1,"name":"Law360: Bait and Switch","type":"news_article","url":"https://www.law360.com/real-estate-authority/articles/1845048/fintech-lender-ran-bait-switch-with-borrowers-suit-says"},{"credibility":2,"name":"ClassAction.org: Data Breach","type":"news_article","url":"https://www.classaction.org/news/figure-lending-facing-class-action-lawsuit-over-february-2026-data-breach"},{"credibility":1,"name":"Fortune: SoFi CEO Resigns","type":"news_article","url":"https://fortune.com/2017/09/12/sofi-ceo-mike-cagney-resigns/"},{"credibility":1,"name":"Bloomberg: Bank Charter Withdrawn","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-08-01/figure-cagney-s-blockchain-firm-pulls-bank-charter-application"},{"credibility":2,"name":"Decrypt: Figure Nasdaq IPO","type":"news_article","url":"https://decrypt.co/339024/blockchain-lender-figure-nasdaq-5-3-billion-valuation"},{"credibility":2,"name":"The Block: Provenance Foundation","type":"news_article","url":"https://www.theblock.co/post/386526/figure-operational-role-provenance-blockchain-foundation-community-structure"}],"summary":"FIGR_HELOC is the ~$18B market-cap tokenized HELOC pool on Provenance Blockchain originated by Figure Lending LLC (NASDAQ: FIGR). It sits at #9 among all cryptos by market cap as of May 2026. The issuer faces two active federal class actions, a credible short-seller report from Morpheus Research alleging blockchain misrepresentation backed by Figure's own SEC filings, rising delinquency rates, Provenance blockchain centralization concerns, and a 2026 data breach affecting ~967,000 users.","timeline":[{"date":"2018-01-01","event":"Figure Technologies founded by Mike Cagney","source":"multiple","source_url":""},{"date":"2023-08-01","event":"Figure withdraws bank charter application","source":"bloomberg.com","source_url":"https://www.bloomberg.com/news/articles/2023-08-01/figure-cagney-s-blockchain-firm-pulls-bank-charter-application"},{"date":"2024-06-01","event":"HELOC misrepresentation class action filed (Ward v. Figure)","source":"classaction.org","source_url":"https://www.classaction.org/news/class-action-lawsuit-claims-figure-lending-misled-borrowers-misrepresented-loans-as-helocs"},{"date":"2025-09-01","event":"Figure lists on Nasdaq at $5.3B valuation","source":"decrypt.co","source_url":"https://decrypt.co/339024/blockchain-lender-figure-nasdaq-5-3-billion-valuation"},{"date":"2025-09-15","event":"RWA ranking controversy: FIGR_HELOC enters top-10 crypto by market cap","source":"dlnews.com","source_url":"https://www.dlnews.com/articles/defi/figure-heloc-becomes-tenth-biggest-crypto/"},{"date":"2025-12-01","event":"Morpheus Research publishes short report on Figure","source":"morpheus-research.com","source_url":"https://www.morpheus-research.com/figure/"},{"date":"2026-01-15","event":"Figure assumes operational control of Provenance Blockchain Foundation","source":"theblock.co","source_url":"https://www.theblock.co/post/386526/figure-operational-role-provenance-blockchain-foundation-community-structure"},{"date":"2026-01-28","event":"Data breach affecting ~967,200 accounts (ShinyHunters)","source":"topclassactions.com","source_url":"https://topclassactions.com/lawsuit-settlements/lawsuit-news/figure-technology-confirms-data-breach-affecting-nearly-1-million-users/"},{"date":"2026-02-15","event":"Data breach class action filed (Case No. 3:26-cv-00135)","source":"classaction.org","source_url":"https://www.classaction.org/news/figure-lending-facing-class-action-lawsuit-over-february-2026-data-breach"}]},"v":1}

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