# Figure Heloc review: Trust Score 55/100 (Mixed)

Source page: https://vaultx.llc/reviews/figure-heloc · independent VaultX review by Rex · updated 2026-11-02

Tokenized home-equity loans from a listed company, but thin trading, an 81% flash crash and critics' doubts

FIGR_HELOC is described by DL News as a token representing home equity lines of credit originated by Figure, and it reached the top 10 by market cap. Figure itself is a Nasdaq-listed company with a working online HELOC product. The token side is much less clear: no official token documentation, tokenomics or audit turned up in the notes. On 24 October 2026 DL News reported an 81% flash crash on only $1,516 of 24-hour volume on Figure Markets. Short-seller Morpheus Research and the Capitol Forum have also raised concerns about Figure's business.

**Red flags**
- DL News reported an 81% flash crash on 24 Oct 2026 with only $1,516 of 24-hour volume on Figure Markets for a token tied to about $13B of loans
- No public third-party smart-contract audit of FIGR_HELOC found in the notes
- Capitol Forum articles question whether Figure's HELOC product may circumvent lending rules and flag a spike in non-accrual loans (allegations)
- Morpheus Research alleges Figure's blockchain initiatives 'appeared to have stalled' (allegation)
- Token details (supply, distribution, launch date) are unverified by official sources; one tracker says 0 in circulation and another says 'launched in 2018', which conflicts with 2026 coverage
- Very large market cap swings (listed at $24.61B on 27 Sep 2026) alongside tiny trading volume

**Green flags**
- Issuer Figure Technology Solutions, Inc. is a Nasdaq-listed company with public investor reporting
- Figure operates a real online HELOC product
- No hack, exploit or loss of collateral reported in the sources reviewed
- No regulator warning or lawsuit specifically naming FIGR_HELOC was found in the research searches

**Sources**
- Figure – official site https://www.figure.com/
- Figure HELOC calculator / product page https://www.figure.com/home-equity-line/heloc-calculator/
- DL News – flash crash coverage https://www.dlnews.com/articles/defi/figure-heloc-flash-crash-sends-blockchain-based-home-equity-loans-flying/
- DL News – Figure Heloc becomes 10th biggest crypto https://www.dlnews.com/articles/defi/figure-heloc-becomes-tenth-biggest-crypto/
- CryptoTicker – token liquidity check https://cryptoticker.io/en/figure-heloc-token-liquidity-check/
- Morpheus Research – Figure https://www.morpheus-research.com/figure/
- Capitol Forum – blockchain-based home equity credit product https://thecapitolforum.com/figure-technology-solutions-blockchain-based-home-equity-credit-product/
- Capitol Forum – non-accrual balance https://thecapitolforum.com/figure-technologies-balance-in-non-accrual-status-skyrockets-as-figure-takes-troubled-loans-onto-balance-sheet/
- FXEmpire – FIGR_HELOC markets https://www.fxempire.com/crypto/figure-heloc/markets

Not financial advice. Nobody can pay for a VaultX review.

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