Circle Denounces 'Fake' Platform Offering Tokenized Gold and Silver Swaps

A purported press release emerged on Christmas Eve, announcing the launch of CircleMetals, a platform allegedly offering tokenized gold and silver trading, but Circle has confirmed this is a hoax. The fake platform, which has since been taken down, promoted a service allowing 24/7 swaps between USDC and supposed gold and silver tokens, backed by COMEX-linked liquidity, and promised rewards in a mysterious token called CIRM. The release, which utilized Circle's branding and falsely quoted executives, including CEO Jeremy Allaire, prompted users to connect their wallets to the unverified website, a practice considered high-risk. Following the incident, Circle has cautioned users to be vigilant and verify the legitimacy of requests, especially when connecting wallets. The press release was initially distributed via crypto-focused PR wires and was posted on a community forum before being shared on other websites, but was swiftly taken down after compliance checks.