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

A Christmas Eve press release announced the launch of CircleMetals, a platform allegedly allowing 24/7 swaps between USDC and tokenized gold and silver, but Circle has confirmed this is 'fake'. The release, which used Circle branding and quoted executives, promoted a service enabling swaps between USDC and purported gold and silver tokens, supposedly backed by COMEX-linked liquidity, with a reward of 1.25% in $CIRM tokens for users. However, the CIRM token could not be verified, and the website has since been taken down. The website asked users to connect their wallets, a practice considered insecure, and there is no evidence that the GLDC or SILC tokens exist or that any legitimate financial institution is involved. Circle has warned users to be vigilant and verify the legitimacy of requests, especially when connecting wallets.