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

A purported press release issued on December 24 announced the launch of CircleMetals, a platform allegedly enabling users to trade tokenized gold and silver, but Circle has confirmed this is entirely fabricated. The fake release, which included quotes from Circle executives and utilized the company's branding, promoted a service allowing 24/7 swaps between USDC and supposed gold and silver tokens. It also offered rewards in the form of a mysterious $CIRM token for using the platform. However, the website has been taken down, and investigations have found no evidence of the existence of the GLDC or SILC tokens or any involvement from legitimate financial institutions. The release was distributed via crypto-focused PR wires and was picked up by various websites before being debunked. Circle has since warned users to be cautious and verify the legitimacy of requests, especially those asking to connect wallets, to avoid potential scams.