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

A purported press release announced the launch of CircleMetals, a platform allegedly enabling users to trade USDC for tokenized gold and silver, but Circle has confirmed this to be a hoax. The release, which utilized Circle's branding and quoted executives, promoted a service allowing 24/7 swaps between USDC and supposed gold and silver tokens, backed by COMEX-linked liquidity. It also encouraged users to swap on the platform in exchange for rewards in a mysterious $CIRM token. However, the release has been disavowed by Circle, and the website associated with it has been taken down. The platform had asked users to connect their wallets, a practice generally considered risky due to potential wallet drainage by malicious actors. Circle has since warned users to be vigilant and verify the legitimacy of requests, especially when connecting wallets. The fake press release was distributed via crypto-focused PR wires and was initially posted on a community forum before being shared on other websites.