Circle Denounces Fake Platform Offering Tokenized Gold and Silver Swaps

A purported press release circulated on December 24 announced the launch of CircleMetals, a platform allegedly enabling 24/7 swaps between USDC and tokenized gold and silver. However, Circle has confirmed that the release and platform are fake. The release, which utilized Circle's branding and cited executives, promoted a service allowing users to swap USDC for tokens supposedly backed by gold and silver, with promises of rewards in a mysterious CIRM token. The website, which has since been taken down, asked users to connect their wallets, a practice generally considered insecure. Circle has warned users to be cautious 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.