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

A deceptive press release circulated on December 24 announced the launch of CircleMetals, a platform supposedly enabling 24/7 swaps between USDC and tokenized gold and silver, backed by COMEX-linked liquidity. However, Circle has confirmed that the platform is fake. The release, which used Circle's branding and quoted executives, promoted a website where users could swap tokens and receive rewards in a mysterious CIRM token. The website, now taken down, posed a significant risk to users as it asked them to connect their wallets, a practice generally considered insecure. Circle has since warned users to be vigilant and verify the legitimacy of requests, especially those involving wallet connections. 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 and platforms.