Circle Exposes 'Fake' Platform Offering Tokenized Precious Metals

A misleading press release was circulated on Christmas Eve, announcing the launch of CircleMetals, a platform allegedly offering 24/7 tokenized gold and silver swaps. However, a Circle spokesperson has confirmed that the release and platform are entirely fake. The website, which has since been taken down, claimed to provide a service enabling users to swap USDC for gold and silver tokens backed by COMEX-linked liquidity, with rewards offered for participating. The release, which utilized Circle's branding and quoted executives, including CEO Jeremy Allaire, has been disavowed by the company. Circle has warned users to be vigilant and verify the legitimacy of requests before taking action, particularly when connecting wallets to unverified websites. An investigation found no evidence of the existence of the supposed gold and silver tokens or involvement from any reputable financial institution. The fake release was distributed via crypto-focused PR wires and was initially posted on a community forum before being shared on other websites and by distributors.