Circle Denounces Tokenized Gold and Silver Trading Platform as Fake

A press release distributed on Christmas Eve announced the launch of CircleMetals, a platform allegedly allowing users to trade tokenized gold and silver, but Circle has confirmed this to be a hoax. The fake platform, which was taken down, offered 24/7 swaps between USDC and supposed gold and silver tokens, with rewards in the form of $CIRM tokens, which could not be verified. The release used Circle's branding and quoted executives, including CEO Jeremy Allaire. However, a Circle spokesperson confirmed to CoinDesk that the platform is not authentic. The website was removed after prompting users to connect their wallets, a practice considered risky due to potential wallet draining by malicious actors. Circle has since warned users on X to be cautious and verify the legitimacy of requests, especially those asking for wallet connections. The fake press release was initially posted on a community forum and shared on other websites before being taken down after compliance checks by a PR agency.