- Fake CircleMetals release used Circle branding to promote non-existent tokenized gold and silver products.
- Circle denied the claims, confirming GLDC, SILC, and CIRM tokens do not exist.
- Website linked to the release remains live, prompting wallet connections without verified backing.
A fraudulent press release circulated on Christmas Eve, falsely claiming that Circle, the issuer of the USDC stablecoin, had launched a new platform for tokenized precious metals trading. The company publicly denied any involvement.
The press release, distributed on Dec. 24 using Circle’s branding, announced the launch of a platform called CircleMetals. According to the document, the service would allow users to swap USDC for tokenized gold and silver assets on a 24/7 basis. The purported tokens, labeled GLDC and SILC, were described as being backed by liquidity linked to COMEX markets.
The release further claimed that users could earn “1.25% in $CIRM rewards” by participating in swaps on the platform. However, no evidence was found to confirm the existence of a CIRM token, and it does not appear on major cryptocurrency data aggregators.
Website Prompts Wallet Connections
Links embedded in the release directed users to a website that remains live at the time of reporting. The site encourages visitors to connect their crypto wallets to enable swaps for the supposed precious metals tokens. The platform presents itself as a functional swap interface, despite the absence of verifiable on-chain data or third-party confirmation that the referenced tokens exist.
No disclosures were provided regarding custodians, issuers, or regulated financial institutions associated with the alleged gold and silver products.
Circle Denies Any Involvement
When contacted by CoinDesk, a Circle spokesperson confirmed that the announcement was fraudulent. “Confirmed this is not real,” the spokesperson said, rejecting the claims made in the release.
The fake announcement also attributed quotes to Circle executives, including CEO Jeremy Allaire, without authorization. Circle has not announced any platform related to tokenized precious metals, nor has it disclosed plans involving GLDC, SILC, or CIRM tokens.
Distribution and Open Questions
The press release was initially disseminated through a crypto-focused PR distribution service. The firm that listed the release, ChainWire, declined to comment when asked about the incident.
Despite Circle’s denial, the website linked in the release continues to operate. There is no available evidence indicating that the platform is affiliated with Circle or that the claimed tokens have been issued.
The incident highlights the use of branded press materials and executive attributions to lend credibility to false announcements, particularly during periods of reduced business activity such as major holidays.
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About the Author: Peter Mwangi
