Circle platform promising tokenized gold, silver swaps is 'fake,' company says

• A fake press release claimed that Circle, the issuer of USDC, had launched a new platform called CircleMetals, offering tokenized gold and silver trading.
• The release, distributed on Christmas Eve, used Circle branding and quoted executives, but was later confirmed to be fake by the company.
• The fake platform, which remains live, appears to be a scam, with links to a swap platform and promises of rewards, but there is no evidence to suggest that the tokenized gold and silver tokens actually exist.

A press release published on Christmas Eve claimed that Circle, the issuer of the USDC stablecoin, had launched a new platform offering tokenized gold and silver trading.

However, it is "fake," a Circle spokesperson told CoinDesk.

The platform, launched under the name "CircleMetals," was promoted through a press release distributed on Dec. 24, a date when many U.S. businesses are closed or operating at limited capacity, and response times are slower.

The release described a new service enabling 24/7 swaps between USDC and purported gold (GLDC) and silver (SILC) tokens, supposedly backed by COMEX-linked liquidity. Oddly, it prompted users to swap on the platform and receive "1.25% in $CIRM rewards." CoinDesk couldn't verify the said CIRM token, which doesn't appear to be listed on major data aggregators.

The website has since been taken down. CoinDesk also didn't find any evidence to suggest that GLDC or SILC tokens exist or that any legitimate financial institution is involved.

The website asks users to connect their wallets to enable their ability to swap for the supposed precious metals tokens. It is generally considered a bad idea to connect wallets directly to unverified websites, as malicious actors can then drain user wallets.

The release even used Circle branding and claimed to quote executives, including CEO Jeremy Allaire.

A Circle spokesperson confirmed with CoinDesk that the site is not real.

Since CoinDesk's reporting, Circle has warned users on X to stay vigilant. "Please be alert and vigilant -- verify the legitimacy of requests before taking action, especially when asked to connect your wallet. When in doubt, double-check," according to the post.

The press release announcing the product, distributed via some crypto-focused PR wires, includes links to what appears to be a swap platform that allows users to connect their addresses and offers rewards for swaps of the supposed tokenized gold and silver tokens.

The blog article, which resembles a press release, was originally posted on a community forum [now deleted] and then subsequently shared on other websites and by distributors. A PR agency called FinaCash approached Chainwire with the story, and the post was swiftly taken down after further compliance checks, a Chainwire spokesperson told CoinDesk.

CORRECTION (Dec. 24, 20:30 UTC): Corrects to say Chainwire wasn't the first firm to distribute the press release, and adds a chronological timeline of the event that took place. Also updates the story to say that the website promoted by the fake release has been taken down, and adds Circle's X post to the story, warning users.

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• A crypto user lost $50 million in USDT after falling for an "address poisoning" scam, where a scammer created a wallet address that closely resembled the intended destination address.
• The scammer sent a small "dust" amount to the victim's transaction history, causing the victim to copy the address and send $49,999,950 USDT to the scammer's address.
• The victim has published an onchain message demanding the return of 98% of the stolen funds within 48 hours, offering a $1 million white-hat bounty, and threatening legal escalation and criminal charges if the funds are not returned.

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