Circle Debunks Fake 'CircleMetals' Gold Token Platform, Warns of Christmas Eve Scam

Is USDC issuer Circle getting into tokenized gold and silver? A press release distributed on Christmas Eve sparked confusion with claims of a new platform, but the company has confirmed it's an elaborate fake, likely a sophisticated phishing scam.

The Holiday Deception

A fraudulent press release, distributed on December 24 via a crypto-focused PR wire, announced the launch of a new platform called 'CircleMetals.' It claimed to enable 24/7 swaps between USDC and purported gold (GLDC) and silver (SILC) tokens. The release used official Circle branding and even included a fake quote from CEO Jeremy Allaire.

To add a layer of legitimacy, it promised users "1.25% in $CIRM rewards," a token CoinDesk was unable to verify on major data aggregators. The timing of the release, on a day with limited business capacity, appears to have been a deliberate tactic to slow response times.

Circle's Denial and Phishing Risks

When asked by CoinDesk, a Circle spokesperson stated bluntly, "Confirmed this is not real." The fake website, which remains live, prompts users to connect their crypto wallets—a common tactic used by malicious actors to drain funds. There is no evidence that the GLDC or SILC tokens actually exist.