USDC Caution: Circle Denounces Fake Tokenized Metals Platform as Fraudulent Scheme
A deceptive press release circulated on Christmas Eve falsely announced Circle's launch of CircleMetals, a purported platform for tokenized Gold and silver trading. The release, which mimicked Circle's branding and included fabricated quotes from CEO Jeremy Allaire, claimed users could swap USDC for non-existent GLDC and SILC tokens backed by COMEX liquidity. It also promoted a dubious rewards token ($CIRM). Circle swiftly denounced the announcement as fraudulent, urging users to avoid interacting with the platform.
ChainWire initially distributed the misleading release but retracted it after compliance reviews. The fabricated tokens lacked verifiable institutional backing, raising red flags about the scheme's legitimacy. This incident underscores the persistent risks of wallet-draining scams in crypto, particularly during periods of reduced market vigilance.
