A press release issued on Christmas Eve claimed that Circle, the issuer of the USDC stablecoin, had launched a new platform offering tokenized gold and silver trading.
However, this is “untrue,” a Circle spokesperson told CoinDesk.
The platform, launched under the name CircleMetals, was promoted through a press release issued on December 24, a date when many American businesses are closed or operating at limited capacity and response times are slower.
The release describes a new service enabling 24/7 trading between USDC and so-called gold (GLDC) and silver (SILC) tokens, supposedly backed by COMEX-linked liquidity. Oddly, this incentivized users to trade on the platform and receive “1.25% in $CIRM rewards.” CoinDesk was unable to verify the said CIRM token, which does not appear to be listed on major data aggregators.
The website asks users to connect their wallets to be able to trade for the supposed precious metal tokens. It is generally considered a bad idea to connect wallets directly to unverified websites, as malicious actors can then drain users’ wallets.
The release even used the Circle brand and purported to quote executives, including CEO Jeremy Allaire.
“I confirmed it was not real,” a spokesperson told CoinDesk when asked.
The press release announcing the product, distributed via a crypto-focused PR feed, includes links to what appears to be an exchange platform that allows users to connect their addresses and offers rewards for trading purported tokenized gold and silver tokens.
The PR firm that originally listed the press release, ChainWire, declined to comment.
Although the website remains online, there is no evidence to suggest that GLDC or SILC tokens exist or that a legitimate financial institution is involved.
