The cryptocurrency community was thrown into a frenzy over the Christmas holiday by a fraudulent press release claiming that Circle had launched a new trading platform called CircleMetals. Touted as a service for trading tokenized gold and silver, this misleading announcement not only utilized Circle’s branding but also presented fake asset options and dubious reward schemes that raised significant alarms.
The press release circulated on December 24, 2025, and falsely stated that users could seamlessly swap their USDC for newly minted tokenized gold (GLDC) and silver (SILC). In a particularly suspicious twist, it claimed that transactions would reward users with a mysterious $CIRM token, allegedly incentivizing participation in the scheme. However, subsequent investigations revealed that these tokens were non-existent, and there was no backing from any legitimate financial institution.
Unmasking the Deceit
The fraudulent announcement echoed the script of a legitimate press release, quoting Circle’s CEO, Jeremy Allaire, and leveraging the prestige of the brand to lend credibility to the scheme. However, a thorough verification process by journalists soon dismissed its validity. Circle swiftly responded to the growing rumors, confirming the announcement was indeed a fabrication and urged users to stay informed and cautious.
Circle told sources that the press release claiming it had launched a platform called “CircleMetals” is not real. Such misinformation highlights the risks that consumers face in the fast-paced crypto environment.
Responsible for disseminating the fraudulent release was ChainWire, a PR agency that promptly retracted the post after completing its compliance checks. Although the original story had circulated widely across various community forums before withdrawal, the damage had been done as crypto enthusiasts grappled with the confusion it caused.
Circle’s Cautionary Stance
In the wake of the misleading announcement, Circle issued a strong admonition to its users. The company’s spokesperson emphasized the imperative of verifying the legitimacy of requests, especially those asking users to connect wallets to unknown platforms. This kind of engagement can expose users to substantial risks including the potential draining of personal wallets by malicious actors.
With the inclusion of calls to action that urged users to connect their wallets to the purported trading platform, the dangers of phishing attacks were apparent. Circle reiterated that the linked website was entirely separate from its operations and not associated with the company’s activities.
The Role of PR Agencies
Critical to understanding the origins of this misinformation is recognizing that ChainWire was not the initial agency behind this reckless dissemination. FinaCash, a separate agency, approached ChainWire to distribute the story. However, after realizing the inaccuracies, ChainWire promptly retracted it. Unfortunately, by that time, the release had already permeated the crypto narrative, leaving a wake of confusion on social media.
This incident serves as a stark reminder of the importance of due diligence in the cryptocurrency sphere. As scams proliferate and fraudulent platforms continue to arise, users must exhibit higher vigilance and skepticism towards unsolicited requests, particularly those targeting wallet connectivity or personal data.
In summary, the CircleMetals debacle underscores the increasing necessity for crypto users to remain informed and cautious. As the digital asset landscape evolves, so do the tactics employed by bad actors, making it crucial for community members to verify announcements and protect their assets.
