Circle has dismissed the fake press release about 'CircleMetals' and confirmed it does not provide tokenized gold and silver trading services.
The incident shows that brand impersonation scams are still targeting stablecoin users like USDC, especially through fake websites, unverified links, and requests to connect wallets to swap 'non-existent' tokens.
MAIN CONTENT
Circle denies rumors of launching the tokenized metal trading platform 'CircleMetals'.
The fake announcement affects the trust of a portion of USDC users, but the price of USDC does not change significantly.
The focus is on user safety: avoid strange links, blind wallet connections, and unverified tokens.
Circle asserts that CircleMetals has no legal affiliation with Circle.
Circle stated that their brand and leadership were impersonated in a promotional announcement for 'CircleMetals', while clarifying that Circle does not operate this service. The related website was taken offline after the incident was discovered.
In the circulating information, 'CircleMetals' is described as a platform for trading tokenized gold and silver. Circle emphasizes that this is false information, using brand identity and fake quotes from leadership to create a sense of 'authenticity'.
The article mentions that the promotional announcement for 'CircleMetals' was circulated publicly, associating the Circle brand and leadership to increase credibility. Users therefore need to clearly distinguish between official announcements from Circle's channels and content appearing on unverified websites/links.
The link mentioned in this context: an article about 'CircleMetals'.
The fake announcement targets USDC holders by tricking them into token swaps.
The fake announcement is described as luring USDC holders to exchange for GLDC and SILC—tokens that 'do not exist'. The biggest risk often comes from connecting wallets to fake websites and signing unintended transactions.
The fake content directly targets the USDC community with invitations to 'swap' USDC for new tokens. Although no direct financial impact on Circle is noted in this description, users may risk losing money if interacting with fake dApps, granting unnecessary permissions, or signing asset transfer orders.
The key to these types of campaigns is 'hitting the quick click habit': strange links, project names that sound like major brands, and instructions to connect wallets to receive tokens/exchange tokens. Just one mistaken signature can lead to wallet fund theft, especially when users do not carefully check contract addresses and granted permissions.
'Circle confirms that the announcement about the launch of 'CircleMetals' is fake, using a brand and fake quotes from leadership.'
– A fake quote attributed to Jeremy Allaire in the content of the fake announcement
USDC maintains stability, but user risks increase as impersonation scams spread.
USDC is still described as holding the peg at $1.00, indicating the market does not react strongly in price. However, impersonation incidents like CircleMetals increase the risk of users being tricked into connecting wallets and signing malicious transactions.
Did you know? Many other stablecoin issuers have also been similarly impersonated, aiming to trick users into 'connecting wallets' to drain assets through fraudulent schemes.
According to the stated data, USDC holds a price of $1.00 with a market cap of $76.56 billion and a market share of 2.59%. Minor price volatility reinforces the image of 'stability', but does not eliminate the risk: users can lose money due to incorrect interactions with fake tokens or fake websites, even when the stablecoin remains pegged.
Some analyses in the content suggest that although the direct impact on Circle this time is limited, similar scams could prompt regulators to tighten compliance frameworks to protect investors and market integrity. Nevertheless, the most crucial layer of defense remains checking the source of information and the transaction behavior of the users themselves.
Frequently Asked Questions
Is CircleMetals an official product of Circle?
No. Circle has clarified that 'CircleMetals' is a fake content, using a brand and fake quotes from leadership, and Circle does not provide tokenized gold/silver trading services as described.
How does the fake announcement target USDC users?
The fake content is described as luring users to swap USDC for 'non-existent' GLDC and SILC tokens, often accompanied by strange websites/links and requests to connect wallets or sign transactions.
Why did USDC not experience a significant price drop after the incident?
As described in the article, there is no significant volatility of USDC; the stablecoin remains pegged at $1.00. The situation mainly affects user trust and the risk of manipulation rather than the price peg mechanism.
What should users do to avoid Circle impersonation scams?
Avoid clicking on unclear links, do not connect wallets to strange websites, do not sign transactions without understanding the content, and always check the official announcement channels before swapping tokens or granting permissions to dApps.
Source: https://tintucbitcoin.com/circle-xac-nhan-thong-cao-gia-ve-circlemetals/
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