Golden Freddy

Golden Freddy is a ghost/hallucination in Five Nights at Freddy's.

Golden Freddy is a hallucination
Many people believe Golden Freddy is a hallucination in Five Nights at Freddy's, because the poster in West Hall Corner, also various "IT'S ME" appear when he in The Office, and he disappear when the monitor was lift up.

Golden Freddy is a ghost
People also believe Golden Freddy is a ghost, since he crash the game when he jumpscare, also if you look closely into his eye, he has a endoskeleton. He also appear in Phone Guy Night 4 phone call, implying he is more than a hallucination.

Golden Freddy killed Phone Guy
This theory was simply believed because Golden Freddy screech, aka XSCREAM2, appear and cut off the phone call.