- Over 60% of analyzed crypto press releases came from dubious projects with red flags like anonymous teams and unrealistic claims.
- Paid distribution services circumvent editorial scrutiny, placing marketing directly on news sites that charge for the placement.
- This practice confuses promotion with journalism, granting low-credibility projects an unearned appearance of legitimacy.
- Even major exchanges use these wires extensively for announcements, though they are not accused of any wrongdoing.
New research reveals that cryptocurrency press release services are widely exploited by questionable projects to fabricate credibility, according to a report published Tuesday from Chainstory. The study reviewed 2,893 releases from last summer and fall, finding most promoted projects with serious red flags or were outright scams. Consequently, a casual reader faces better-than-even odds that a featured project lacks credibility.
These crypto-focused distribution wires guarantee placement on dozens of websites for a fee, often without clear labels. The websites then display the content without applying any editorial filter or verification. This symbiotic relationship allows marketing to mimic real news, sidestepping traditional journalistic standards for newsworthiness.
CoinDesk contacted several press wires for comment but received no replies before publication. The core mechanism, the study notes, is piggybacking on the distribution platform’s perceived credibility to avoid newsroom scrutiny. Meanwhile, the releases themselves are typically self-authored announcements about minor updates or token listings.
Only about 2% of the sampled content covered significant news like venture funding. However, the scattergun approach effectively boosts search visibility and clutters news feeds. One December incident even saw scammers impersonate Circle Internet to promote a fraudulent platform, as debunked by CoinDesk.
This lack of clear standards creates a persistent vulnerability in the crypto media ecosystem. While some outlets have begun labeling such content, the line between reporting and promotion remains dangerously blurred for investors.
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