More than 60% of crypto press releases distributed online are linked to high-risk or identified as scam projects, raising concerns about the credibility of the press release distribution platforms widely used in the blockchain industry.
Summary
- More than 60% of crypto press releases analyzed were linked to risky or scam projects.
- Most releases were focused on low-impact updates, with only 2% related to major events.
- The findings raise concerns about the credibility of crypto media and PR practices.
The finding comes from a analysis cited by crypto communications firm Chainstory, which examined 2,893 crypto press releases collected over a four-month period and published through major distribution networks.
Crypto press releases tend toward hype, not substance
High concentrations of risky activities were observed in sectors such as cloud mining, where around 90% of issuers fell into high-risk or scam categories.
Crypto press release threads allow projects to purchase placement on popular news websites, bypassing traditional editorial judgment. Instead of gaining attention through newsworthiness or journalistic research, posting articles becomes a paid service, making visibility a commodity rather than a signal of credibility.
According to the study, only 58 of the 2,893 releases, or about 2%, were linked to substantive developments such as financing rounds, mergers and acquisitions, or original research.
A large portion of crypto press releases came from projects flagged for increased risk, with many announcements focusing on routine updates, token promotions, or vague partnerships rather than substantive developments.
About 54% of releases were classified as ‘exaggerated’, while another 19% were labeled ‘promotional’. Neutral, factual language represented only 10% of the data set, indicating that hype has become the default communication style on crypto cables.
Crypto press release distribution platforms function as industry-specific newswires, allowing blockchain companies to distribute announcements to dozens of crypto news sites for a fee.
Chainstory notes that high publication volume, rather than news value, often drives visibility on these platforms.
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