Questionable projects are using press release distribution services to create an illusion of legitimacy, according to analysts at Chainstory.

The researchers examined 2,893 materials published between June and November 2025. They found that over 60% of the releases were promoted by platforms exhibiting "classic red flags":

  • anonymous teams;
  • exaggerated promises;
  • template websites;
  • aggressive marketing.

Some of these turned out to be outright scams already listed on blacklists.

Crypto-focused press services often guarantee placement on dozens of sites with minimal moderation, experts noted. Such paid publications appear alongside real news, sometimes without clear labeling, making it difficult for readers to distinguish between advertising and editorial content.

“If you come across a crypto press release on a news site, the chances that the project behind it has low credibility (or worse) exceed 50/50,” the researchers stated.

The overwhelming majority of the 700 press releases studied turned out to be advertisements for minor updates, token sales, or listings.

Only about 2% of the materials contained genuinely significant news, such as venture rounds or mergers and acquisitions.

Thus, dubious projects simulate a pervasive media presence.

Illusion of Legitimacy

The researchers trace the root of the problem to the business model of content distributors. Projects with scam indicators—such as anonymous DeFi schemes, "free" cloud mining, or aggressive token sales—do not pass the editorial filters of quality media.

Their solution is paid crypto press services that publish unverified releases on partner sites.

The scheme works as follows:

  • to attract journalists' attention, projects pay for automatic publication, with no fact-checking involved;
  • links to well-known resources (like Yahoo Finance) are used as a "quality mark" for investors, creating a false sense of trust;
  • texts are filled with trendy terms (AI, Web3, RWA) to create the image of an innovative startup.

For instance, in 2024, projects InfinityStakeChain and FlexyStakes distributed releases through such services, claiming to have raised $12 million from Binance and partnered with Polygon and Fantom. These materials appeared on Yahoo Finance and regional news portals.

A Bloomberg investigation revealed that all claims were false, and the mentioned companies denied any connection to the startups. However, before the exposure, the publications were successfully used to attract funds from gullible investors.

Major players also use similar tactics. Exchanges regularly send out releases about every new listing, creating a sense of constant activity, which further blurs the line between reporting and promotion.

“The main mechanism of the crypto press release industry is 'riding on someone else's back.' By distributing content through syndication networks, issuers avoid the 'newsworthiness' filter of the editorial team and instead rely on the reputation of the distribution platform,” the study states.

Recall that in January, analysts at CoinGecko recorded a record "mortality" rate for tokens in 2025.