Over 60% of crypto press releases are for fraudulent projects, study finds

More than 60% of projects utilizing cryptocurrency press release distribution services show signs of being fraudulent, a new study has found. According to CoinDesk, the analysis by Chainstory examined 2,893 crypto press releases distributed between June and November last year. The study determined that over 60% were for fraudulent projects, with only 2% containing meaningful news. Chainstory noted that specialized crypto press release firms often guarantee publication on dozens of websites with little oversight. This practice can mislead readers by giving problematic projects an appearance of legitimacy.