The majority of them associated with companies labeled as fraudulent, according to a new analysis by Chainstory.

After reviewing nearly 2,900 cryptocurrency-related press releases published over a four-month period, the company found that approximately 62% of them originated from projects classified as high-risk or outright fraudulent. The problem is particularly pronounced in the cloud mining space, where approximately nine out of ten issuers fell into these categories.

The study reveals that a significant portion of the cryptocurrency press release ecosystem operates on a "pay-to-play" model, allowing projects to purchase distribution on major media platforms with minimal editorial oversight.

More than half of the releases focused on minor updates, such as exchange listings, minor product changes, or token sales—topics that typically fall outside the norms of newsrooms. Only about 2% covered more significant events, such as funding rounds, mergers, or significant research.

Chainstory also found that promotional language is prevalent in the sector: more than half of all releases were labeled as hyperbolic, and nearly a fifth were classified as outright marketing, while a neutral tone was present in only a small portion of the content.

Large exchanges flood their press offices with listing announcements to create the appearance of constant movement, while less reputable sectors, such as cloud mining and edge DeFi projects, use paid releases to create a veneer of legitimacy.

The widespread distribution of paid content resembling news stories risks undermining editorial credibility and exposing media organizations to ethical and legal issues when promoting dubious proposals, the report concludes.