Several digital news outlets have quietly removed articles highlighting a study on misleading cryptocurrency press releases. The study by Chainstory revealed that many press wires promote high-risk projects on a pay-to-play basis. Sites like Investing.com and Crypto Potato took down their coverage without explanation.
Earlier this month, Chainstory, a crypto public relations and communications firm, released a study examining the cryptocurrency press release ecosystem. The report found that many press wires had been paid to promote projects considered high-risk or scammy. It also noted that these companies often guaranteed coverage by news outlets, effectively flooding the space with unreliable information presented as legitimate news.
The study received attention within the crypto community, with links appearing on sites like Coindesk and Cointelegraph. However, some outlets that initially covered it later removed their articles. Investing.com, a major business and investing site, published a piece titled "Crypto press releases dominated by high risk projects, chainstory study finds." Within a few days, the article was taken down without any stated reason. The publication did not respond to Semafor's request for clarification.
Similarly, Crypto Potato, a site popular among crypto enthusiasts, ran a story describing how crypto press wires operate on a pay-to-play model that "turns article placement into a paid commodity." This piece was also removed. Neither Investing.com nor Crypto Potato provided explanations to Semafor for the removals.
According to one person familiar with the decisions, an executive from a company mentioned in the survey contacted multiple outlets. The executive requested the articles' removal, claiming the survey data was faulty and biased.
This incident occurs amid broader concerns about the quality of financial information online. A downmarket digital ecosystem for casual investors blends public relations, AI-generated content, and short articles with few journalistic standards. In 2023, Semafor reported that Investing.com had produced AI-generated stories resembling competitors' work without attribution.