Investigations Unearth Crypto News Outlets Publishing Fake News
The news has a number of consequences on the entire crypto market with investors being misguided.
Sponsored Crypto News Used To Spread Fake Information
An investigation has revealed that some of the online media outlets focusing on cryptocurrency news are providing fake information. The investigations were conducted by Corin Faife and Breaker. The probe revealed that more than half of the media outlets run paid stories without the knowledge of their readers.
In the course of the investigations, Faife reached out to 28 crypto news outlets and got a response from 22. The probe states that 12 of the outlets were ready to violate principles of journalism by agreeing to run sponsored articles. They quoted a figure of between $240 to $4,500.
It emerged that sponsored content was the main thing in the news sector under native adverts. We have press statements, which are really just advertising, that resemble the actual news. The investigators said that at the moment revenues have declined hence publishing outlets are forced to look for profits via other means. However, the content should be clearly indicated. It is important to note that sponsored news does not attract many readers.
However, sponsored content has a negative effect on the cryptocurrency sector. The content demeans the sector, something that has led to a backlash from the mainstream media. It has been cited as the reason why mainstream media still views the sector from in a negative light.
On the other side, publishing paid content ends up costing readers money. Some of the news talks about partnerships in the sector. When the partnership is strong, then readers end up investing in it. If the hype around the investment does not live up to its billing then investors end up losing money.
Corim Faife added that such news ends up affecting the markets too. Investors trying to join the sector are misguided due to paid content. Faife recommended that readers should focus on an outlet that upholds journalistic standards.
Faife reached out to Cointelegraph with sponsored content, but the platform did not provide a clear stance. A representative from Cointelegraph directed Faife to other media outlets under the Cointelegraph Media Group.
Globally, Cointelegraph is ranked the highest among media outlets when it comes to cryptocurrencies. The ranking is based on the number of readers visiting the platform.
Faife further pointed out that some media outlets refused to take part in the process. Among the media houses were CCN and Mineable.