This report is the first of two publications of a joint Working Group of the International Mathematical Union (IMU) and the International Council of Industrial and Applied Mathematics (ICIAM). In it, we shall analyze the current state of publishing in the mathematical sciences and explain the resulting problems. Our second publication will offer concrete recommendations, guidelines, and best practices for researchers, policymakers, and evaluators of mathematical research. It will explain how to detect and counteract attempts to game bibliometric measures, empowering the community to reclaim control over research evaluation and drive necessary change.