Several theorists argue that blackmail is morally wrong because the blackmail proposal is coercive. These coercion-based views are promising but incomplete. A full explanation of blackmail's immorality must address both the blackmail proposal and the blackmail agreement. I defend what I call the complex account, on which blackmail is morally wrong because blackmail proposals are coercive and blackmail agreements are fraudulent. The complex account avoids difficulties that beset other coercion-based views and provides a stronger case for why blackmail should be criminalized.