If you dream that someone is being blackmailed, you may feel that you are misunderstood.
A dream about blackmail can also mean that you are feeling insecure or pessimistic, or that you are worried about your financial situation.
If you dream that you are blackmailing someone, your unconscious may be warning you that you are being overambitious.
Dreaming that a superior of yours is being blackmailed could mean that you feel threatened by a colleague.