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Research Says a Significant Portion of TikTok Videos on Crypto Are Misleading

A recent survey found that more than one-third of TikTok crypto influencers, the most popular social media platform among the younger demographic, have shared false information about buying Bitcoin and other cryptocurrencies. The majority of TikTok’s active users are young individuals, some of whom are beginning to think about money management. An estimated 70% of users, according to estimates from earlier this year, were below 34 years of age, making them easy prey for tricks and scams because they lacked expertise.

According to the DappGambl study, a lot of influencers spread unreliable information regarding cryptocurrency investments, frequently attempting to lure naïve viewers into spending their own or their parents’ money on unprofitable crypto assets.

The focus of cryptocurrency advertising has remained the domain of Web3 influencers and tech entrepreneurs online, despite the decline in high-profile advertisements for digital assets.

Many of the influencers utilize the hashtag “#cryptok” while uploading cryptocurrency-related content. DappGambl examined 1,161 TikTok videos and discovered that two out of every three were deceptive. The study also discovered that only two out of every 20 “cryptok” videos or accounts had some kind of disclaimer warning viewers about the hazards of investing in crypto.

Almost 50% of the cryptocurrency TikTok influencers are attempting to monetize by promoting these services. In the meantime, famous influencers such as Soulja Boy, Jake Paul and Kim Kardashian have also been charged for marketing cryptocurrency to their followers without revealing the fees they received. Kim Kardashian was fined $1.26 million by the U.S. Securities and Exchange Commission for endorsing EthereumMax (EMAX).

Despite having a smaller audience than their mainstream equivalents, crypto influencers nevertheless pose a significant financial danger to naive investors.

Additionally, the study discovered that two in six false videos on TikTok reference Bitcoin. Additionally, more than 6 billion views have been accumulated for TikTok videos with common crypto-related hashtags, including #cryptok, #crypto, #cryptoadvice, #cryptoinvesting, #cryptocurrency, and #cryptotrading.

Viewers frequently ignore the bad intentions of influencers and believe their content just because it has received a significant number of likes and views. It is advisable for both new and seasoned investors to thoroughly investigate cryptocurrency initiatives before making any kind of investment.

This survey comes amid efforts to compel the Chinese-owned company to sell off its US-based operations. Shou Chew, the CEO of TikTok, testified before the U.S. Congress last month during a five-hour session that made clear how skeptical lawmakers were of the social media platform.

Crypto industry actors such as BIT Mining Ltd. (NYSE: BTCM) have much work to do to counter the misleading information proliferating on various social media platforms so that the nascent industry isn’t stained by these unscrupulous actors.

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