‘More than 30% of TikTok videos about crypto investments are misleading’

TikTok videos featuring popular crypto-related hashtags — such as crypto, cryptok, cryptoadvice, cryptocurrency, cryptotrading, and cryptoinvesting — have generated more than 6 billion views combined. A recent research has found that more than 1 in 3 influencers on TikTok, the social media platform of choice for young people, post deceptive videos about Bitcoin and cryptocurrency investing.

Are young investors at risk?

TikTok is increasingly used as a video-based alternative to Google searches. However, some influencers are sharing unchecked misinformation about crypto investing on the platform, often trying to convince unsuspecting viewers to invest their (or their parents’) hard-earned money in loss-making cryptocurrencies.

An analysis of more than 1,161 such TikTok videos — conducted by dappGambl — revealed that more than one in three videos on crypto TikToks was misleading. The research also found that only 1 in 10 crypto accounts or videos contained a disclaimer warning users about the risks involved in investing.

Of all the accounts surveyed, it was found that 47% of TikTok creators tried to monetize their videos. Also mainstream influencers, including Kim Kardashian, Jake Paul and Soulja Boywere previously accused of promoting cryptocurrencies to their millions of fans without reporting that they were paid for running the promotion.

Although TikTok influencers have a smaller reach than their mainstream counterparts, the potential financial risk for unsuspecting investors remains just as high.

Over 6 billion views

In addition, videos on TikTok featuring popular crypto-related hashtags — such as crypto, cryptok, cryptoadvice, cryptocurrency, cryptotrading, and cryptoinvesting — have generated more than 6 billion views combined.

Viewers often overlook the malicious intent of their favorite influencers and rely purely on the high number of views or likes their content has. It is important to remember that investing in cryptocurrencies involves significant risk as the market is highly volatile and unpredictable. TikTok influencers should be careful when giving financial advice to their followers and make sure they disclose any conflicts of interest.

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TikTok has also faced controversy over the promotion of certain cryptocurrencies, with some users accusing the platform of allowing scams and “pump-and-dump” scams. As a result, TikTok has introduced new policies to address these issues and protect users from fraudulent activity.

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