More than 30% of TikTok videos about cryptocurrency investments are misleading: study

According to a recent study by DaapGamble, more than a third of crypto-influencers on TikTok posted misleading videos about bitcoins, other cryptocurrencies and investments in them, writes CoinTelegraph.

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Many draw information from TikTok as a primary source instead of searching on Google, and influencers sometimes share unverified misinformation about investing in cryptocurrencies, trying to convince inexperienced viewers to invest their money or their parents’ money (since many TikTok users are young) in cryptocurrencies, which leads to loss of money

A popular hashtag on TikTok in connection with cryptocurrencies is “#cryptok”. DaapGamble analyzed 1,161 such videos on TikTok and found that more than one in three videos were misleading, and only one in 10 crypto accounts or videos contained some form of disclaimer that warned users about the risks of investing in cryptocurrencies.

47% of the creators of the cryptocurrency TikTok try to make money by promoting services in this area, and such celebrities as Kim Kardashian, Jake Paul and others have also previously been criticized for promoting cryptocurrencies among their millions of fans without disclosing data about the payments they received for such advertising.

The US Securities and Exchange Commission ordered Kim Kardashian to pay a fine of $1.26 million for promoting EthereumMax (EMAX).

In addition to Ethereum, Bitcoin is a frequent “guest” in every third misleading video on TikTok. TikTok videos with popular cryptocurrency-related hashtags, such as #crypto, #cryptok, #cryptoadvice, #cryptocurrency, #cryptotrading and #cryptoinvesting, have collectively garnered more than 6 billion views.

But young users often overlook the intentions of celebrities and trust their content solely because of a large number of views or likes.

Source: Ministry of Finance

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