More than a third of crypto influencers on TikTok have posted misleading videos about Bitcoin and other cryptocurrency investments, a recent study suggests.
The study from daapGambl alleges that many influencers are sharing unvetted misinformation about crypto investments, with some even trying to convince unwary viewers to put their money into cryptocurrencies that will lose them money.
dappGambl analyzed 1,161 TikTok videos that use the hashtag “#cryptok and found that more than one in three were misleading. The research also found that just one out of 10 of these videos contained some form of disclaimer that warned users about the risks of investing.
Forty-seven of the crypto-related TikTok creators were found to be trying to make money by pushing services. Meanwhile, even mainstream influencers such as Kim Kardashian, Jake Paul and Soulja Boy were previously accused of promoting cryptocurrencies to their fans without disclosing their payments. The United States Securities and Exchange Commission forced Kim Kardashian to pay $1.26 million in penalties for promoting EthereumMax (EMAX).
The research also found that one in three misleading videos on TikTok mention Bitcoin. Furthermore, videos on TikTok sporting crypto-related hashtags such as #crypto, #cryptok, #cryptoadvice, #cryptocurrency, #cryptotrading and #cryptoinvesting have cumulatively garnered over 6 billion views.
Many viewers overlook the ill intent of influencers and trust their content purely based on its high number of views or likes. And so, everyone should do extensive research on crypto projects before making any form of investment.
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