With misinformation and scams involving cryptocurrency on the rise on Tiktok, dappGambl have analysed over 1,000 videos to find what information from crypto influencers can be trusted.
dappGambl analysed 1161 TikTok videos from 594 creators using a number of popular cryptocurrency hashtags, finding the videos have over 6 billion views.
In an interview with crypto expert, Eugene Abungana, at dappGambl said, 鈥淛ust because a video has many thousands of likes and views does not make the content legitimate and trustworthy.鈥�
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Over 1 in 3 videos on Cryptok were misleading
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37% (434) of all videos analysed were found not to feature a financial disclaimer and either encouraged users to invest their own money or implied a return on investment. Crypto expert at dappGambl explained, 鈥淎lthough the platform can be a great place to learn, It is important to note that cryptocurrency isn鈥檛 regulated and misinformation can easily spread.鈥�
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Only 1 in 10 Cryptok profiles or videos contain disclaimers
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Of the 594 accounts studied, only 62 (10%) contained disclaimers or warnings around investing in cryptocurrency. Although this doesn鈥檛 necessarily mean the videos are misleading it could be seen as a less trustworthy source.
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47% of creators are trying to push services to make money
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Nearly half of cryptok creators are using the platform to push their own services to make money. From eBooks and online courses to whatsapp trading groups, the more views these creators get on their TikTok videos, the more likely they are to make money from the services they are pushing.
鈥淚f a creator is pushing their own advice or services they probably have an ulterior motive to create viral-worthy content. Take extra caution when clicking through to paid services,鈥� says Eugene.
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1 in 3 misleading videos mention Bitcoin
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On TikTok, 35% of misleading videos use Bitcoin to push misinformation. 53 different cryptocurrencies were mentioned in all the videos analysed by dappGambl, with Bitcoin, Ripple, Ethereum and Cardano featuring the most.
