The TikTok platform has seen an astonishing 6 billion views of videos with a cryptocurrency theme.
However, a new study has revealed that not all “crypto influencers” on the platform have the best interests of investors in mind.
Analysis conducted by dappGambl of 1,161 videos featuring the hashtag “#cryptok” showed that every third video was a scam, with bloggers attempting to lure users into investing in dubious projects.
Shockingly, only 10% of the videos contained warnings about the risks of cryptocurrency investment and the potential to lose money.
While Bitcoin remains the most frequently mentioned coin in TikTok’s cryptocurrency scene, accounting for at least a third of videos, experts caution that investors.
Both new and experienced, should conduct their own research into any project before investing, regardless of the influencer’s popularity.
It’s worth noting that the Chinese version of TikTok, Douyin, recently removed its bitcoin rate monitoring function just hours after adding it.