Based on a report from dappGambl, a Chinese social network TikTok has been found to have a significant amount of misleading information on investing in cryptocurrencies.
The study conducted by dappGambl analyzed 1,161 of the most popular TikTok videos with hashtags about cryptocurrencies, which received over 1.6 billion views.
According to the research, more than one-third of these videos contained inaccurate information that could deceive users.
Furthermore, out of the 594 accounts studied by dappGambl, only 10% posted disclaimers or warnings about the risks associated with investing in cryptocurrencies.
This is alarming since over 70% of active TikTok users are young people under the age of 34, who are starting to manage their finances, making them a prime target for cryptocurrency scammers.
DappGambl’s analysts say that celebrities often promote dubious cryptocurrency projects on social media.
It is worth noting that in 2021, Chinese authorities banned short videos promoting cryptocurrencies and mining, especially on TikTok.
However, such content still manages to attract viewers’ attention, which is in stark contrast to China’s internal policies that prohibit cryptocurrencies.
Last year, the nonprofit Better Business Bureau (BBB) warned that there were more complaints about TikTok regarding misleading information.
In conclusion, the study conducted by dappGambl shows that TikTok has a considerable amount of misleading information on investing in cryptocurrencies.
It is crucial for users, especially young people, to be aware of the risks associated with investing in cryptocurrencies and to exercise caution when engaging with content related to them.