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, “Just because a video has many thousands of likes and views does not make the content legitimate and trustworthy.”
Over 1 in 3 videos on Cryptok were misleading
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, “Although the platform can be a great place to learn, It is important to note that cryptocurrency isn’t regulated and misinformation can easily spread.”
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Only 1 in 10 Cryptok profiles or videos contain disclaimers
Of the 594 accounts studied, only 62 (10%) contained disclaimers or warnings around investing in cryptocurrency. Although this doesn’t necessarily mean the videos are misleading it could be seen as a less trustworthy source.
47% of creators are trying to push services to make money
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.
“If 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,” says Eugene.
1 in 3 misleading videos mention Bitcoin
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.
