A recent study conducted by dappGambl has found that over one-third of influencers on TikTok post misleading videos about Bitcoin and other cryptocurrency investments.
The analysis examined over 1,161 TikTok videos with the hashtag ‘#cryptok’ and revealed that only 1 in 10 accounts or videos contained any form of investment risk disclaimer. Furthermore, 47% of creators were found to be pushing services to make money.
The study also found that 1 in 3 misleading videos mentioned Bitcoin and videos with popular crypto-related hashtags have accumulated over 6 billion views.
While influencers on TikTok may have a smaller reach than mainstream counterparts like Kim Kardashian, unwary investors are at an equally high financial risk.
Both seasoned and new investors are encouraged to do their research on crypto projects before making any investment decisions.
In a related development, Binance, its CEO Changpeng “CZ” Zhao, and three crypto influencers were sued for promoting unregistered securities.