Apr 22, 2023
1 in 3 TikTok Influencers Mislead on Crypto Investments
The world of crypto investments has become the focus of attention in recent years, with more and more people looking to get involved in the space. However, a recent study has revealed that more than one third of influencers on the popular social media platform TikTok have been found to post misleading videos about Bitcoin (BTC) and cryptocurrency investments.
The research — conducted by dappGambl — analysed 1,161 crypto-related videos posted on TikTok using the hashtag ‘#cryptok’. It found that 47% of the influencers were trying to push services to make money, with only 1 in 10 of the videos containing a disclaimer warning users about the risk of investments.
Mainstream influencers such as Kim Kardashian, Jake Paul and Soulja Boy have also been accused of promoting cryptocurrencies without disclosing payments received. Kim Kardashian was forced to pay $1.26 million in penalties for the promotion of EthereumMax (EMAX).
The research also revealed that 1 in 3 misleading videos on TikTok mentioned Bitcoin, with crypto-related hashtags such as ‘crypto’, ‘cryptok’, ‘cryptoadvice’, ‘cryptocurrency’, ‘cryptotrading’ and ‘cryptoinvesting’ having cumulatively churned over 6 billion views.
Viewers often overlook the ill-intent of their favorite influencers and end up trusting their content purely based on the high number of views or likes. It is important for both new and seasoned investors to do extensive research on crypto projects prior to making any form of investment.
The potential financial risk for unwary investors remains high, and this was highlighted on April 2 when a $1 billion lawsuit was filed against crypto exchange Binance, its CEO Changpeng “CZ” Zhao and three crypto influencers for promoting unregistered securities.
In light of this, it is clear that NFT marketing, crypto promotion, and Twitter NFT marketing are becoming increasingly important. Web3 agencies and NFT marketing agencies are the go-to for those looking to sell NFTs or promote their own crypto projects.
It is important to remember that the world of cryptocurrency is highly volatile and it is essential to do research and to invest with caution. Following Cointelegraph’s TikTok account can help to stay up to date with the most recent news about the crypto industry.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.