A recent analysis of over 1000 TikTok videos found that 35% of them incorrectly mention Bitcoin, possibly misinforming viewers about cryptocurrency. Our post discusses the study’s findings and TikTok’s consequences.
According to a study on the social video platform TikTok, 35% of the more than 1000 films examined mention Bitcoin, albeit inaccurately, misleading viewers about cryptocurrencies.
Growing cryptocurrency-related disinformation and frauds on TikTok
Using a variety of popular cryptocurrency hashtags, experts at dappGambl examined 1161 TikTok videos made by 594 authors and discovered that they have received over 6 billion views overall.
In particular, the research done on the CryptoK hashtag, which has received 1.6 billion views on TikTok, shows that 1 in 3 videos misrepresent Bitcoin.
The lack of a disclaimer informing viewers that the material offered is simply the creator’s point of view and not professional advice is what the experts at dappGambl refer to as “misleading.”
Eugene Abungana of dappGambl said the following in this regard:
“Just because a video has many thousands of likes and views does not make the content legitimate and trustworthy.”
TikTok: More deceptive films feature Bitcoin, Ripple, Ethereum, Cardano, and other cryptocurrencies
Along with Bitcoin, DappGambl evaluated the number of misleading and deceptive claims made about 53 additional crypto assets that were frequently included in videos on TikTok with the hashtag CryptoK.
And it turns out that Bitcoin leads the pack with 35%, followed by Ripple (13% misleading and deceptive films), Ethereum (11.60%), and finally Ethereum. The top 20 spots in this ranking also include Dogecoin, Cardano, Shiba Inu and Solana.
Continuing with the study’s general findings, 37% (434) of the videos examined did not include a financial disclaimer but instead urged viewers to make investments or suggested a return on their investment.
In addition to being deceptive, it can be argued that misunderstanding about TikTok in the crypto community that could lead to frauds is growing.
The threat to the social network’s “security”
It’s significant that TikTok has so little control over the accuracy of the information in its videos. In fact, a lot of cryptocurrency scammers may discover their own nieche on TikTok.
The Chinese corporation ByteDance owns the short-form video hosting service TikTok, also known as Douyin in China. The social media platform contains user-submitted videos that are between three and ten minutes long.
Because TikTok poses a risk to national security, Republican Federal Communication Commission commissioner Brendan Carr requested Apple and Google to ban it from their app stores last summer.
Carr claimed that the Chinese video social network apparently gathers significant amounts of private information that is available in Beijing.
Carr continued by enumerating some of the data categories that TikTok could access, including search and browser history, text typing habits, and biometric identifications like voice and facial prints.