TikTok: social network videos misinform about cryptocurrency

A study of the social video network TikTok found that 35% of the more than 1,000 videos analyzed mention bitcoin, albeit incorrectly, misinforming about the cryptocurrency.

TikTok: Cryptocurrency misinformation and fraud is on the rise

Experts at dappGambi analyzed 1,161 videos on TikTok from 594 creators, using a number of popular cryptocurrency hashtags, and found that the total number of videos has over 6 billion views.
Specifically, a study conducted on the hashtag CryptoK, which has 1.6 billion views on TikTok, found that one in three videos mentioned bitcoin in a misleading way.
By "misleading," dappGambi experts understand the lack of a disclaimer explaining to viewers that the information presented is solely the viewpoint of the creator and not expert guidance.
On this point, dappGambl's Eugene Abungana stated:
"Just because a video has many thousands of likes and views doesn't make the content legitimate or trustworthy."

TikTok: Bitcoin, Ripple, Ethereum, Cardano and other cryptocurrencies appear in more misleading videos

In addition to bitcoin, DappGambl analyzed 53 other different cryptocurrencies featured in videos on TikTok with the hashtag CryptoK, assessing how many of them are misleading and deceptive.
And indeed, bitcoin tops the list with 35%, followed by Ripple with 13% of misleading and deceptive videos, followed by Ethereum with 11.60%. Cardano, Shiba Inu, Solana and Dogecoin are also in the top 20 of this ranking.
Adhering to the study's overall data, 37% (434) of all the videos analyzed did not contain a financial disclaimer and encouraged users to invest their money or implied a return on investment.
In addition to being misleading, we can say that misinformation in the crypto-sphere on TikTok, which can lead to fraud, is on the rise.

Dangers in terms of social network "security"

This lax control by TikTok over the authenticity of the content of its videos is no small thing. Many cryptojackers, in fact, could find their storefront in TikTok.
TikTok, called Douyin in China, is a short video hosting service owned by the Chinese company ByteDance. It hosts videos from 3 seconds to 10 minutes long sent in by users.
Last summer, Brendan Carr, the Republican commissioner of the Federal Communications Commission, asked Apple and Google to remove TikTok from their app stores as a national security threat.
Carr argued that the Chinese video social network collects vast amounts of sensitive data available in Beijing.
Carr went on to list some of the types of data TikTok could access, such as search and browsing histories, typing patterns and biometric identifiers, including facial and voice prints.