Over 30% of TikTok videos about crypto investing are scams

Hashtags like #crypto (

cryptocurrency

), #cryptoadvice (cryptocurrency advice), #cryptocurrency (cryptocurrency trading),... have reached more than 6 billion hits on TikTok.

In a recent study, 1 in 3 influencers on TikTok were found to be posting misleading videos about cryptocurrency and crypto investing on the platform.

TikTok is the most popular music video and social networking platform among young people today. Some people have taken advantage of the platform, sharing false, uncensored information on TikTok about investing in cryptocurrencies. They often try to convince gullible viewers to put their own money or their parents' money into cryptocurrencies.

Idols on TikTok often use the hashtags #crypto, #cryptok, and #cryptoadvice when posting crypto-related content. Which, there are more than 9 billion views paying attention to the keyword #cryptocurrency. According to an analysis from dappGambiI, one-third of the 1,161 TikTok videos about cryptocurrency are scams. The study also found that 1 out of every 10 accounts or videos that post about cryptocurrencies has a disclaimer that warns users about the risks of investing in cryptocurrencies. Of these, 47% of TikTok creators promote crypto projects to earn money.

Viewers often watch these videos and trust the content of these “idols” through the high number of views or likes. Therefore, new investors or those with a lot of experience should have extensive knowledge and thoroughly research cryptocurrency projects before deciding to invest in it.

Previously, many celebrities had to pay fines for using their names to promote cryptocurrency projects. The United States Securities and Exchange Commission (SEC) has issued a $1.3 million fine for promoting the EthereumMax (EMAX) digital currency without disclosing the remuneration. Accordingly, the SEC accused Kim of an undisclosed payment of $250,000 to post cryptocurrency ads on her Instagram, which has more than 330 million followers. In addition to Kim Kardashian, other celebrities such as boxer Floyd Mayweather, and former NBA professional basketball star Paul Pierce were also prosecuted for using influence to advertise EMAX digital currency.

The French government recently issued a ban on celebrities from promoting any crypto-related projects in order to protect investors. According to the regulations, violators can receive a sentence of 2 years in prison and a fine of 30,000 euros (about 769 million VND). The ban is intended to protect consumers from potential risks associated with certain financial products and services…

Brazil also imposes four to six years and a fine for fraud related to cryptocurrency in the new bill. In addition, the law will also create a “virtual service investor” license, required by digital asset companies, including exchanges and exchange intermediaries.

Recently, on the application, Douyin, TikTok China also suddenly displayed the price of Bitcoin, despite the country's cryptocurrency ban. According to Justin Sun, the founder of digital currency TRON, Douyin displayed the price of Bitcoin in the search bar. TikTok China shows Bitcoin prices against yuan, not USD. However, soon the feature disappeared and was replaced with a warning: “According to country regulations, cryptocurrencies do not have the same legal status as legal tenders, please. invest carefully”.

Earlier, billionaire Elon Musk's Twitter application also added a feature to check the price of cryptocurrencies. Users just need to search for the name of the desired cryptocurrency with a “$” in front of it, and Twitter will provide the price of that coin via a simple display chart. To see the details, users click “View on Robinhood” to switch to the web Robinhood, an American financial services company headquartered in Menlo Park, California.