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- DaapGambl Says 37% of TikTok Crypto Investment Videos Misleading
Fiona Simmons April 24, 2023 2 min read
DaapGambl Says 37% of TikTok Crypto Investment Videos Misleading
The research company has taken a hard look at the videos that are affiliated or promoting Bitcoin and crypto projects, discovering a shocking lack of transparency
At least 37% of all videos surveyed by daapGambl were misleading, the company alleges in a new study published on its website. The company analyzed 1,161 videos that used the “#cryptok” hashtag and posted crypto-related content to discover that the majority of those accounts were sharing misleading or erroneous information.
Half of TikTok Creators Affiliated or Seeking Financial Gain
Only one in ten accounts surveyed had any form of disclaimer, and the total reach of the accounts was actually quite big. According to the company, 47% of the TikTok creators who were pushing a crypto product did so because they had been offered a financial incentive to or were hoping to make a financial gain in doing so.
Investors were also aiming at a broad audience, combining a number of tags to get there. The research pointed out that the tags that were used on Twitter to promote various projects were mostly linked to Bitcoin, but featured other cryptocurrencies as well.
The tags used by influencers included “cryptoadvice,” “cryptocurrency” “cryptoinvesting,” cryptotrading,” and the aforementioned “cryptok.” Another tag was “crypto,” with the crypto-related hashtags reaching a total audience of more than 6 billion views. The survey looked at 594 total influencers who produced the 1,161 videos which garnered a total of 668 million views, a staggering number of reach and exposure.
True Reach of Misleading Crypto Videos on TikTok
Interestingly, the creators associated with misleading accounts had a total following of 35 million users and an average following of 145,000. This makes crypto TikTok – and particularly the misleading part of it a powerful and dangerous tool to communicate. DaapGambl also looked at the videos that were specifically misleading, with 434 of the surveyed 1,161 videos proving so. Those videos garnered a total exposure of 189 million views.
Misleading content has been a serious problem for not just TikTok but the crypto world as a whole. Even high-profile influencers such as Kim Kardashian, Shaquille O’Neal, Matt Damon, Floyd Mayweather, and a number of other famous personalities have been named in various class-action lawsuits, including the most recently launched one against FTX on behalf of plaintiffs who had lost money on the beleaguered exchange.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
Blockchain April 24, 2023
Blockchain April 24, 2023