We will keep repeating it: the crypto-sphere is infested with malicious people who are just waiting for the opening of a breach to extract the assets of crypto investors. Might as well stay on your guard and avoid being fleeced by drinking appropriate advice. Scammers use all means to achieve this. DappGambl recently did a study about their practices on TikTok: the creation of cryptok.
Deception in 1/3 of TikToks crypto
At the beginning, we invite you to better understand what are crypto scams, how they work and tips for preventing them.
Now that you know about it, here is another interesting concept for a cryptocurrency investor. It’s about crypto TikToks or crypto TikTok videos to which are attached hashtags such as “crypto”, “cryptok”, “cryptoadvice”, “cryptocurrency”, “cryptotrading” or even “cryptoinvesting”.
According to a recent study conducted by the dappGambl team, and taken up by coingelegraph :
- a third of crypto TikToks contain misleading information ;
- only a tenth of cryptok videos highlighted a disclaimer related to the risks of investing in cryptocurrencies;
- 47% of crypto TikTok video creators make service promotions to earn money ;
- a third of deceptive cryptok mention bitcoin ;
If these TikTok cryptos serve as channels for the massive dissemination of fake cryptocurrency trading tutorials, the alert must be raised. Indeed, these videos alone accumulate 6 billion viewsstates daapGambl.
The SEC Assault
At the moment, only the United States SEC is working on punishing bad TikTok crypto promoters. Such is the case of Kim Kardashian who had to pay $1.26 million in fines for promoting EthereumMax.
The height in these crypto TikTok: influencers like Soulja Boy and Jake Paul have already captured millions of hearts. Thus, distinguishing false information from true becomes very complicated. Additionally, likes and number of views could impact crypto investor confidence.
Finally, we will note that malicious people have been integrating the crypto ecosystem for ages. If they can’t get cryptocurrency investors through pig butchering, they attack them via cryptok. Also watch out for bitcoin thieves!
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