CryptocurrencyCryptocurrency BanNewsScams

Social Media Platform TikTok Cracks Down on Influencers Promoting Scam Projects

A recent survey conducted by CNBC revealed that many TikTok influencers are facing pushback from the platform algorithm. During the current year, the number of cryptocurrency scams became rife on the medium. The scams related to FazeClan and a few others made international headlines. Therefore, TikTok management introduced a new community guideline to take the matter into their hands.

Following the new community guidelines, the influencers on the platform were barred from advertising or promoting fake or questionable cryptocurrency projects online. Since there are billions of users and influencers on TikTok, the development team decided to make the process of crypto censorship automated. Therefore, in July, a new algorithm update was implemented that started to take down the videos containing harmful content.

The followers on TikTok are mostly teenagers and lower classes. Therefore, many people are vulnerable to scam coins and fake cryptocurrency investment projects. There have been examples in the past where influencers advertised an unverified altcoin project for money. The followers who use these projects had to face scamming pushback like rug pulls and others.

📰  Bitcoin Set to Hit an ATH on Weekly Charts

TikTok Management Developed Algorithm to Remove Scam-related Videos

However, CNBC reporters interviewed many influencers whose videos have been banned from the platform. One content creator is Dimos, with 314K followers. He told media that in the last month, around 10 of his videos had been taken down automatically from the platform. He further added that due to the new policies, his followership has also been reduced. Many others like Dimos claim that if their content is going to get more sponsored, they will switch to other social media platforms.

The CNBC reporters took the latest copy of the community guidelines of TikTok and noticed that the platform management is trying to discourage fake altcoin scams. However, the influencers whose videos have been removed violate these guidelines. There are also many influencers on TikTok who have been known to advertise cryptocurrency scams without any investigation to earn more sponsorship money. Most social media platforms have updated their content creator policies to protect their audiences. Some TikTok influencers also claim that they are only trying to raise awareness about cryptocurrency among their followers. For many crypto community members, this new change from TikTok is a positive sign that the platform authorities are concerned for the safety of their users.

📰  Joe Biden Mulls Executive Order Against Cryptocurrencies 

Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close