Tiktok Crypto Videos: 68% Contain Misleading Information, Report Warns
Kazakhstan shut down 36 illegal crypto exchanges in 2024 crackdown
Thailand Reportedly Plans to Test Cryptocurrency Payment Options for Tourists
Crypto scams and hacks surpass $3b in 2024, up 15% from 2023
US Court Greenlights Sale of $6.5B in Seized Silk Road Bitcoin
Tiktok Crypto Videos: 68% Contain Misleading Information, Report Warns
A recent analysis of over 1,000 Tiktok videos on cryptocurrency found that 68% of crypto advice on the platform is misleading.
Misleading Crypto Videos Lack Disclaimers
More than two-thirds (68%) of crypto advice on the social media platform Tiktok is misleading, so crypto enthusiasts should approach such content with caution. An analysis of over 1,000 Tiktok videos on cryptocurrency found that many of the 482 influencers featured in the videos appear to prioritize their personal gain over the financial well-being of their audience.
According to a Jan. 6 report by Cryptoninjas and Storible, 61% of the misleading videos do not include any disclaimers to help users assess the risks involved. The analysis also determined that the influencers perpetuate the unethical practice of promoting specific coins. Data shows that in 34% of the videos, influencers are seen rooting for Bitcoin (BTC), followed by XRP at 21%. Videos promoting solana (SOL), ethereum (ETH), and dogecoin (DOGE) complete the top five with 16%, 15%, and 14%, respectively.
Commenting on this practice, the report said:
Another disturbing trend is the promotion of particular cryptocurrencies. 58% of misleading Tiktok videos promote a specific crypto asset, often without providing sufficient context about the risks associated with these assets.
Besides shilling specific coins, just over a third (35%) of these misleading videos promise unrealistic returns on investment. However, to ensure their videos are not scrutinized, the influencers usually target novices or inexperienced users.
Kazakhstan shut down 36 illegal crypto exchanges in 2024 crackdown
Kazakhstan shut down 36 illegal crypto exchanges in 2024, seizing $112 million in assets and advancing Anti-Money Laundering efforts alongside its upcoming digital tenge launch.
On Jan. 6, the Financial Monitoring Agency of the Republic of Kazakhstan announced the shutdown of 36 crypto exchanges operating without proper authorization in 2024.
The agency noted that illegal crypto exchanges help facilitate money laundering by allowing unvetted fiat-to-crypto and crypto-to-fiat transfers. A translated statement from the agency said:
“Such entities (illegal crypto exchanges) do not identify their clients and do not identify suspicious transactions. Therefore, their services are often used by cyber crooks and drug traffickers.”
To date, the Kazakh agency has taken down more than 3,500 unlicensed crypto exchanges in collaboration with other government entities, including the National Security Committee and the Ministry of Culture and Information.
The country is also building an in-house central bank digital currency (CBDC), the digital tenge. Development began in February 2023, with an initial launch deadline set for 2025.
The nation has reportedly collaborated with Visa and Mastercard, as well as local banks, to integrate the CBDC into plastic cards. “It lets you pay with a digital tenge from anywhere in the world, using Apple Pay, Samsung Pay and other gadgets,” according to Binur Zhalenov, the chairman of Kazakhstan’s National Payment Corporation.
Thailand Reportedly Plans to Test Cryptocurrency Payment Options for Tourists
Thailand is exploring new payment-related policies that are aimed at making it a more appealing destination for visitors, according to users. This week, the country’s Deputy Prime Minister and Finance Minister Pichai Chunhavajira said crypto will soon be tested as an alternative payment option to cash for the convenience of the tourists. Local publication Nation Thailand reported the development on Wednesday. A large chunk of Thailand’s revenue comes from the tourism industry, and the country classifies cryptocurrencies as digital assets and allows its citizens to purchase, sell, trade, and hold crypto assets.
Bitcoin Payments in Thailand
Chunhavajira was addressing a seminar hosted by the Marketing Association of Thailand where he spoke about the country’s pro-crypto initiative that is still in development, the report by Nation Thailand said.
How Fragmentation Can Negatively Impact Blockchain Technology
Phuket reportedly welcomed over eleven million tourists in 2023, and it has been chosen as the first city where these crypto payment trials will be made live.
Thailand’s authorities have noticed the growth potential in crypto values along with the popularity of assets like Bitcoin among tourists that prompted them to undertake this step. According to the report, visitors to Phuket who wish to participate in these crypto payment trials will first have to get their identities and credentials verified by a registered Thai exchange.
In his speech, Chunhavajira also reportedly mentioned that if the trials are successful, crypto payments could become common for an array of purchases in the city. As an example, he said refugees from the Russia-Ukraine war, could purchase a residence in Thailand by paying via Bitcoin. Thailand won’t bring any immediate changes to its existing financial laws during the pilot phase, as per the report.
Tron, Tether, TRM Labs Freeze $126 Million in Illicit Funds via T3 Unit
Thailand’s History with Cryptocurrencies
Thailand banned the use of cryptocurrencies as payment option for commodities and services in 2022. At the time, Thai authorities had expressed concerns about the potential of cryptocurrencies to disrupt the nation’s financial stability.
Its recent foray into testing crypto payments for tourists could be because of Doland Trump’s victory in the recently held US elections. After Trump was chosen as the President-elect in November 2024, crypto prices shot off the roof. In the backdrop of Trump’s promise to make BTC a reserved asset in the US, the price of Bitcoin historically touched the mark of $108,000 (roughly Rs. 92.8 lakh).
As crypto investments in Thailand continue to grow, the authorities have been taking measures to ensure the financial safety of its trader community. Last year, the country decided to impose bans on unlicensed crypto exchanges.
Data from Web3 research from MIIX Capital estimated that 13.2 million people in Thailand owned cryptocurrencies as of 2024. A separate report from Statista estimated that around 117,000 new crypto trading accounts were generated in Thailand as of last October.
Crypto scams and hacks surpass $3b in 2024, up 15% from 2023
Crypto investors faced a tough 2024 as hacks and scams exploited weaknesses, costing billions in losses.Crypto-related hacks and scams cost the industry $3.01 billion in 2024, reflecting a 15% rise from $2.61 billion in 2023, according to data published by PeckShield.
In an X post on Thursday, Jan. 9, the blockchain forensic firm revealed that of the total losses, $2.15 billion came from hacks, while scams accounted for $834.5 million. Approximately $488.5 million of stolen funds were recovered.According to PeckShield, more than 70% of the losses were caused by hacks, with scams making up the remaining 30%. Decentralized finance protocols still remain the biggest target, contributing the majority of the losses, as shown by a consistent year-on-year dominance over centralized finance.
Some of the largest heists of 2024 include the hack of Japanese crypto exchange DMM Bitcoin, which lost $305 million, followed by PlayDapp ($290 million) and a BTC scam that siphoned off $238 million. Other multi-million breaches targeted Indian crypto exchange WazirX ($230 million) and Gala Games ($212 million).Monthly data shows that May was particularly devastating, with total losses peaking at $662.2 million. July and August also saw heavy activity, with losses exceeding $280 million each. However, the later months showed a gradual decline, with December recording the lowest losses at $46.5 million.
As analysts at web3 security firm Hacken earlier noted, attacks exploiting access control vulnerabilities surged sharply in 2024. Per the firm, these flaws accounted for 78% of the losses last year, affecting a wide range of sectors, including decentralized finance, centralized finance, and gaming/metaverse platforms.
US Court Greenlights Sale of $6.5B in Seized Silk Road Bitcoin
The U.S. government has secured final approval in the Northern District Court of California to liquidate crypto’s largest-ever federal seizure, signaling the closure of a complex four-year legal battle over billions in Bitcoin tied to the infamous Silk Road marketplace.
Chief U.S. District Judge Richard Seeborg denied a motion to block the forfeiture of 69,370 Bitcoin, clearing the Department of Justice to sell the $6.5 billion assets, according to a court document filed December 30.
Judge Seeborg is known for high-profile cases. He recently rejected arguments that Google, under Alphabet, adequately disclosed how it tracked user activity. The tech giant now faces a possible trial in August.
It’s unclear why the document relating to the seized Bitcoin has surfaced this week. The DOJ has declined a request for comment.
The development confirms prior reporting in October last year when it appeared the U.S. government was free to sell the seized Bitcoin from a Silk Road-affiliated wallet.
Decrypt reviewed the court document following an initial report late Wednesday evening by DB News, which cited officials confirming the ruling.
The ruling alone doesn’t guarantee immediate liquidation since federal asset forfeiture involves multiple administrative steps and potential appeal windows.
Portions of the seized Bitcoin have already been sold by the DOJ in recent months. On December 3, 2024, the U.S. government moved nearly $2 billion in Silk Road Bitcoin to Coinbase.
