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In a YouTube tutorial, Ollie Lee from Coindesk discusses the importance of crypto literacy during Crypto Literacy Month. He highlights the lack of understanding about cryptocurrency, with 98% of people failing a basic crypto literacy test. The initiative, created by Coinme, Coindesk, Digital Currency Group, and Pantera, aims to improve knowledge about Bitcoin and other cryptocurrencies. It is crucial for individuals to educate themselves about crypto to avoid falling victim to scams like the recent Squid Game scam.