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For Oleksandra Tsekhanovska, head of the Hybrid Warfare Analytical Group at the Kyiv-based Ukraine Crisis Media Center, the effects are both near- and far-reaching. The gold standard of encryption, known as end-to-end encryption, where only the sender and person who receives the message are able to see it, is available on Telegram only when the Secret Chat function is enabled. Voice and video calls are also completely encrypted. Telegram users are able to send files of any type up to 2GB each and access them from any device, with no limit on cloud storage, which has made downloading files more popular on the platform. Ukrainian President Volodymyr Zelensky said in a video message on Tuesday that Ukrainian forces "destroy the invaders wherever we can." And indeed, volatility has been a hallmark of the market environment so far in 2022, with the S&P 500 still down more than 10% for the year-to-date after first sliding into a correction last month. The CBOE Volatility Index, or VIX, has held at a lofty level of more than 30.
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