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Two days after Russia invaded Ukraine, an account on the Telegram messaging platform posing as President Volodymyr Zelenskiy urged his armed forces to surrender. These entities are reportedly operating nine Telegram channels with more than five million subscribers to whom they were making recommendations on selected listed scrips. Such recommendations induced the investors to deal in the said scrips, thereby creating artificial volume and price rise. It is unclear who runs the account, although Russia's official Ministry of Foreign Affairs Twitter account promoted the Telegram channel on Saturday and claimed it was operated by "a group of experts & journalists." Markets continued to grapple with the economic and corporate earnings implications relating to the Russia-Ukraine conflict. “We have a ton of uncertainty right now,” said Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors. “We’re dealing with a war, we’re dealing with inflation. We don’t know what it means to earnings.” 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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