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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. "We're seeing really dramatic moves, and it's all really tied to Ukraine right now, and in a secondary way, in terms of interest rates," Octavio Marenzi, CEO of Opimas, told Yahoo Finance Live on Thursday. "This war in Ukraine is going to give the Fed the ammunition, the cover that it needs, to not raise interest rates too quickly. And I think Jay Powell is a very tepid sort of inflation fighter and he's not going to do as much as he needs to do to get that under control. And this seems like an excuse to kick the can further down the road still and not do too much too soon." Just days after Russia invaded Ukraine, Durov wrote that Telegram was "increasingly becoming a source of unverified information," and he worried about the app being used to "incite ethnic hatred." He floated the idea of restricting the use of Telegram in Ukraine and Russia, a suggestion that was met with fierce opposition from users. Shortly after, Durov backed off the idea. The Securities and Exchange Board of India (Sebi) had carried out a similar exercise in 2017 in a matter related to circulation of messages through WhatsApp.
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