Since January 2022, the SC has received a total of 47 complaints and enquiries on illegal investment schemes promoted through Telegram. These fraudulent schemes offer non-existent investment opportunities, promising very attractive and risk-free returns within a short span of time. They commonly offer unrealistic returns of as high as 1,000% within 24 hours or even within a few hours. Russians and Ukrainians are both prolific users of Telegram. They rely on the app for channels that act as newsfeeds, group chats (both public and private), and one-to-one communication. Since the Russian invasion of Ukraine, Telegram has remained an important lifeline for both Russians and Ukrainians, as a way of staying aware of the latest news and keeping in touch with loved ones. Two days after Russia invaded Ukraine, an account on the Telegram messaging platform posing as President Volodymyr Zelenskiy urged his armed forces to surrender. Now safely in France with his spouse and three of his children, Kliuchnikov scrolls through Telegram to learn about the devastation happening in his home country. Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields.
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