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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. 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." The fake Zelenskiy account reached 20,000 followers on Telegram before it was shut down, a remedial action that experts say is all too rare. Apparently upbeat developments in Russia's discussions with Ukraine helped at least temporarily send investors back into risk assets. Russian President Vladimir Putin said during a meeting with his Belarusian counterpart Alexander Lukashenko that there were "certain positive developments" occurring in the talks with Ukraine, according to a transcript of their meeting. Putin added that discussions were happening "almost on a daily basis." 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.
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