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. The Russian invasion of Ukraine has been a driving force in markets for the past few weeks. After fleeing Russia, the brothers founded Telegram as a way to communicate outside the Kremlin's orbit. They now run it from Dubai, and Pavel Durov says it has more than 500 million monthly active users. Although some channels have been removed, the curation process is considered opaque and insufficient by analysts. "There is a significant risk of insider threat or hacking of Telegram systems that could expose all of these chats to the Russian government," said Eva Galperin with the Electronic Frontier Foundation, which has called for Telegram to improve its privacy practices.
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