For Oleksandra Tsekhanovska, head of the Hybrid Warfare Analytical Group at the Kyiv-based Ukraine Crisis Media Center, the effects are both near- and far-reaching. Despite Telegram's origins, its approach to users' security has privacy advocates worried. But because group chats and the channel features are not end-to-end encrypted, Galperin said user privacy is potentially under threat. In 2018, Russia banned Telegram although it reversed the prohibition two years later. 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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