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The Russian invasion of Ukraine has been a driving force in markets for the past few weeks. Markets continued to grapple with the economic and corporate earnings implications relating to the Russia-Ukraine conflict. โ€œWe have a ton of uncertainty right now,โ€ said Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors. โ€œWeโ€™re dealing with a war, weโ€™re dealing with inflation. We donโ€™t know what it means to earnings.โ€ "And that set off kind of a battle royale for control of the platform that Durov eventually lost," said Nathalie Marรฉchal of the Washington advocacy group Ranking Digital Rights. Additionally, investors are often instructed to deposit monies into personal bank accounts of individuals who claim to represent a legitimate entity, and/or into an unrelated corporate account. To lend credence and to lure unsuspecting victims, perpetrators usually claim that their entity and/or the investment schemes are approved by financial authorities. Telegram was co-founded by Pavel and Nikolai Durov, the brothers who had previously created VKontakte. VK is Russiaโ€™s equivalent of Facebook, a social network used for public and private messaging, audio and video sharing as well as online gaming. In January, SimpleWeb reported that VK was Russiaโ€™s fourth most-visited website, after Yandex, YouTube and Googleโ€™s Russian-language homepage. In 2016, Forbesโ€™ Michael Solomon described Pavel Durov (pictured, below) as the โ€œMark Zuckerberg of Russia.โ€
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