These entities are reportedly operating nine Telegram channels with more than five million subscribers to whom they were making recommendations on selected listed scrips. Such recommendations induced the investors to deal in the said scrips, thereby creating artificial volume and price rise. Update March 8, 2022: EFF has clarified that Channels and Groups are not fully encrypted, end-to-end, updated our post to link to Telegram’s FAQ for Cloud and Secret chats, updated to clarify that auto-delete is available for group and channel admins, and added some additional links. This provided opportunity to their linked entities to offload their shares at higher prices and make significant profits at the cost of unsuspecting retail investors. Perpetrators of such fraud use various marketing techniques to attract subscribers on their social media channels. 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.
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