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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. The War on Fakes channel has repeatedly attempted to push conspiracies that footage from Ukraine is somehow being falsified. One post on the channel from February 24 claimed without evidence that a widely viewed photo of a Ukrainian woman injured in an airstrike in the city of Chuhuiv was doctored and that the woman was seen in a different photo days later without injuries. The post, which has over 600,000 views, also baselessly claimed that the woman's blood was actually makeup or grape juice. Emerson Brooking, a disinformation expert at the Atlantic Council's Digital Forensic Research Lab, said: "Back in the Wild West period of content moderation, like 2014 or 2015, maybe they could have gotten away with it, but it stands in marked contrast with how other companies run themselves today." 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. The picture was mixed overseas. Hong Kong’s Hang Seng Index fell 1.6%, under pressure from U.S. regulatory scrutiny on New York-listed Chinese companies. Stocks were more buoyant in Europe, where Frankfurt’s DAX surged 1.4%.
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