Russian authorities have arrested three bloggers from a Telegram investment channel, accusing them of manipulating the stocks of 19 companies on the Moscow Exchange through a 'pump and dump' strategy. According to Foresight News, the Federal Security Service (FSB) reported that the illegal activities involved over 55,000 transactions.
The Central Bank of Russia has noted a rise in cases where financial bloggers exploit their followers for profit, pledging to continue cracking down on such market manipulation practices. Research from Moscow University indicates that approximately 11% of investment signals on Telegram can directly influence stock price movements. Additionally, over 60% of retail investors in the Russian market heavily rely on social media signals for trading decisions.