Modern Diplomacy reports that Freedom Holding Corp. and founder Timur Turlov face a prolonged negative information campaign. This effort cost an estimated $20 million to $50 million. The campaign spanned seven years.
Tens of thousands of critical articles appeared on Telegram and anonymous websites. These publications targeted the Russian-language internet space.
The report identifies the activity as systemic competitive pressure rather than typical information blackmail. This pressure coincides with Freedom Holding’s expansion into banking and telecommunications.
The campaign intensified following the company's NASDAQ listing. Freedom Holding’s market capitalization now exceeds $7 billion. The business continues to grow despite the sustained opposition.