PANews reported on January 24 that the New York Department of Financial Services issued a consumer alert, warning against "emotion-based virtual currencies," or Meme coins, emphasizing their extreme volatility, lack of regulation, and high risk of fraud, including "cutting leeks" schemes that suddenly pump and dump. The department warned that these tokens are often controlled by a small group of insiders, created on unlicensed platforms, and are susceptible to severe price manipulation. The New York Department of Financial Services also said it has begun to pay close attention to Meme coins. As part of the scam, Meme coin creators or insiders may conduct manipulative "wash trading" to create the illusion of rising market activity prices. It is often difficult for the public to tell which Meme coins are manipulated, and consumers should be particularly wary of the recent surge in emotion-based currencies created through unlicensed platforms that allow individuals without technical expertise to create currencies with just a few clicks. Even on regulated platforms, the prices of Meme coins are unstable and unpredictable, and can fall sharply in a short period of time.