$1 billion lost in crypto scams, FTC says

For investors, cryptocurrency has had an awful year. But for criminals, cryptocurrency is paying off more than ever. A new report from the Federal Trade Commission found that Americans were scammed out of at least $1 billion in crypto-based cons since 2021.

The most lucrative scam was investment fraud, which garnered $575 million from victims promised big returns in crypto after sending money. People ages 20-49 were three times more likely to be scammed than older generations, the FTC said.

The FTC based the $1 billion figure on reports from 46,000 victims but stressed the losses “reflect just a small fraction” of the total amount because the vast majority of frauds go unreported.

Language barrier 

OMG! Or maybe it should be sacré bleu! France has banned the use of English video gaming lingo in government communications, according to British newspaper The Guardian, which says the move is the latest attempt by France “to preserve language purity.” For example, official government communications cannot use the word “eSports” and instead must use “jeu video de competition,” and “streamer” must be replaced by “joueur-animateur en direct.”

Google opens Brooklyn store 

Google is opening a brick-and-mortar store in Brooklyn, its second retail outlet where customers can browse and buy the tech giant’s hardware offerings, including Pixel smartphones and Nest thermostats, or get help with Google products they already own. The new store in the Williamsburg section is slated to open Thursday[June 16]. Google’s first retail store, in Manhattan’s Chelsea neighborhood, opened last year.

Apple VR headset progressing 

Apple executives previewed the company’s upcoming virtual-reality headset to the company’s board, indicating development of the device has reached an advanced stage. The headset is Apple’s next big bet and the company’s first major new product category since it introduced the Apple Watch in 2015. Apple is aiming for a consumer release of the headset next year. — BLOOMBERG