Chinese State-Affiliated Newspaper Warns of Bitcoin Extortion Scam Using Its Name

China Business Journal, a state affiliated business publication, has issued a warning that fraudsters are impersonating the newspaper to extort companies by demanding Bitcoin payments in exchange for suppressing supposedly damaging reports.

Scammers Used Fake Investigative Claims

According to a statement released Thursday, the fraudsters contacted businesses through a Proton Mail address, falsely claiming to have uncovered negative information through undercover investigations. The scammers reportedly threatened to publish the material unless victims agreed to pay in Bitcoin, pressuring targeted companies into compliance.

Newspaper Denies Involvement, Vows Legal Action

The publication clarified that the emails were unauthorized and not connected to its actual operations, describing the scheme as fraudulent. It said it is currently gathering evidence and reserves the right to pursue both civil and criminal legal action against those responsible for the impersonation.

Background on the Publication

Founded in 1985, China Business Journal is published under the Institute of Industrial Economics, part of the Chinese Academy of Social Sciences, a government-affiliated academic institution. While the outlet maintains a market oriented editorial approach, it operates under state supervision and is widely regarded as a state-affiliated business newspaper, making its impersonation for extortion purposes particularly notable.