China Business Journal warns of Bitcoin extortion scam

China Business Journal warned Thursday that fraudsters impersonated the state-affiliated newspaper and sent emails from a ProtonMail account demanding Bitcoin to prevent publication of alleged undercover investigations.

The impostors told recipients they had uncovered damaging material and threatened to publish it unless paid in cryptocurrency. The messages targeted corporate contacts rather than the outlet’s official addresses, the statement said.

The paper noted it had not commissioned the investigations referenced in the messages and described the communications as unauthorised. It said it is collecting evidence and reserves the right to pursue civil and criminal action against those responsible.

In its statement the paper wrote: “The emails were unauthorized and the scheme appeared to constitute fraud.”

Founded in 1985, China Business Journal is published by the Institute of Industrial Economics at the Chinese Academy of Social Sciences and operates under official supervision.

The announcement did not name the companies targeted or confirm whether any Bitcoin payments were made. The newspaper urged recipients to treat such demands with suspicion, report incidents to relevant authorities and said it will cooperate with law enforcement as needed.