Chinese newspaper warns of Bitcoin extortion scam using its name

China Business Journal says fraudsters impersonated the publication, demanding Bitcoin to suppress purported investigative reports about targeted companies. China Business Journal, a state-affiliated newspaper, has warned that fraudsters have been impersonating the publication to extort companies by demanding Bitcoin in exchange for suppressing damaging reports. In a statement issued Thursday, the newspaper said scammers used a Proton Mail address to contact businesses, falsely claiming they had uncovered negative information through undercover investigations and threatening to publish the material unless paid in Bitcoin.

The publication said the emails were unauthorized and that the scheme appeared to constitute fraud. It also said it was collecting evidence and reserved the right to pursue civil and criminal action against those responsible. Founded in 1985, China Business Journal is published by the Institute of Industrial Economics of the Chinese Academy of Social Sciences, a government-run academic institution.

While market-oriented in its coverage, it operates under state supervision and is regarded as a state-affiliated business newspaper. Related: South Korea report proposes stablecoin rules before crypto law