Key facts
- Fraudsters impersonated China Business Journal to demand Bitcoin payments.
- Scammers claimed to have uncovered negative information and threatened publication.
- The newspaper stated the emails were unauthorized and constituted fraud.
- China Business Journal is collecting evidence for potential civil and criminal action.
China Business Journal, a state-affiliated newspaper, has issued a warning regarding a Bitcoin extortion scam where fraudsters impersonated the publication. The scammers reportedly contacted businesses via a Proton Mail address, falsely claiming to have uncovered negative information through investigations. They demanded Bitcoin payments to suppress the purported damaging reports.
The newspaper stated in a release on Thursday that the emails were unauthorized and that the scheme appeared to constitute fraud. China Business Journal also indicated it is collecting evidence and reserves the right to pursue civil and criminal action against those responsible for the scam.
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 it operates with market-oriented coverage, it is supervised by the state and considered a state-affiliated business newspaper.