Beijing Paper Sounds Alarm on Bitcoin Blackmail Scheme Wearing Its Name 🗞️

China Business Journal, a state-affiliated newspaper, has issued a public warning that fraudsters are impersonating its newsroom to extort companies with Bitcoin payment demands. The newspaper said the scheme involves emails sent from a Proton Mail address, in which scammers claim to have uncovered damaging information through undercover investigations and threaten to publish the material unless paid in $BTC.

In a statement issued Thursday, the publication said the messages were unauthorized and described the activity as fraud. Editors said they are gathering evidence and have reserved the right to pursue civil and criminal action against those responsible. The newspaper urged companies and readers to verify any communication appearing to come from its reporters through official channels before responding.

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 its coverage is market-oriented, the outlet operates under state supervision and is generally regarded as a state-affiliated business newspaper. Its public warning noted that the impersonation scheme exploits the credibility of established media to pressure targets into making rapid cryptocurrency payments that are difficult to trace or reverse.

Bitcoin extortion emails impersonating journalists and news outlets have been documented across multiple jurisdictions in recent years, with perpetrators typically demanding payment in $BTC or other digital assets to avoid traditional banking oversight. The China Business Journal alert adds to a growing list of warnings from media organizations and law enforcement agencies about the recurring tactic.

The newspaper's advisory did not specify how many companies had been contacted or whether any payments had been made, and it provided no estimate of the funds sought. It also did not name any individuals suspected of carrying out the scheme, stating only that evidence collection was ongoing.