China Business Journal issued a warning on July 30 about fraudsters who impersonated the publication to demand Bitcoin from companies, threatening them with negative news coverage.
The scam emails, sent through a Proton Mail address, claimed that undercover investigations had uncovered damaging information about the targeted businesses. The senders allegedly threatened to publish the findings unless the companies transferred Bitcoin. The newspaper said the messages were unauthorized and appeared to be a fraudulent scheme.
The operation combined two established fraud tactics: impersonation of a recognized organization and the threat of reputational harm to force payment. The perpetrators offered to suppress the alleged investigation in exchange for cryptocurrency. No Bitcoin address, payment amount, or confirmed victim loss was publicly disclosed in the statement. As of July 30, no suspect had been named, and no law enforcement agency had announced an arrest or criminal filing connected to the emails.
China Business Journal, founded in 1985 and operating under the Chinese Academy of Social Sciences, said it is collecting evidence and reserves the right to pursue civil and criminal action. The warning aims to help companies distinguish genuine reporting inquiries from payment demands—a legitimate request for comment may contain difficult questions, but demands for cryptocurrency in exchange for suppressing publication are a clear red flag.
Chinese authorities have previously prosecuted similar impersonation cases. In 2025, three people were convicted after using purported environmental reporting to extort 16 companies. The latest case adds Bitcoin to that model, allowing direct payment without a conventional bank account. However, the demand alone does not prove the scammers received funds or concealed their identities. The newspaper did not reveal a wallet address, transaction hash, or whether any company transferred funds, limiting independent blockchain analysis.
