China Business Journal Warns of Bitcoin Extortion Scam Using Fake Reporter Identities

China's China Business Journal has issued a public warning after fraudsters impersonated its journalists in an extortion scheme that demanded Bitcoin payments from companies in exchange for suppressing fabricated negative news reports.

According to the state-affiliated newspaper, scammers sent emails—primarily through unofficial Proton Mail accounts—claiming they had uncovered damaging information during undercover investigations. The recipients were told to pay in Bitcoin or face the publication of negative reports about their businesses.

The newspaper stressed that the messages were fraudulent and that its reporters do not contact companies through unofficial channels or request cryptocurrency payments. It said it is collecting evidence and may pursue legal action against those responsible.

While no confirmed victims or payment amounts have been disclosed, the warning highlights a growing trend of fraudsters exploiting the credibility of trusted institutions to pressure businesses into transferring digital assets. By impersonating an established media outlet, scammers seek to create urgency and fear, increasing the likelihood that targets will comply with their demands.

The case also reflects the evolving tactics used in cryptocurrency-enabled fraud, where Bitcoin and other digital assets remain a preferred payment method due to the speed and cross-border nature of transactions.

China Business Journal urged businesses receiving similar emails to avoid making any payments, preserve all communications as evidence, and report the incidents to the relevant authorities. The incident serves as another reminder that impersonation scams are expanding beyond financial institutions and regulators to include well-known media organisations in an effort to facilitate crypto-related fraud.