Chinese newspaper warns Bitcoin extortion using its name
A Chinese newspaper warns Bitcoin extortionists have been using its name: China Business Journal said fraudsters impersonated the outlet and demanded Bitcoin to keep alleged investigative reports from being published. The state-affiliated paper called the emails unauthorized fraud and said it is collecting evidence for possible civil and criminal action.
Key Takeaways
- China Business Journal says scammers impersonated the publication and demanded Bitcoin payments.
- Fraudsters contacted firms via Proton Mail, claiming undercover probes found damaging material.
- The newspaper says the emails were unauthorized and appear to constitute fraud.
- It is gathering evidence and may pursue civil and criminal action against those responsible.
Impersonation of a known business paper matters because Bitcoin transfers are hard to reverse once sent. For more crypto fraud coverage, see BlasterPost’s Fintech & Crypto Alerts hub.
What did the Chinese newspaper say about the Bitcoin scam?
In a statement issued Thursday, China Business Journal warned that fraudsters have been impersonating the publication to extort companies.
According to the newspaper, the scheme involved demanding Bitcoin in exchange for suppressing damaging reports that the scammers claimed to have prepared.
The outlet said the emails were not authorized by the paper and that the activity appeared to amount to fraud.
How did the Bitcoin extortion emails work?
China Business Journal said scammers used a Proton Mail address to contact businesses.
The messages falsely claimed the senders had uncovered negative information through undercover investigations. Targets were then threatened with publication of that material unless they paid in Bitcoin.
By pairing a familiar newspaper name with a crypto ransom demand, the pitch was meant to look like a press-suppression deal rather than a random phishing attempt.
Why does a Chinese newspaper warning about Bitcoin matter?
China Business Journal is a state-affiliated business newspaper founded in 1985 and 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, it operates under state supervision. Impersonating a known outlet of that stature can lend false credibility to an extortion email.
The paper said it is collecting evidence and reserved the right to pursue civil and criminal action against those responsible. Companies that receive similar messages should treat Bitcoin payment demands tied to unpublished “investigations” as red flags and verify any claim through official newspaper channels.
Cointelegraph reported the warning on July 30, 2026, underscoring how scammers continue to lean on trusted brands when pushing crypto-linked coercion schemes.