China Business Journal Warns Firms Over Bitcoin Extortion Scheme

China's China Business Journal has issued a warning to companies about a Bitcoin extortion scam that impersonated the publication. The scammers contacted businesses through Proton Mail, claiming undercover investigations had uncovered damaging information and threatening to publish it unless Bitcoin was transferred.

The publication said the emails were unauthorized and appeared to be part of a suspected fraud scheme. The scammers allegedly used negative coverage as leverage, combining two established methods: impersonating a recognized organization and threatening reputational damage to force payment.

China Business Journal emphasized that legitimate reporting inquiries may contain difficult questions, but demands for cryptocurrency in exchange for suppressing publication are a clear warning sign.