China Business Journal Warns of Bitcoin-Extortion Scam

Chinese newspaper China Business Journal recently warned companies about an extortion scam involving Bitcoin. The scammers impersonated reporters from the publication and threatened to publish negative news coverage unless targeted businesses transferred Bitcoin.

The emails, sent through Proton Mail, claimed that undercover investigations had uncovered damaging information about the companies. However, China Business Journal stated that it did not authorize these messages and considers them a suspected fraud scheme.

This case combines two established fraud methods: impersonating a recognized organization and threatening reputational damage to force payment. The scammers allegedly used negative coverage as leverage, demanding Bitcoin in exchange for suppressing the alleged investigation.