Chinese newspaper warns of Bitcoin extortion scam using its nameChina Business Journal says fraudsters impersonated the publication, demanding Bitcoin to suppress purported investigative reports about targeted companies.
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-assisted summary based on the linked source. Verify market-moving details at the original publisher before acting.
Chinese newspaper China Business Journal has issued a warning about a Bitcoin extortion scam involving fraudsters impersonating the publication. The scammers reportedly contacted companies using a Proton Mail address, claiming to have uncovered negative information through undercover investigations and threatening to release damaging reports unless paid in Bitcoin. The newspaper stated these emails were unauthorized and characterized the scheme as fraudulent.
The China Business Journal, founded in 1985, is a state-affiliated newspaper published by the Institute of Industrial Economics of the Chinese Academy of Social Sciences, which is a government-run academic institution. Although the publication provides market-oriented coverage, it operates under state supervision and is considered a state-affiliated business newspaper.
The newspaper confirmed it is collecting evidence related to the scam and reserves the right to pursue civil and criminal action against those responsible. This development reflects ongoing attempts by criminals to exploit the reputations of established media outlets for extortion using cryptocurrencies like Bitcoin.