China Business Journal, a well-known newspaper affiliated with state institutions, has issued a warning concerning a scam in which individuals impersonate the publication to extort money from businesses. According to a recent statement, companies have been targeted by fraudsters demanding Bitcoin payments in exchange for withholding purported damaging reports.
Scam targets companies
The fraudulent scheme involves scammers using a Proton Mail email address to approach companies across various sectors. Claiming to act on behalf of China Business Journal, the perpetrators allege they have evidence of negative information obtained through supposed undercover investigations. They then threaten to publish these materials unless the targeted firm transfers a specified amount of Bitcoin.
China Business Journal described the emails as unauthorized and affirmed that it is not involved in such activities. The newspaper emphasized that the messages are fraudulent and should not be trusted by recipients.
China Business Journal stated that it is gathering evidence related to the scam and will consider civil and criminal actions against those responsible for the fraudulent emails.
Official response and background
The publication clarified that the ongoing investigation into the impersonators is being taken seriously, as it not only harms the targeted companies but also damages the newspaper’s reputation. The management said that any formal communication from China Business Journal would be carried out through official channels, not via external anonymous email services.
The fraudulent requests for Bitcoin were viewed as a criminal matter. The newspaper urged affected companies to remain vigilant and to promptly report any similar extortion attempts to authorities. China Business Journal highlighted its commitment to upholding journalistic integrity and promised to cooperate fully with law enforcement agencies.
China Business Journal was established in 1985 and is published by the Institute of Industrial Economics, part of the Chinese Academy of Social Sciences, one of China’s top research institutions under government oversight. Although it maintains a market-oriented editorial policy, the newspaper operates under the supervision of state regulatory bodies and is considered one of the country’s main state-affiliated business publications.
Mini dictionary: Proton Mail is a privacy-focused email service headquartered in Switzerland, known for its encryption and ability to protect user identities. It is frequently used by individuals who seek increased anonymity online.
Calls for vigilance
The announcement from China Business Journal comes as concerns grow globally over the use of cryptocurrency in fraudulent activities. The newspaper advised all businesses to verify the identity of anyone claiming to represent media outlets, especially if they request cryptocurrency payments for favorable or suppressed coverage.
No financial losses related to the scam have yet been publicly reported. However, the case has drawn attention to the rising use of digital assets in new types of fraud targeting corporate victims.
