State-linked publication alerts public to Bitcoin blackmail scheme exploiting its reputation

State-linked publication alerts public to Bitcoin blackmail scheme exploiting its reputation

Scammers have been posing as China Business Journal, threatening to publish negative investigative pieces about businesses unless Bitcoin payments are made.

A state-affiliated Chinese newspaper, China Business Journal, has issued a public alert regarding fraudsters who have been using the publication's identity to blackmail corporate entities by requesting Bitcoin payments to prevent the release of allegedly compromising reports.

According to a statement released by the newspaper on Thursday, the perpetrators utilized a Proton Mail email account to reach out to various companies, making false assertions that they had discovered detrimental information during covert investigative work and issuing threats to make this information public unless they received Bitcoin compensation.

The newspaper clarified that these email communications were completely unauthorized and indicated that the fraudulent scheme appeared to meet the legal definition of fraud.

The publication further stated that it was actively gathering evidence related to these incidents and maintained its right to initiate both civil litigation and criminal proceedings against the individuals behind the scam.

Established in 1985, China Business Journal operates under the auspices of the Institute of Industrial Economics of the Chinese Academy of Social Sciences, an academic entity controlled by the government. Despite its market-focused editorial approach, the publication functions under state oversight and is recognized as a business newspaper with state affiliation.