China Business Journal warns of Bitcoin extortion scheme

The newspaper issued a formal warning on July 30 after discovering that unauthorized actors were contacting businesses under the guise of its editorial staff. While the publication has not identified specific victims or disclosed the exact Bitcoin amounts demanded, it confirmed that these messages are fraudulent and unrelated to its official investigative operations. The scheme relies on the classic pressure tactic of threatening reputational harm, a method that has previously resulted in criminal prosecutions across China. In 2025, for instance, three individuals were convicted for using fake environmental reports to extort 16 different companies. By demanding cryptocurrency, these anonymous actors attempt to bypass traditional banking oversight, though no evidence has yet surfaced to confirm if any companies have actually transferred funds to the scammers. The newspaper is currently gathering evidence and has indicated it may pursue both civil and criminal avenues to address the abuse of its brand. For now, the outlet advises companies to treat any solicitation for payment in exchange for the suppression of news as a definitive sign of fraud.