China Business Journal has warned businesses about a Bitcoin extortion scheme in which fraudsters impersonate the state-affiliated newspaper and demand cryptocurrency to prevent the publication of fabricated investigative reports.
In a statement released on Thursday, the newspaper said the scammers contacted companies through a Proton Mail account, falsely claiming that undercover reporters had uncovered damaging information about their operations. The emails allegedly threatened to publish the reports unless the recipients paid a ransom in Bitcoin.
Chinese newspaper warns of $BTC extortion scam using its name
Fraudulent solicitations using trusted media brands increase counterparty exposure for Bitcoin holders.
How do you verify the legitimacy of unsolicited investment communications in the current market environment? pic.twitter.com/OfuYZYudlv
— Biturai Markets (@BituraiTrading) July 30, 2026
The publication stressed that the messages were fake and had no connection to its editorial operations. It added that it is collecting evidence and reserves the right to take civil and criminal legal action against those responsible.
China Business Journal flags Bitcoin extortion campaign
According to the newspaper, the scammers claimed undercover reporters had conducted “covert inspections” and uncovered serious corporate misconduct.
The publication said all of its investigations follow established legal procedures and are conducted only through authorized channels, adding that it has no affiliation with the Proton Mail accounts used in the campaign.
The newspaper confirmed it is gathering digital evidence and working to hold those behind the scheme accountable through legal channels. Founded in 1985, China Business Journal is published by the Institute of Industrial Economics under the Chinese Academy of Social Sciences, a government-run research institution.
Why the scammers choose Bitcoin and Proton Mail
The campaign relies on Bitcoin and proton mail that operate outside China’s tightly controlled digital ecosystem which are Bitcoin and Proton Mail.
China banned cryptocurrency trading and mining in 2021, making Bitcoin transactions illegal within the country’s financial system. However, the asset remains attractive to cybercriminals because it allows value to move across borders without using domestic banks or payment networks that are subject to real-name verification and government monitoring.
The use of Switzerland-based Proton Mail further complicates investigations by giving attackers an encrypted communication channel that operates outside China’s domestic internet infrastructure. Meanwhile, China launched a major crackdown on illegal online investment platforms that allow people in the country to access overseas securities.
The scam exploits both state media credibility and crypto’s borderless nature
The operation shows how cybercriminals are combining institutional impersonation with cryptocurrency to increase pressure on victims.
Rather than relying on ordinary phishing tactics, the attackers exploited the credibility of a state-affiliated financial newspaper, knowing that negative reporting from such outlets can trigger regulatory investigations, reputational damage, frozen assets, and loss of business confidence.
At the same time, demanding Bitcoin gives the perpetrators a payment method that is difficult to freeze and capable of moving funds beyond China’s financial controls. The combination of trusted institutional branding, encrypted communications, and cryptocurrency reflects an increasingly sophisticated form of digital extortion aimed at corporate targets.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
