China Business Journal, a state-affiliated business newspaper, issued a formal warning on Thursday that fraudsters are impersonating the publication to extort companies through demands for Bitcoin payments. The scheme involves contacting firms with false claims of damaging investigative findings and threats to publish the material unless cryptocurrency is transferred to suppress the reports.

Scammers have used a Proton Mail address to approach businesses. They assert that undercover inquiries have uncovered negative information about the targeted companies and demand Bitcoin as the price for withholding publication. The newspaper stated that the emails lack any authorization and that the activity appears to constitute fraud.

The publication is gathering evidence in the matter and has reserved the right to initiate both civil and criminal proceedings against those responsible.

China Business Journal was established in 1985 and is issued by the Institute of Industrial Economics under the Chinese Academy of Social Sciences, a government academic body. The newspaper maintains a market-oriented approach to coverage while operating under state supervision.