The China Business Journal has flagged a scam in which fraudsters impersonate the publication and demand Bitcoin payments to kill purported investigative reports about targeted companies. The scheme, reported by the outlet itself, adds a new twist to the familiar extortion playbook by hijacking the credibility of a legitimate media brand.
How the scam works
According to the China Business Journal, the fraudsters contact companies claiming to be journalists or editors from the publication. They allege that an investigative piece is about to be published that would damage the company's reputation, and offer to suppress it in exchange for a Bitcoin payment. The amounts demanded were not specified in the report, but the tactic is designed to pressure firms into paying quickly out of fear of negative press.
The publication's response
The China Business Journal has publicly denied any involvement in such demands. The outlet stated that it never solicits payments to withhold or alter stories, and urged companies to verify any suspicious communications directly with the newspaper. It also said it is cooperating with authorities to track down the impersonators, though no arrests have been announced as of this week.
Broader context of crypto extortion
Bitcoin-based extortion is not new — scammers have long used fake legal threats, ransomware, and sextortion emails. But impersonating a respected business publication adds a layer of plausibility that could trick even cautious compliance departments. The scam also highlights how crypto's pseudonymity makes it a preferred payment method for such schemes, since transactions are hard to reverse and trace.
For companies that receive such threats, the China Business Journal advises ignoring the demand and reporting it to local police. The publication has also set up a hotline for verification, though the number was not included in the report.
