State-Affiliated Media Warns of Bitcoin Extortion Scams Impersonating Its Name

Woofun AI reports that a Bitcoin extortion scam impersonating China Business Journal has emerged, targeting companies with threats of damaging disclosures. The state-affiliated newspaper issued a formal warning to clarify its non-involvement in the scheme, which leverages the publication’s reputation to coerce payments.

The fraudulent operation relies on Proton Mail addresses to contact businesses, falsely claiming that undercover investigations have uncovered negative information. Scammers demand Bitcoin payments to suppress these alleged reports, a tactic the newspaper identified as unauthorized and deceptive. This mechanism exploits the perceived influence of the media outlet to extract illicit funds from targeted entities.

China Business Journal explicitly denied any connection to the emails, characterizing the activity as fraud. Per Woofun AI, the organization is actively collecting evidence to support potential civil and criminal action against the individuals responsible. The publication emphasized that the communications were not sanctioned and represented a clear violation of legal standards.

Founded in 1985, China Business Journal is published by the Institute of Industrial Economics of the Chinese Academy of Social Sciences. As a government-run academic institution, it operates under state supervision while maintaining market-oriented coverage. This incident highlights the vulnerability of reputable media brands to digital impersonation tactics.