On July 30, the China Business Journal warned that criminals were impersonating the newspaper to contact companies, claiming to possess so-called negative investigation materials and demanding Bitcoin in exchange for not disclosing the content. The newspaper stated that these emails were not authorized and are considered suspected fraudulent activities.

The email was sent via Proton Mail.

According to the newspaper, the emails originated from a Proton Mail address. The sender claimed to represent *China Business Journal* and stated that an undercover investigation had obtained information detrimental to the company, demanding that the company transfer Bitcoin or else the so-called investigation results would be made public.

The newspaper did not release the full content of the email, nor did it disclose the list of companies contacted. As of July 30, no information regarding the suspect's identity, the progress of the police investigation, or details of criminal charges was available in the public information.

The newspaper said it is collecting evidence.

China Business Journal stated that this information does not belong to its normal interviews or business activities, and it is continuously collecting evidence and reserves the right to pursue civil and criminal liability against relevant personnel. The purpose of the newspaper's notice is to help companies distinguish between normal interview inquiries and abnormal requests for "retraction" or "suppression" of articles in exchange for cryptocurrency.

Based on the disclosed information, the newspaper did not disclose the Bitcoin wallet address, the amount demanded, the transaction hash, or the payment deadline, nor did it specify whether any company had already transferred the funds. Therefore, external researchers are currently unable to verify whether actual payment has occurred through on-chain data.

Impersonating media for blackmail is not a new tactic.

These practices typically combine two common scam methods: impersonating well-known organizations to increase credibility, and threatening victims with negative publicity to force them to pay. The newspaper points out that businesses unfamiliar with official communication procedures are more likely to fall for these emails.

Chinese regulators have previously disclosed similar cases. Public records show that in 2025, three people were convicted of impersonating media outlets and extorting money from 16 companies under the guise of environmental reporting. The report also mentioned that cases combining corporate hacking, identity impersonation, and cryptocurrency extortion have occurred in the United States; Coinbase previously rejected a $20 million extortion demand.

Additional information:The newspaper has not yet disclosed whether it has contacted Proton or the police, nor has it stated whether any companies have completed the transfer.