China Business Journal exposes Bitcoin extortion scam

• China Business Journal said scammers posed as its journalists to demand Bitcoin from companies.
• The case highlights the use of cryptocurrency in online extortion targeting businesses.
• The newspaper said it is gathering evidence and urged victims to report the scam.

China Business Journal said scammers posed as its journalists and demanded Bitcoin (CRYPTO:BTC) from companies to stop negative stories from being published.

The newspaper issued the warning after businesses received fake emails claiming reporters had uncovered damaging information.

The newspaper said the emails were fake, had no link to its newsroom and would be reported to the authorities.

China Business Journal urged businesses not to pay the scammers and to report any similar messages to police.

Bitcoin has been used in some online extortion cases because it can be transferred quickly across borders, although blockchain transactions can still be traced.

The case shows how scammers continue to misuse trusted brands and cryptocurrency to pressure businesses into making payments.

At the time of reporting, Bitcoin price was $64,734.89.