A state-affiliated newspaper in China, the China Business Journal, has issued a public warning about fraudsters who have been posing as the publication to extort businesses. The perpetrators demand Bitcoin payments in exchange for withholding purportedly damaging reports.

In a statement released on Thursday, the newspaper detailed how the scammers have been contacting companies using a Proton Mail address. The emails falsely claim that undercover investigations have yielded negative information about the targeted businesses. To prevent the publication of this material, the scammers threaten to release it unless a payment is made in Bitcoin.

The China Business Journal declared that these emails were unauthorized and affirmed that the scheme appears to meet the definition of fraud. The publication also announced that it is currently gathering evidence and reserves its right to pursue both civil and criminal legal action against the individuals responsible for the scam.

Established in 1985, the China Business Journal is published by the Institute of Industrial Economics, which is part of the Chinese Academy of Social Sciences, a government-operated academic institution. While the newspaper maintains a market-oriented approach in its reporting, it functions under state supervision and is widely considered a state-affiliated business publication.