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Over the past few years, we’ve been observing and monitoring the espionage activities of HoneyMyte (aka Mustang Panda or Bronze President) within Asia and Europe, with the Southeast Asia region being the most affected. The primary targets of most of the group’s campaigns were government entities.
As an APT group, HoneyMyte uses a variety of sophisticated tools to achieve its goals. These tools include ToneShell, PlugX, Qreverse and CoolClient backdoors, Tonedisk and SnakeDisk USB worms, among others. In 2025, we observed HoneyMyte updating its toolset by enhancing the CoolClient backdoor with new features, deploying several variants of a browser login data stealer, and using multiple scripts designed for data theft and reconnaissance.
An early version of the CoolClient backdoor was first discovered by Sophos in 2022, and TrendMicro later documented an updated version in 2023. Fast forward to our recent investigations, we found that CoolClient has evolved quite a bit, and the developers have added several new features to the backdoor. This updated version has been observed in multiple campaigns across Myanmar, Mongolia, Malaysia and Russia where it was often deployed as a secondary backdoor in addition to PlugX and LuminousMoth infections.
In our observations, CoolClient was typically delivered alongside encrypted loader files containing encrypted configuration data, shellcode, and in-memory next-stage DLL modules. These modules relied on DLL sideloading as their primary execution method, which required a legitimate signed executable to load a malicious DLL. Between 2021 and 2025, the threat actor abused signed binaries from various software products, including BitDefender, VLC Media Player, Ulead PhotoImpact, and several Sangfor solutions.
Variants of CoolClient abusing different software for DLL sideloading (2021–2025)
The latest CoolClient version analyzed in this article abuses legitimate software developed by Sangfor. Below, you can find an overview of how it operates. It is worth noting that its behavior remains consistent across all variants, except for differences in the final-stage features.
Overview of CoolClient execution flow
However, it is worth noting that in another recent campaign involving this malware in Pakistan and Myanmar, we observed that HoneyMyte has introduced a newer variant of CoolClient that drops and executes a previously unseen rootkit. A separate report will be published in the future that covers the technical analysis and findings related to this CoolClient variant and the associated rootkit.
CoolClient functionalities
In terms of functionality, CoolClient collects detailed system and user information. This includes the computer name, operating system version, total physical memory (RAM), network details (MAC and IP addresses), logged-in user information, and descriptions and versions of loaded driver modules. Furthermore, both old and new variants of CoolClient support file upload to the C2, file deletion, keylogging, TCP tunneling, reverse proxy listening, and plugin staging/execution for running additional in-memory modules. These features are still present in the latest versions, alongside newly added functionalities.
In this latest variant, CoolClient relies on several important files to function properly:
Filename
Description
Sang.exe
Legitimate Sangfor application abused for DLL sideloading.
libngs.dll
Malicious DLL used to decrypt loader.dat and execute shellcode.
loader.dat
Encrypted file containing shellcode and a second-stage DLL. Parameter checker and process injection activity reside here.
time.dat
Encrypted configuration file.
main.dat
Encrypted file containing shellcode and a third-stage DLL. The core functionality resides here.
Parameter modes in second-stage DLL
CoolClient typically requires three parameters to function properly. These parameters determine which actions the malware is supposed to perform. The following parameters are supported.
Parameter
Actions
No parameter
· CoolClient will launch a new process of itself with the install parameter. For example: Sang.exe install.
install
CoolClient decrypts time.dat.
Adds new key to the Run registry for persistence mechanism.
Creates a process named write.exe.
Decrypts and injects loader.dat into a newly created write.exe process.
Checks for service control manager (SCM) access.
Checks for multiple AV processes such as 360sd.exe, zhudongfangyu.exe and 360desktopservice64.exe.
Installs a service named media_updaten and starts it.
If the current user is in the Administrator group, creates a new process of itself with the passuac parameter to bypass UAC.
work
Creates a process named write.exe.
Decrypts and injects loader.dat into a newly spawned write.exe process.
passuac
Bypasses UAC and performs privilege elevation.
Checks if the machine runs Windows 10 or a later version.
Impersonates svchost.exe process by spoofing PEB information.
Creates a scheduled task named ComboxResetTask for persistence. The task executes the malware with the work parameter.
Elevates privileges to admin by duplicating an access token from an existing elevated process.
Final stage DLL
The write.exe process decrypts and launches the main.dat file, which contains the third (final) stage DLL. CoolClient’s core features are implemented in this DLL. When launched, it first checks whether the keylogger, clipboard stealer, and HTTP proxy credential sniffer are enabled. If they are, CoolClient creates a new thread for each specific functionality. It is worth noting that the clipboard stealer and HTTP proxy credential sniffer are new features that weren’t present in older versions.
Clipboard and active windows monitor
A new feature introduced in CoolClient is clipboard monitoring, which leverages functions that are typically abused by clipboard stealers, such as GetClipboardData and GetWindowTextW, to capture clipboard information.
CoolClient also retrieves the window title, process ID and current timestamp of the user’s active window using the GetWindowTextW API. This information enables the attackers to monitor user behavior, identify which applications are in use, and determine the context of data copied at a given moment.
The clipboard contents and active window information are encrypted using a simple XOR operation with the byte key 0xAC, and then written to a file located at C:\ProgramData\AppxProvisioning.xml.
HTTP proxy credential sniffer
Another notable new functionality is CoolClient’s ability to extract HTTP proxy credentials from the host’s HTTP traffic packets. To do so, the malware creates dedicated threads to intercept and parse raw network traffic on each local IP address. Once it is able to intercept and parse the traffic, CoolClient starts extracting proxy authentication credentials from HTTP traffic intercepted by the malware’s packet sniffer.
The function operates by analyzing the raw TCP payload to locate the Proxy-Connection header and ensure the packet is relevant. It then looks for the Proxy-Authorization: Basic header, extracts and decodes the Base64-encoded credential and saves it in memory to be sent later to the C2.
Function used to find and extract Base64-encoded credentials from HTTP proxy-authorization headers
C2 command handler
The latest CoolClient variant uses TCP as the main C2 communication protocol by default, but it also has the option to use UDP, similar to the previous variant. Each incoming payload begins with a four-byte magic value to identify the command family. However, if the command is related to downloading and running a plugin, this value is absent. If the client receives a packet without a recognized magic value, it switches to plugin mode (mechanism used to receive and execute plugin modules in memory) for command processing.
Magic value
Command category
CC BB AA FF
Beaconing, status update, configuration.
CD BB AA FF
Operational commands such as tunnelling, keylogging and file operations.
No magic value
Receive and execute plugin module in memory.
0xFFAABBCC – Beacon and configuration commands
Below is the command menu to manage client status and beaconing:
Command ID
Action
0x0
Send beacon connection
0x1
Update beacon timestamp
0x2
Enumerate active user sessions
0x3
Handle incoming C2 command
0xFFAABBCD – Operational commands
This command group implements functionalities such as data theft, proxy setup, and file manipulation. The following is a breakdown of known subcommands:
Command ID
Action
0x0
Set up reverse tunnel connection
0x1
Send data through tunnel
0x2
Close tunnel connection
0x3
Set up reverse proxy
0x4
Shut down a specific socket
0x6
List files in a directory
0x7
Delete file
0x8
Set up keylogger
0x9
Terminate keylogger thread
0xA
Get clipboard data
0xB
Install clipboard and active windows monitor
0xC
Turn off clipboard and active windows monitor
0xD
Read and send file
0xE
Delete file
CoolClient plugins
CoolClient supports multiple plugins, each dedicated to a specific functionality. Our recent findings indicate that the HoneyMyte group actively used CoolClient in campaigns targeting Mongolia, where the attackers pushed and executed a plugin named FileMgrS.dll through the C2 channel for file management operations.
Further sample hunting in our telemetry revealed two additional plugins: one providing remote shell capability (RemoteShellS.dll), and another focused on service management (ServiceMgrS.dll).
ServiceMgrS.dll – Service management plugin
This plugin is used to manage services on the victim host. It can enumerate all services, create new services, and even delete existing ones. The following table lists the command IDs and their respective actions.
Command ID
Action
0x0
Enumerate services
0x1 / 0x4
Start or resume service
0x2
Stop service
0x3
Pause service
0x5
Create service
0x6
Delete service
0x7
Set service to start automatically at boot
0x8
Set service to be launched manually
0x9
Set service to disabled
FileMgrS.dll – File management plugin
A few basic file operations are already supported in the operational commands of the main CoolClient implant, such as listing directory contents and deleting files. However, the dedicated file management plugin provides a full set of file management capabilities.
Command ID
Action
0x0
List drives and network resources
0x1
List files in folder
0x2
Delete file or folder
0x3
Create new folder
0x4
Move file
0x5
Read file
0x6
Write data to file
0x7
Compress file or folder into ZIP archive
0x8
Execute file
0x9
Download and execute file using certutil
0xA
Search for file
0xB
Send search result
0xC
Map network drive
0xD
Set chunk size for file transfers
0xF
Bulk copy or move
0x10
Get file metadata
0x11
Set file metadata
RemoteShellS.dll – Remote shell plugin
Based on our analysis of the main implant, the C2 command handler did not implement remote shell functionality. Instead, CoolClient relied on a dedicated plugin to enable this capability. This plugin spawns a hidden cmd.exe process, redirecting standard input and output through pipes, which allows the attacker to send commands into the process and capture the resulting output. This output is then forwarded back to the C2 server for remote interaction.
CoolClient plugin that spawns cmd.exe with redirected I/O and forwards command output to C2
Browser login data stealer
While investigating suspicious ToneShell backdoor traffic originating from a host in Thailand, we discovered that the HoneyMyte threat actor had downloaded and executed a malware sample intended to extract saved login credentials from the Chrome browser as part of their post-exploitation activities. We will refer to this sample as Variant A. On the same day, the actor executed a separate malware sample (Variant B) targeting credentials stored in the Microsoft Edge browser. Both samples can be considered part of the same malware family.
During a separate threat hunting operation focused on HoneyMyte’s QReverse backdoor, we retrieved another variant of a Chrome credential parser (Variant C) that exhibited significant code similarities to the sample used in the aforementioned ToneShell campaign.
The malware was observed in countries such as Myanmar, Malaysia, and Thailand, with a particular focus on the government sector.
The following table shows the variants of this browser credential stealer employed by HoneyMyte.
Variant
Targeted browser(s)
Execution method
MD5 hash
A
Chrome
Direct execution (PE32)
1A5A9C013CE1B65ABC75D809A25D36A7
B
Edge
Direct execution (PE32)
E1B7EF0F3AC0A0A64F86E220F362B149
C
Chromium-based browsers
DLL side-loading
DA6F89F15094FD3F74BA186954BE6B05
These stealers may be part of a new malware toolset used by HoneyMyte during post-exploitation activities.
Initial infection
As part of post-exploitation activity involving the ToneShell backdoor, the threat actor initially executed the Variant A stealer, which targeted Chrome credentials. However, we were unable to determine the exact delivery mechanism used to deploy it.
A few minutes later, the threat actor executed a command to download and run the Variant B stealer from a remote server. This variant specifically targeted Microsoft Edge credentials.
Within the same hour that Variant B was downloaded and executed, we observed the threat actor issue another command to exfiltrate the Firefox browser cookie file (cookies.sqlite) to Google Drive using a curl command.
Unlike Variants A and B, which use hardcoded file paths, the Variant C stealer accepts two runtime arguments: file paths to the browser’s Login Data and Local State files. This provides greater flexibility and enables the stealer to target any Chromium-based browser such as Chrome, Edge, Brave, or Opera, regardless of the user profile or installation path. An example command used to execute Variant C is as follows:
In this context, the Login Data file is an SQLite database that stores saved website login credentials, including usernames and AES-encrypted passwords. The Local State file is a JSON-formatted configuration file containing browser metadata, with the most important value being encrypted_key, a Base64-encoded AES key. It is required to decrypt the passwords stored in the Login Data database and is also encrypted.
When executed, the malware copies the Login Data file to the user’s temporary directory as chromeTmp.
Function that copies Chrome browser login data into a temporary file (chromeTmp) for exfiltration
To retrieve saved credentials, the malware executes the following SQL query on the copied database:
SELECT origin_url, username_value, password_value FROM logins
This query returns the login URL, stored username, and encrypted password for each saved entry.
Next, the malware reads the Local State file to extract the browser’s encrypted master key. This key is protected using the Windows Data Protection API (DPAPI), ensuring that the encrypted data can only be decrypted by the same Windows user account that created it. The malware then uses the CryptUnprotectData API to decrypt this key, enabling it to access and decrypt password entries from the Login Data SQLite database.
With the decrypted AES key in memory, the malware proceeds to decrypt each saved password and reconstructs complete login records.
Finally, it saves the results to the text file C:\Users\Public\Libraries\License.txt.
Login data stealer’s attribution
Our investigation indicated that the malware was consistently used in the ToneShell backdoor campaign, which was attributed to the HoneyMyte APT group.
Another factor supporting our attribution is that the browser credential stealer appeared to be linked to the LuminousMoth APT group, which has previously been connected to HoneyMyte. Our analysis of LuminousMoth’s cookie stealer revealed several code-level similarities with HoneyMyte’s credential stealer. For example, both malware families used the same method to copy targeted files, such as Login Data and Cookies, into a temporary folder named ChromeTmp, indicating possible tool reuse or a shared codebase.
Code similarity between HoneyMyte’s saved login data stealer and LuminousMoth’s cookie stealer
Both stealers followed the same steps: they checked if the original Login Data file existed, located the temporary folder, and copied the browser data into a file with the same name.
Based on these findings, we assess with high confidence that HoneyMyte is behind this browser credential stealer, which also has a strong connection to the LuminousMoth APT group.
Document theft and system information reconnaissance scripts
In several espionage campaigns, HoneyMyte used a number of scripts to gather system information, conduct document theft activities and steal browser login data. One of these scripts is a batch file named 1.bat.
1.bat – System enumeration and data exfiltration batch script
The script starts by downloading curl.exe and rar.exe into the public folder. These are the tools used for file transfer and compression.
Batch script that downloads curl.exe and rar.exe from HoneyMyte infrastructure and executes them for file transfer and compression
It then collects network details and downloads and runs the nbtscan tool for internal network scanning.
Batch script that performs network enumeration and saves the results to the log.dat file for later exfiltration
During enumeration, the script also collects information such as stored credentials, the result of the systeminfo command, registry keys, the startup folder list, the list of files and folders, and antivirus information into a file named log.dat. It then uploads this file via FTP to http://113.23.212[.]15/pub/.
Batch script that collects registry, startup items, directories, and antivirus information for system profiling
Next, it deletes both log.dat and the nbtscan executable to remove traces. The script then terminates browser processes, compresses browser-related folders, retrieves FileZilla configuration files, archives documents from all drives with rar.exe, and uploads the collected data to the same server.
Finally, it deletes any remaining artifacts to cover its tracks.
Ttraazcs32.ps1 – PowerShell-based collection and exfiltration
The second script observed in HoneyMyte operations is a PowerShell file named Ttraazcs32.ps1.
Similar to the batch file, this script downloads curl.exe and rar.exe into the public folder to handle file transfers and compression. It collects computer and user information, as well as network details such as the public IP address and Wi-Fi network data.
All gathered information is written to a file, compressed into a password-protected RAR archive and uploaded via FTP.
In addition to system profiling, the script searches multiple drives including C:\Users\Desktop, Downloads, and drives D: to Z: for recently modified documents. Targeted file types include .doc, .xls, .pdf, .tif, and .txt, specifically those changed within the last 60 days. These files are also compressed into a password-protected RAR archive and exfiltrated to the same FTP server.
t.ps1 – Saved login data collection and exfiltration
The third script attributed to HoneyMyte is a PowerShell file named t.ps1.
The script requires a number as a parameter and creates a working directory under D:\temp with that number as the directory name. The number is not related to any identifier. It is simply a numeric label that is probably used to organize stolen data by victim. If the D drive doesn’t exist on the victim’s machine, the new folder will be created in the current working directory.
The script then searches the system for Chrome and Chromium-based browser files such as Login Data and Local State. It copies these files into the target directory and extracts the encrypted_key value from the Local State file. It then uses Windows DPAPI (System.Security.Cryptography.ProtectedData) to decrypt this key and writes the decrypted Base64-encoded key into a new file named Local State-journal in the same directory. For example, if the original file is C:\Users\$username \AppData\Local\Google\Chrome\User Data\Local State, the script creates a new file C:\Users\$username\AppData\Local\Google\Chrome\User Data\Local State-journal, which the attacker can later use to access stored credentials.
PowerShell script that extracts and decrypts the Chrome encrypted_key from the Local State file before writing the result to a Local State-journal file
Once the credential data is ready, the script verifies that both rar.exe and curl.exe are available. If they are not present, it downloads them directly from Google Drive. The script then compresses the collected data into a password-protected archive (the password is “PIXELDRAIN”) and uploads it to pixeldrain.com using the service’s API, authenticated with a hardcoded token. Pixeldrain is a public file-sharing service that attackers abuse for data exfiltration.
Script that compresses data with RAR, and exfiltrates it to Pixeldrain via API
This approach highlights HoneyMyte’s shift toward using public file-sharing services to covertly exfiltrate sensitive data, especially browser login credentials.
Conclusion
Recent findings indicate that HoneyMyte continues to operate actively in the wild, deploying an updated toolset that includes the CoolClient backdoor, a browser login data stealer, and various document theft scripts.
With capabilities such as keylogging, clipboard monitoring, proxy credential theft, document exfiltration, browser credential harvesting, and large-scale file theft, HoneyMyte’s campaigns appear to go far beyond traditional espionage goals like document theft and persistence. These tools indicate a shift toward the active surveillance of user activity that includes capturing keystrokes, collecting clipboard data, and harvesting proxy credential.
Organizations should remain highly vigilant against the deployment of HoneyMyte’s toolset, including the CoolClient backdoor, as well as related malware families such as PlugX, ToneShell, Qreverse, and LuminousMoth. These operations are part of a sophisticated threat actor strategy designed to maintain persistent access to compromised systems while conducting high-value surveillance activities.
Over the past few years, we’ve been observing and monitoring the espionage activities of HoneyMyte (aka Mustang Panda or Bronze President) within Asia and Europe, with the Southeast Asia region being the most affected. The primary targets of most of the group’s campaigns were government entities.
As an APT group, HoneyMyte uses a variety of sophisticated tools to achieve its goals. These tools include ToneShell, PlugX, Qreverse and CoolClient backdoors, Tonedisk and SnakeDisk USB worms, among others. In 2025, we observed HoneyMyte updating its toolset by enhancing the CoolClient backdoor with new features, deploying several variants of a browser login data stealer, and using multiple scripts designed for data theft and reconnaissance.
An early version of the CoolClient backdoor was first discovered by Sophos in 2022, and TrendMicro later documented an updated version in 2023. Fast forward to our recent investigations, we found that CoolClient has evolved quite a bit, and the developers have added several new features to the backdoor. This updated version has been observed in multiple campaigns across Myanmar, Mongolia, Malaysia and Russia where it was often deployed as a secondary backdoor in addition to PlugX and LuminousMoth infections.
In our observations, CoolClient was typically delivered alongside encrypted loader files containing encrypted configuration data, shellcode, and in-memory next-stage DLL modules. These modules relied on DLL sideloading as their primary execution method, which required a legitimate signed executable to load a malicious DLL. Between 2021 and 2025, the threat actor abused signed binaries from various software products, including BitDefender, VLC Media Player, Ulead PhotoImpact, and several Sangfor solutions.
Variants of CoolClient abusing different software for DLL sideloading (2021–2025)
The latest CoolClient version analyzed in this article abuses legitimate software developed by Sangfor. Below, you can find an overview of how it operates. It is worth noting that its behavior remains consistent across all variants, except for differences in the final-stage features.
Overview of CoolClient execution flow
However, it is worth noting that in another recent campaign involving this malware in Pakistan and Myanmar, we observed that HoneyMyte has introduced a newer variant of CoolClient that drops and executes a previously unseen rootkit. A separate report will be published in the future that covers the technical analysis and findings related to this CoolClient variant and the associated rootkit.
CoolClient functionalities
In terms of functionality, CoolClient collects detailed system and user information. This includes the computer name, operating system version, total physical memory (RAM), network details (MAC and IP addresses), logged-in user information, and descriptions and versions of loaded driver modules. Furthermore, both old and new variants of CoolClient support file upload to the C2, file deletion, keylogging, TCP tunneling, reverse proxy listening, and plugin staging/execution for running additional in-memory modules. These features are still present in the latest versions, alongside newly added functionalities.
In this latest variant, CoolClient relies on several important files to function properly:
Filename
Description
Sang.exe
Legitimate Sangfor application abused for DLL sideloading.
libngs.dll
Malicious DLL used to decrypt loader.dat and execute shellcode.
loader.dat
Encrypted file containing shellcode and a second-stage DLL. Parameter checker and process injection activity reside here.
time.dat
Encrypted configuration file.
main.dat
Encrypted file containing shellcode and a third-stage DLL. The core functionality resides here.
Parameter modes in second-stage DLL
CoolClient typically requires three parameters to function properly. These parameters determine which actions the malware is supposed to perform. The following parameters are supported.
Parameter
Actions
No parameter
· CoolClient will launch a new process of itself with the install parameter. For example: Sang.exe install.
install
CoolClient decrypts time.dat.
Adds new key to the Run registry for persistence mechanism.
Creates a process named write.exe.
Decrypts and injects loader.dat into a newly created write.exe process.
Checks for service control manager (SCM) access.
Checks for multiple AV processes such as 360sd.exe, zhudongfangyu.exe and 360desktopservice64.exe.
Installs a service named media_updaten and starts it.
If the current user is in the Administrator group, creates a new process of itself with the passuac parameter to bypass UAC.
work
Creates a process named write.exe.
Decrypts and injects loader.dat into a newly spawned write.exe process.
passuac
Bypasses UAC and performs privilege elevation.
Checks if the machine runs Windows 10 or a later version.
Impersonates svchost.exe process by spoofing PEB information.
Creates a scheduled task named ComboxResetTask for persistence. The task executes the malware with the work parameter.
Elevates privileges to admin by duplicating an access token from an existing elevated process.
Final stage DLL
The write.exe process decrypts and launches the main.dat file, which contains the third (final) stage DLL. CoolClient’s core features are implemented in this DLL. When launched, it first checks whether the keylogger, clipboard stealer, and HTTP proxy credential sniffer are enabled. If they are, CoolClient creates a new thread for each specific functionality. It is worth noting that the clipboard stealer and HTTP proxy credential sniffer are new features that weren’t present in older versions.
Clipboard and active windows monitor
A new feature introduced in CoolClient is clipboard monitoring, which leverages functions that are typically abused by clipboard stealers, such as GetClipboardData and GetWindowTextW, to capture clipboard information.
CoolClient also retrieves the window title, process ID and current timestamp of the user’s active window using the GetWindowTextW API. This information enables the attackers to monitor user behavior, identify which applications are in use, and determine the context of data copied at a given moment.
The clipboard contents and active window information are encrypted using a simple XOR operation with the byte key 0xAC, and then written to a file located at C:\ProgramData\AppxProvisioning.xml.
HTTP proxy credential sniffer
Another notable new functionality is CoolClient’s ability to extract HTTP proxy credentials from the host’s HTTP traffic packets. To do so, the malware creates dedicated threads to intercept and parse raw network traffic on each local IP address. Once it is able to intercept and parse the traffic, CoolClient starts extracting proxy authentication credentials from HTTP traffic intercepted by the malware’s packet sniffer.
The function operates by analyzing the raw TCP payload to locate the Proxy-Connection header and ensure the packet is relevant. It then looks for the Proxy-Authorization: Basic header, extracts and decodes the Base64-encoded credential and saves it in memory to be sent later to the C2.
Function used to find and extract Base64-encoded credentials from HTTP proxy-authorization headers
C2 command handler
The latest CoolClient variant uses TCP as the main C2 communication protocol by default, but it also has the option to use UDP, similar to the previous variant. Each incoming payload begins with a four-byte magic value to identify the command family. However, if the command is related to downloading and running a plugin, this value is absent. If the client receives a packet without a recognized magic value, it switches to plugin mode (mechanism used to receive and execute plugin modules in memory) for command processing.
Magic value
Command category
CC BB AA FF
Beaconing, status update, configuration.
CD BB AA FF
Operational commands such as tunnelling, keylogging and file operations.
No magic value
Receive and execute plugin module in memory.
0xFFAABBCC – Beacon and configuration commands
Below is the command menu to manage client status and beaconing:
Command ID
Action
0x0
Send beacon connection
0x1
Update beacon timestamp
0x2
Enumerate active user sessions
0x3
Handle incoming C2 command
0xFFAABBCD – Operational commands
This command group implements functionalities such as data theft, proxy setup, and file manipulation. The following is a breakdown of known subcommands:
Command ID
Action
0x0
Set up reverse tunnel connection
0x1
Send data through tunnel
0x2
Close tunnel connection
0x3
Set up reverse proxy
0x4
Shut down a specific socket
0x6
List files in a directory
0x7
Delete file
0x8
Set up keylogger
0x9
Terminate keylogger thread
0xA
Get clipboard data
0xB
Install clipboard and active windows monitor
0xC
Turn off clipboard and active windows monitor
0xD
Read and send file
0xE
Delete file
CoolClient plugins
CoolClient supports multiple plugins, each dedicated to a specific functionality. Our recent findings indicate that the HoneyMyte group actively used CoolClient in campaigns targeting Mongolia, where the attackers pushed and executed a plugin named FileMgrS.dll through the C2 channel for file management operations.
Further sample hunting in our telemetry revealed two additional plugins: one providing remote shell capability (RemoteShellS.dll), and another focused on service management (ServiceMgrS.dll).
ServiceMgrS.dll – Service management plugin
This plugin is used to manage services on the victim host. It can enumerate all services, create new services, and even delete existing ones. The following table lists the command IDs and their respective actions.
Command ID
Action
0x0
Enumerate services
0x1 / 0x4
Start or resume service
0x2
Stop service
0x3
Pause service
0x5
Create service
0x6
Delete service
0x7
Set service to start automatically at boot
0x8
Set service to be launched manually
0x9
Set service to disabled
FileMgrS.dll – File management plugin
A few basic file operations are already supported in the operational commands of the main CoolClient implant, such as listing directory contents and deleting files. However, the dedicated file management plugin provides a full set of file management capabilities.
Command ID
Action
0x0
List drives and network resources
0x1
List files in folder
0x2
Delete file or folder
0x3
Create new folder
0x4
Move file
0x5
Read file
0x6
Write data to file
0x7
Compress file or folder into ZIP archive
0x8
Execute file
0x9
Download and execute file using certutil
0xA
Search for file
0xB
Send search result
0xC
Map network drive
0xD
Set chunk size for file transfers
0xF
Bulk copy or move
0x10
Get file metadata
0x11
Set file metadata
RemoteShellS.dll – Remote shell plugin
Based on our analysis of the main implant, the C2 command handler did not implement remote shell functionality. Instead, CoolClient relied on a dedicated plugin to enable this capability. This plugin spawns a hidden cmd.exe process, redirecting standard input and output through pipes, which allows the attacker to send commands into the process and capture the resulting output. This output is then forwarded back to the C2 server for remote interaction.
CoolClient plugin that spawns cmd.exe with redirected I/O and forwards command output to C2
Browser login data stealer
While investigating suspicious ToneShell backdoor traffic originating from a host in Thailand, we discovered that the HoneyMyte threat actor had downloaded and executed a malware sample intended to extract saved login credentials from the Chrome browser as part of their post-exploitation activities. We will refer to this sample as Variant A. On the same day, the actor executed a separate malware sample (Variant B) targeting credentials stored in the Microsoft Edge browser. Both samples can be considered part of the same malware family.
During a separate threat hunting operation focused on HoneyMyte’s QReverse backdoor, we retrieved another variant of a Chrome credential parser (Variant C) that exhibited significant code similarities to the sample used in the aforementioned ToneShell campaign.
The malware was observed in countries such as Myanmar, Malaysia, and Thailand, with a particular focus on the government sector.
The following table shows the variants of this browser credential stealer employed by HoneyMyte.
Variant
Targeted browser(s)
Execution method
MD5 hash
A
Chrome
Direct execution (PE32)
1A5A9C013CE1B65ABC75D809A25D36A7
B
Edge
Direct execution (PE32)
E1B7EF0F3AC0A0A64F86E220F362B149
C
Chromium-based browsers
DLL side-loading
DA6F89F15094FD3F74BA186954BE6B05
These stealers may be part of a new malware toolset used by HoneyMyte during post-exploitation activities.
Initial infection
As part of post-exploitation activity involving the ToneShell backdoor, the threat actor initially executed the Variant A stealer, which targeted Chrome credentials. However, we were unable to determine the exact delivery mechanism used to deploy it.
A few minutes later, the threat actor executed a command to download and run the Variant B stealer from a remote server. This variant specifically targeted Microsoft Edge credentials.
Within the same hour that Variant B was downloaded and executed, we observed the threat actor issue another command to exfiltrate the Firefox browser cookie file (cookies.sqlite) to Google Drive using a curl command.
Unlike Variants A and B, which use hardcoded file paths, the Variant C stealer accepts two runtime arguments: file paths to the browser’s Login Data and Local State files. This provides greater flexibility and enables the stealer to target any Chromium-based browser such as Chrome, Edge, Brave, or Opera, regardless of the user profile or installation path. An example command used to execute Variant C is as follows:
In this context, the Login Data file is an SQLite database that stores saved website login credentials, including usernames and AES-encrypted passwords. The Local State file is a JSON-formatted configuration file containing browser metadata, with the most important value being encrypted_key, a Base64-encoded AES key. It is required to decrypt the passwords stored in the Login Data database and is also encrypted.
When executed, the malware copies the Login Data file to the user’s temporary directory as chromeTmp.
Function that copies Chrome browser login data into a temporary file (chromeTmp) for exfiltration
To retrieve saved credentials, the malware executes the following SQL query on the copied database:
SELECT origin_url, username_value, password_value FROM logins
This query returns the login URL, stored username, and encrypted password for each saved entry.
Next, the malware reads the Local State file to extract the browser’s encrypted master key. This key is protected using the Windows Data Protection API (DPAPI), ensuring that the encrypted data can only be decrypted by the same Windows user account that created it. The malware then uses the CryptUnprotectData API to decrypt this key, enabling it to access and decrypt password entries from the Login Data SQLite database.
With the decrypted AES key in memory, the malware proceeds to decrypt each saved password and reconstructs complete login records.
Finally, it saves the results to the text file C:\Users\Public\Libraries\License.txt.
Login data stealer’s attribution
Our investigation indicated that the malware was consistently used in the ToneShell backdoor campaign, which was attributed to the HoneyMyte APT group.
Another factor supporting our attribution is that the browser credential stealer appeared to be linked to the LuminousMoth APT group, which has previously been connected to HoneyMyte. Our analysis of LuminousMoth’s cookie stealer revealed several code-level similarities with HoneyMyte’s credential stealer. For example, both malware families used the same method to copy targeted files, such as Login Data and Cookies, into a temporary folder named ChromeTmp, indicating possible tool reuse or a shared codebase.
Code similarity between HoneyMyte’s saved login data stealer and LuminousMoth’s cookie stealer
Both stealers followed the same steps: they checked if the original Login Data file existed, located the temporary folder, and copied the browser data into a file with the same name.
Based on these findings, we assess with high confidence that HoneyMyte is behind this browser credential stealer, which also has a strong connection to the LuminousMoth APT group.
Document theft and system information reconnaissance scripts
In several espionage campaigns, HoneyMyte used a number of scripts to gather system information, conduct document theft activities and steal browser login data. One of these scripts is a batch file named 1.bat.
1.bat – System enumeration and data exfiltration batch script
The script starts by downloading curl.exe and rar.exe into the public folder. These are the tools used for file transfer and compression.
Batch script that downloads curl.exe and rar.exe from HoneyMyte infrastructure and executes them for file transfer and compression
It then collects network details and downloads and runs the nbtscan tool for internal network scanning.
Batch script that performs network enumeration and saves the results to the log.dat file for later exfiltration
During enumeration, the script also collects information such as stored credentials, the result of the systeminfo command, registry keys, the startup folder list, the list of files and folders, and antivirus information into a file named log.dat. It then uploads this file via FTP to http://113.23.212[.]15/pub/.
Batch script that collects registry, startup items, directories, and antivirus information for system profiling
Next, it deletes both log.dat and the nbtscan executable to remove traces. The script then terminates browser processes, compresses browser-related folders, retrieves FileZilla configuration files, archives documents from all drives with rar.exe, and uploads the collected data to the same server.
Finally, it deletes any remaining artifacts to cover its tracks.
Ttraazcs32.ps1 – PowerShell-based collection and exfiltration
The second script observed in HoneyMyte operations is a PowerShell file named Ttraazcs32.ps1.
Similar to the batch file, this script downloads curl.exe and rar.exe into the public folder to handle file transfers and compression. It collects computer and user information, as well as network details such as the public IP address and Wi-Fi network data.
All gathered information is written to a file, compressed into a password-protected RAR archive and uploaded via FTP.
In addition to system profiling, the script searches multiple drives including C:\Users\Desktop, Downloads, and drives D: to Z: for recently modified documents. Targeted file types include .doc, .xls, .pdf, .tif, and .txt, specifically those changed within the last 60 days. These files are also compressed into a password-protected RAR archive and exfiltrated to the same FTP server.
t.ps1 – Saved login data collection and exfiltration
The third script attributed to HoneyMyte is a PowerShell file named t.ps1.
The script requires a number as a parameter and creates a working directory under D:\temp with that number as the directory name. The number is not related to any identifier. It is simply a numeric label that is probably used to organize stolen data by victim. If the D drive doesn’t exist on the victim’s machine, the new folder will be created in the current working directory.
The script then searches the system for Chrome and Chromium-based browser files such as Login Data and Local State. It copies these files into the target directory and extracts the encrypted_key value from the Local State file. It then uses Windows DPAPI (System.Security.Cryptography.ProtectedData) to decrypt this key and writes the decrypted Base64-encoded key into a new file named Local State-journal in the same directory. For example, if the original file is C:\Users\$username \AppData\Local\Google\Chrome\User Data\Local State, the script creates a new file C:\Users\$username\AppData\Local\Google\Chrome\User Data\Local State-journal, which the attacker can later use to access stored credentials.
PowerShell script that extracts and decrypts the Chrome encrypted_key from the Local State file before writing the result to a Local State-journal file
Once the credential data is ready, the script verifies that both rar.exe and curl.exe are available. If they are not present, it downloads them directly from Google Drive. The script then compresses the collected data into a password-protected archive (the password is “PIXELDRAIN”) and uploads it to pixeldrain.com using the service’s API, authenticated with a hardcoded token. Pixeldrain is a public file-sharing service that attackers abuse for data exfiltration.
Script that compresses data with RAR, and exfiltrates it to Pixeldrain via API
This approach highlights HoneyMyte’s shift toward using public file-sharing services to covertly exfiltrate sensitive data, especially browser login credentials.
Conclusion
Recent findings indicate that HoneyMyte continues to operate actively in the wild, deploying an updated toolset that includes the CoolClient backdoor, a browser login data stealer, and various document theft scripts.
With capabilities such as keylogging, clipboard monitoring, proxy credential theft, document exfiltration, browser credential harvesting, and large-scale file theft, HoneyMyte’s campaigns appear to go far beyond traditional espionage goals like document theft and persistence. These tools indicate a shift toward the active surveillance of user activity that includes capturing keystrokes, collecting clipboard data, and harvesting proxy credential.
Organizations should remain highly vigilant against the deployment of HoneyMyte’s toolset, including the CoolClient backdoor, as well as related malware families such as PlugX, ToneShell, Qreverse, and LuminousMoth. These operations are part of a sophisticated threat actor strategy designed to maintain persistent access to compromised systems while conducting high-value surveillance activities.
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Executive Summary Check Point Research identified active, large-scale exploitation of CVE-2025-37164, a critical remote code execution vulnerability affecting HPE OneView. The exploitation campaign is attributed to the RondoDox botnet and escalated rapidly to tens of thousands of automated attack attempts. Check Point blocked tens of thousands of exploitation attempts through its security infrastructure, highlighting both the severity of the risk and the importance of layered defenses. Check Point reported the active exploitation to CISA on January 7, 2026, and the vulnerability was added to the Known Exploited Vulnerabilities KEV catalog the same day. Organizations running HPE OneView should patch immediately […]
In December 2025, organizations experienced an average of 2,027 cyber attacks per organization per week. This represents a 1% month-over-month increase and a 9% year-over-year increase. While overall growth remained moderate, Latin America recorded the sharpest regional increase, with organizations experiencing an average of 3,065 attacks per week, a 26% increase year over year. The data points to sharper regional and sector-level spikes in activity, driven primarily by ransomware operations and expanding exposure linked to enterprise adoption of generative AI (GenAI). Latin America experienced the sharpest rise in cyber attacks globally, with organizations in the region facing an average of […]
Key Points: VoidLink is a cloud-native Linux malware framework built to maintain long-term, stealthy access to cloud infrastructure rather than targeting individual endpoints. It reflects a shift in attacker focus away from Windows systems toward the Linux environments that power cloud services and critical operations. Its modular, plug-in-driven design allows threat actors to customize capabilities over time, expanding attacks quietly as objectives evolve. Adaptive stealth enables it to operate differently depending on defenses, prioritizing evasion in monitored environments and speed where visibility is limited. Check Point Research has identified a new and highly advanced malware framework, VoidLink, designed specifically to […]
Executive Summary The OPCOPRO “Truman Show” operation is a fully synthetic, AI‑powered investment scam that uses legitimate Android and iOS apps from the official mobile app stores, and AI‑generated communities to steal money and identity data from victims. Instead of relying on malicious code, the attackers use social engineering. The attackers pull victims using phishing SMS/ads/Telegram into tightly-controlled WhatsApp and Telegram groups, where AI‑generated “experts” and synthetic peers simulate an institutional‑grade trading community for weeks before any money or personal details are requested. The mobile apps themselves contain no trading logic and act only as WebView shells connected to attacker‑controlled […]
In mid-2025, we identified a malicious driver file on computer systems in Asia. The driver file is signed with an old, stolen, or leaked digital certificate and registers as a mini-filter driver on infected machines. Its end-goal is to inject a backdoor Trojan into the system processes and provide protection for malicious files, user-mode processes, and registry keys.
Our analysis indicates that the final payload injected by the driver is a new sample of the ToneShell backdoor, which connects to the attacker’s servers and provides a reverse shell, along with other capabilities. The ToneShell backdoor is a tool known to be used exclusively by the HoneyMyte (aka Mustang Panda or Bronze President) APT actor and is often used in cyberespionage campaigns targeting government organizations, particularly in Southeast and East Asia.
The command-and-control servers for the ToneShell backdoor used in this campaign were registered in September 2024 via NameCheap services, and we suspect the attacks themselves to have begun in February 2025. We’ve observed through our telemetry that the new ToneShell backdoor is frequently employed in cyberespionage campaigns against government organizations in Southeast and East Asia, with Myanmar and Thailand being the most heavily targeted.
Notably, nearly all affected victims had previously been infected with other HoneyMyte tools, including the ToneDisk USB worm, PlugX, and older variants of ToneShell. Although the initial access vector remains unclear, it’s suspected that the threat actor leveraged previously compromised machines to deploy the malicious driver.
Compromised digital certificate
The driver file is signed with a digital certificate from Guangzhou Kingteller Technology Co., Ltd., with a serial number of 08 01 CC 11 EB 4D 1D 33 1E 3D 54 0C 55 A4 9F 7F. The certificate was valid from August 2012 until 2015.
We found multiple other malicious files signed with the same certificate which didn’t show any connections to the attacks described in this article. Therefore, we believe that other threat actors have been using it to sign their malicious tools as well. The following image shows the details of the certificate.
Technical details of the malicious driver
The filename used for the driver on the victim’s machine is ProjectConfiguration.sys. The registry key created for the driver’s service uses the same name, ProjectConfiguration.
The malicious driver contains two user-mode shellcodes, which are embedded into the .data section of the driver’s binary file. The shellcodes are executed as separate user-mode threads. The rootkit functionality protects both the driver’s own module and the user-mode processes into which the backdoor code is injected, preventing access by any process on the system.
API resolution
To obfuscate the actual behavior of the driver module, the attackers used dynamic resolution of the required API addresses from hash values.
The malicious driver first retrieves the base address of the ntoskrnl.exe and fltmgr.sys by calling ZwQuerySystemInformation with the SystemInformationClass set to SYSTEM_MODULE_INFORMATION. It then iterates through this system information and searches for the desired DLLs by name, noting the ImageBaseAddress of each.
Once the base addresses of the libraries are obtained, the driver uses a simple hashing algorithm to dynamically resolve the required API addresses from ntoskrnl.exe and fltmgr.sys.
The hashing algorithm is shown below. The two variants of the seed value provided in the comment are used in the shellcodes and the final payload of the attack.
Protection of the driver file
The malicious driver registers itself with the Filter Manager using FltRegisterFilter and sets up a pre-operation callback. This callback inspects I/O requests for IRP_MJ_SET_INFORMATION and triggers a malicious handler when certain FileInformationClass values are detected. The handler then checks whether the targeted file object is associated with the driver; if it is, it forces the operation to fail by setting IOStatus to STATUS_ACCESS_DENIED. The relevant FileInformationClass values include:
FileRenameInformation
FileDispositionInformation
FileRenameInformationBypassAccessCheck
FileDispositionInformationEx
FileRenameInformationEx
FileRenameInformationExBypassAccessCheck
These classes correspond to file-delete and file-rename operations. By monitoring them, the driver prevents itself from being removed or renamed – actions that security tools might attempt when trying to quarantine it.
Protection of registry keys
The driver also builds a global list of registry paths and parameter names that it intends to protect. This list contains the following entries:
ProjectConfiguration
ProjectConfiguration\Instances
ProjectConfiguration Instance
To guard these keys, the malware sets up a RegistryCallback routine, registering it through CmRegisterCallbackEx. To do so, it must assign itself an altitude value. Microsoft governs altitude assignments for mini-filters, grouping them into Load Order categories with predefined altitude ranges. A filter driver with a low numerical altitude is loaded into the I/O stack below filters with higher altitudes. The malware uses a hardcoded starting point of 330024 and creates altitude strings in the format 330024.%l, where %l ranges from 0 to 10,000.
The malware then begins attempting to register the callback using the first generated altitude. If the registration fails with STATUS_FLT_INSTANCE_ALTITUDE_COLLISION, meaning the altitude is already taken, it increments the value and retries. It repeats this process until it successfully finds an unused altitude.
The callback monitors four specific registry operations. Whenever one of these operations targets a key from its protected list, it responds with 0xC0000022 (STATUS_ACCESS_DENIED), blocking the action. The monitored operations are:
RegNtPreCreateKey
RegNtPreOpenKey
RegNtPreCreateKeyEx
RegNtPreOpenKeyEx
Microsoft designates the 320000–329999 altitude range for the FSFilter Anti-Virus Load Order Group. The malware’s chosen altitude exceeds this range. Since filters with lower altitudes sit deeper in the I/O stack, the malicious driver intercepts file operations before legitimate low-altitude filters like antivirus components, allowing it to circumvent security checks.
Finally, the malware tampers with the altitude assigned to WdFilter, a key Microsoft Defender driver. It locates the registry entry containing the driver’s altitude and changes it to 0, effectively preventing WdFilter from being loaded into the I/O stack.
Protection of user-mode processes
The malware sets up a list intended to hold protected process IDs (PIDs). It begins with 32 empty slots, which are filled as needed during execution. A status flag is also initialized and set to 1 to indicate that the list starts out empty.
Next, the malware uses ObRegisterCallbacks to register two callbacks that intercept process-related operations. These callbacks apply to both OB_OPERATION_HANDLE_CREATE and OB_OPERATION_HANDLE_DUPLICATE, and both use a malicious pre-operation routine.
This routine checks whether the process involved in the operation has a PID that appears in the protected list. If so, it sets the DesiredAccess field in the OperationInformation structure to 0, effectively denying any access to the process.
The malware also registers a callback routine by calling PsSetCreateProcessNotifyRoutine. These callbacks are triggered during every process creation and deletion on the system. This malware’s callback routine checks whether the parent process ID (PPID) of a process being deleted exists in the protected list; if it does, the malware removes that PPID from the list. This eventually removes the rootkit protection from a process with an injected backdoor, once the backdoor has fulfilled its responsibilities.
Payload injection
The driver delivers two user-mode payloads.
The first payload spawns an svchost process and injects a small delay-inducing shellcode. The PID of this new svchost instance is written to a file for later use.
The second payload is the final component – the ToneShell backdoor – and is later injected into that same svchost process.
Injection workflow:
The malicious driver searches for a high-privilege target process by iterating through PIDs and checking whether each process exists and runs under SeLocalSystemSid. Once it finds one, it customizes the first payload using random event names, file names, and padding bytes, then creates a named event and injects the payload by attaching its current thread to the process, allocating memory, and launching a new thread.
After injection, it waits for the payload to signal the event, reads the PID of the newly created svchost process from the generated file, and adds it to its protected process list. It then similarly customizes the second payload (ToneShell) using random event name and random padding bytes, then creates a named event and injects the payload by attaching to the process, allocating memory, and launching a new thread.
Once the ToneShell backdoor finishes execution, it signals the event. The malware then removes the svchost PID from the protected list, waits 10 seconds, and attempts to terminate the process.
ToneShell backdoor
The final stage of the attack deploys ToneShell, a backdoor previously linked to operations by the HoneyMyte APT group and discussed in earlier reporting (see Malpedia and MITRE). Notably, this is the first time we’ve seen ToneShell delivered through a kernel-mode loader, giving it protection from user-mode monitoring and benefiting from the rootkit capabilities of the driver that hides its activity from security tools.
Earlier ToneShell variants generated a 16-byte GUID using CoCreateGuid and stored it as a host identifier. In contrast, this version checks for a file named C:\ProgramData\MicrosoftOneDrive.tlb, validating a 4-byte marker inside it. If the file is absent or the marker is invalid, the backdoor derives a new pseudo-random 4-byte identifier using system-specific values (computer name, tick count, and PRNG), then creates the file and writes the marker. This becomes the unique ID for the infected host.
The samples we have analyzed contact two command-and-control servers:
avocadomechanism[.]com
potherbreference[.]com
ToneShell communicates with its C2 over raw TCP on port 443 while disguising traffic using fake TLS headers. This version imitates the first bytes of a TLS 1.3 record (0x17 0x03 0x04) instead of the TLS 1.2 pattern used previously. After this three-byte marker, each packet contains a size field and an encrypted payload.
Packet layout:
Header (3 bytes): Fake TLS marker
Size (2 bytes): Payload length
Payload: Encrypted with a rolling XOR key
The backdoor supports a set of remote operations, including file upload/download, remote shell functionality, and session control. The command set includes:
Command ID
Description
0x1
Create temporary file for incoming data
0x2 / 0x3
Download file
0x4
Cancel download
0x7
Establish remote shell via pipe
0x8
Receive operator command
0x9
Terminate shell
0xA / 0xB
Upload file
0xC
Cancel upload
0xD
Close connection
Conclusion
We assess with high confidence that the activity described in this report is linked to the HoneyMyte threat actor. This conclusion is supported by the use of the ToneShell backdoor as the final-stage payload, as well as the presence of additional tools long associated with HoneyMyte – such as PlugX, and the ToneDisk USB worm – on the impacted systems.
HoneyMyte’s 2025 operations show a noticeable evolution toward using kernel-mode injectors to deploy ToneShell, improving both stealth and resilience. In this campaign, we observed a new ToneShell variant delivered through a kernel-mode driver that carries and injects the backdoor directly from its embedded payload. To further conceal its activity, the driver first deploys a small user-mode component that handles the final injection step. It also uses multiple obfuscation techniques, callback routines, and notification mechanisms to hide its API usage and track process and registry activity, ultimately strengthening the backdoor’s defenses.
Because the shellcode executes entirely in memory, memory forensics becomes essential for uncovering and analyzing this intrusion. Detecting the injected shellcode is a key indicator of ToneShell’s presence on compromised hosts.
Recommendations
To protect themselves against this threat, organizations should:
Implement robust network security measures, such as firewalls and intrusion detection systems.
In mid-2025, we identified a malicious driver file on computer systems in Asia. The driver file is signed with an old, stolen, or leaked digital certificate and registers as a mini-filter driver on infected machines. Its end-goal is to inject a backdoor Trojan into the system processes and provide protection for malicious files, user-mode processes, and registry keys.
Our analysis indicates that the final payload injected by the driver is a new sample of the ToneShell backdoor, which connects to the attacker’s servers and provides a reverse shell, along with other capabilities. The ToneShell backdoor is a tool known to be used exclusively by the HoneyMyte (aka Mustang Panda or Bronze President) APT actor and is often used in cyberespionage campaigns targeting government organizations, particularly in Southeast and East Asia.
The command-and-control servers for the ToneShell backdoor used in this campaign were registered in September 2024 via NameCheap services, and we suspect the attacks themselves to have begun in February 2025. We’ve observed through our telemetry that the new ToneShell backdoor is frequently employed in cyberespionage campaigns against government organizations in Southeast and East Asia, with Myanmar and Thailand being the most heavily targeted.
Notably, nearly all affected victims had previously been infected with other HoneyMyte tools, including the ToneDisk USB worm, PlugX, and older variants of ToneShell. Although the initial access vector remains unclear, it’s suspected that the threat actor leveraged previously compromised machines to deploy the malicious driver.
Compromised digital certificate
The driver file is signed with a digital certificate from Guangzhou Kingteller Technology Co., Ltd., with a serial number of 08 01 CC 11 EB 4D 1D 33 1E 3D 54 0C 55 A4 9F 7F. The certificate was valid from August 2012 until 2015.
We found multiple other malicious files signed with the same certificate which didn’t show any connections to the attacks described in this article. Therefore, we believe that other threat actors have been using it to sign their malicious tools as well. The following image shows the details of the certificate.
Technical details of the malicious driver
The filename used for the driver on the victim’s machine is ProjectConfiguration.sys. The registry key created for the driver’s service uses the same name, ProjectConfiguration.
The malicious driver contains two user-mode shellcodes, which are embedded into the .data section of the driver’s binary file. The shellcodes are executed as separate user-mode threads. The rootkit functionality protects both the driver’s own module and the user-mode processes into which the backdoor code is injected, preventing access by any process on the system.
API resolution
To obfuscate the actual behavior of the driver module, the attackers used dynamic resolution of the required API addresses from hash values.
The malicious driver first retrieves the base address of the ntoskrnl.exe and fltmgr.sys by calling ZwQuerySystemInformation with the SystemInformationClass set to SYSTEM_MODULE_INFORMATION. It then iterates through this system information and searches for the desired DLLs by name, noting the ImageBaseAddress of each.
Once the base addresses of the libraries are obtained, the driver uses a simple hashing algorithm to dynamically resolve the required API addresses from ntoskrnl.exe and fltmgr.sys.
The hashing algorithm is shown below. The two variants of the seed value provided in the comment are used in the shellcodes and the final payload of the attack.
Protection of the driver file
The malicious driver registers itself with the Filter Manager using FltRegisterFilter and sets up a pre-operation callback. This callback inspects I/O requests for IRP_MJ_SET_INFORMATION and triggers a malicious handler when certain FileInformationClass values are detected. The handler then checks whether the targeted file object is associated with the driver; if it is, it forces the operation to fail by setting IOStatus to STATUS_ACCESS_DENIED. The relevant FileInformationClass values include:
FileRenameInformation
FileDispositionInformation
FileRenameInformationBypassAccessCheck
FileDispositionInformationEx
FileRenameInformationEx
FileRenameInformationExBypassAccessCheck
These classes correspond to file-delete and file-rename operations. By monitoring them, the driver prevents itself from being removed or renamed – actions that security tools might attempt when trying to quarantine it.
Protection of registry keys
The driver also builds a global list of registry paths and parameter names that it intends to protect. This list contains the following entries:
ProjectConfiguration
ProjectConfiguration\Instances
ProjectConfiguration Instance
To guard these keys, the malware sets up a RegistryCallback routine, registering it through CmRegisterCallbackEx. To do so, it must assign itself an altitude value. Microsoft governs altitude assignments for mini-filters, grouping them into Load Order categories with predefined altitude ranges. A filter driver with a low numerical altitude is loaded into the I/O stack below filters with higher altitudes. The malware uses a hardcoded starting point of 330024 and creates altitude strings in the format 330024.%l, where %l ranges from 0 to 10,000.
The malware then begins attempting to register the callback using the first generated altitude. If the registration fails with STATUS_FLT_INSTANCE_ALTITUDE_COLLISION, meaning the altitude is already taken, it increments the value and retries. It repeats this process until it successfully finds an unused altitude.
The callback monitors four specific registry operations. Whenever one of these operations targets a key from its protected list, it responds with 0xC0000022 (STATUS_ACCESS_DENIED), blocking the action. The monitored operations are:
RegNtPreCreateKey
RegNtPreOpenKey
RegNtPreCreateKeyEx
RegNtPreOpenKeyEx
Microsoft designates the 320000–329999 altitude range for the FSFilter Anti-Virus Load Order Group. The malware’s chosen altitude exceeds this range. Since filters with lower altitudes sit deeper in the I/O stack, the malicious driver intercepts file operations before legitimate low-altitude filters like antivirus components, allowing it to circumvent security checks.
Finally, the malware tampers with the altitude assigned to WdFilter, a key Microsoft Defender driver. It locates the registry entry containing the driver’s altitude and changes it to 0, effectively preventing WdFilter from being loaded into the I/O stack.
Protection of user-mode processes
The malware sets up a list intended to hold protected process IDs (PIDs). It begins with 32 empty slots, which are filled as needed during execution. A status flag is also initialized and set to 1 to indicate that the list starts out empty.
Next, the malware uses ObRegisterCallbacks to register two callbacks that intercept process-related operations. These callbacks apply to both OB_OPERATION_HANDLE_CREATE and OB_OPERATION_HANDLE_DUPLICATE, and both use a malicious pre-operation routine.
This routine checks whether the process involved in the operation has a PID that appears in the protected list. If so, it sets the DesiredAccess field in the OperationInformation structure to 0, effectively denying any access to the process.
The malware also registers a callback routine by calling PsSetCreateProcessNotifyRoutine. These callbacks are triggered during every process creation and deletion on the system. This malware’s callback routine checks whether the parent process ID (PPID) of a process being deleted exists in the protected list; if it does, the malware removes that PPID from the list. This eventually removes the rootkit protection from a process with an injected backdoor, once the backdoor has fulfilled its responsibilities.
Payload injection
The driver delivers two user-mode payloads.
The first payload spawns an svchost process and injects a small delay-inducing shellcode. The PID of this new svchost instance is written to a file for later use.
The second payload is the final component – the ToneShell backdoor – and is later injected into that same svchost process.
Injection workflow:
The malicious driver searches for a high-privilege target process by iterating through PIDs and checking whether each process exists and runs under SeLocalSystemSid. Once it finds one, it customizes the first payload using random event names, file names, and padding bytes, then creates a named event and injects the payload by attaching its current thread to the process, allocating memory, and launching a new thread.
After injection, it waits for the payload to signal the event, reads the PID of the newly created svchost process from the generated file, and adds it to its protected process list. It then similarly customizes the second payload (ToneShell) using random event name and random padding bytes, then creates a named event and injects the payload by attaching to the process, allocating memory, and launching a new thread.
Once the ToneShell backdoor finishes execution, it signals the event. The malware then removes the svchost PID from the protected list, waits 10 seconds, and attempts to terminate the process.
ToneShell backdoor
The final stage of the attack deploys ToneShell, a backdoor previously linked to operations by the HoneyMyte APT group and discussed in earlier reporting (see Malpedia and MITRE). Notably, this is the first time we’ve seen ToneShell delivered through a kernel-mode loader, giving it protection from user-mode monitoring and benefiting from the rootkit capabilities of the driver that hides its activity from security tools.
Earlier ToneShell variants generated a 16-byte GUID using CoCreateGuid and stored it as a host identifier. In contrast, this version checks for a file named C:\ProgramData\MicrosoftOneDrive.tlb, validating a 4-byte marker inside it. If the file is absent or the marker is invalid, the backdoor derives a new pseudo-random 4-byte identifier using system-specific values (computer name, tick count, and PRNG), then creates the file and writes the marker. This becomes the unique ID for the infected host.
The samples we have analyzed contact two command-and-control servers:
avocadomechanism[.]com
potherbreference[.]com
ToneShell communicates with its C2 over raw TCP on port 443 while disguising traffic using fake TLS headers. This version imitates the first bytes of a TLS 1.3 record (0x17 0x03 0x04) instead of the TLS 1.2 pattern used previously. After this three-byte marker, each packet contains a size field and an encrypted payload.
Packet layout:
Header (3 bytes): Fake TLS marker
Size (2 bytes): Payload length
Payload: Encrypted with a rolling XOR key
The backdoor supports a set of remote operations, including file upload/download, remote shell functionality, and session control. The command set includes:
Command ID
Description
0x1
Create temporary file for incoming data
0x2 / 0x3
Download file
0x4
Cancel download
0x7
Establish remote shell via pipe
0x8
Receive operator command
0x9
Terminate shell
0xA / 0xB
Upload file
0xC
Cancel upload
0xD
Close connection
Conclusion
We assess with high confidence that the activity described in this report is linked to the HoneyMyte threat actor. This conclusion is supported by the use of the ToneShell backdoor as the final-stage payload, as well as the presence of additional tools long associated with HoneyMyte – such as PlugX, and the ToneDisk USB worm – on the impacted systems.
HoneyMyte’s 2025 operations show a noticeable evolution toward using kernel-mode injectors to deploy ToneShell, improving both stealth and resilience. In this campaign, we observed a new ToneShell variant delivered through a kernel-mode driver that carries and injects the backdoor directly from its embedded payload. To further conceal its activity, the driver first deploys a small user-mode component that handles the final injection step. It also uses multiple obfuscation techniques, callback routines, and notification mechanisms to hide its API usage and track process and registry activity, ultimately strengthening the backdoor’s defenses.
Because the shellcode executes entirely in memory, memory forensics becomes essential for uncovering and analyzing this intrusion. Detecting the injected shellcode is a key indicator of ToneShell’s presence on compromised hosts.
Recommendations
To protect themselves against this threat, organizations should:
Implement robust network security measures, such as firewalls and intrusion detection systems.
The Evasive Panda APT group (also known as Bronze Highland, Daggerfly, and StormBamboo) has been active since 2012, targeting multiple industries with sophisticated, evolving tactics. Our latest research (June 2025) reveals that the attackers conducted highly-targeted campaigns, which started in November 2022 and ran until November 2024.
The group mainly performed adversary-in-the-middle (AitM) attacks on specific victims. These included techniques such as dropping loaders into specific locations and storing encrypted parts of the malware on attacker-controlled servers, which were resolved as a response to specific website DNS requests. Notably, the attackers have developed a new loader that evades detection when infecting its targets, and even employed hybrid encryption practices to complicate analysis and make implants unique to each victim.
Furthermore, the group has developed an injector that allows them to execute their MgBot implant in memory by injecting it into legitimate processes. It resides in the memory space of a decade-old signed executable by using DLL sideloading and enables them to maintain a stealthy presence in compromised systems for extended periods.
The threat actor commonly uses lures that are disguised as new updates to known third-party applications or popular system applications trusted by hundreds of users over the years.
In this campaign, the attackers used an executable disguised as an update package for SohuVA, which is a streaming app developed by Sohu Inc., a Chinese internet company. The malicious package, named sohuva_update_10.2.29.1-lup-s-tp.exe, clearly impersonates a real SohuVA update to deliver malware from the following resource, as indicated by our telemetry:
There is a possibility that the attackers used a DNS poisoning attack to alter the DNS response of p2p.hd.sohu.com[.]cn to an attacker-controlled server’s IP address, while the genuine update module of the SohuVA application tries to update its binaries located in appdata\roaming\shapp\7.0.18.0\package. Although we were unable to verify this at the time of analysis, we can make an educated guess, given that it is still unknown what triggered the update mechanism.
Furthermore, our analysis of the infection process has identified several additional campaigns pursued by the same group. For example, they utilized a fake updater for the iQIYI Video application, a popular platform for streaming Asian media content similar to SohuVA. This fake updater was dropped into the application’s installation folder and executed by the legitimate service qiyiservice.exe. Upon execution, the fake updater initiated malicious activity on the victim’s system, and we have identified that the same method is used for IObit Smart Defrag and Tencent QQ applications.
The initial loader was developed in C++ using the Windows Template Library (WTL). Its code bears a strong resemblance to Wizard97Test, a WTL sample application hosted on Microsoft’s GitHub. The attackers appear to have embedded malicious code within this project to effectively conceal their malicious intentions.
The loader first decrypts the encrypted configuration buffer by employing an XOR-based decryption algorithm:
for ( index = 0; index < v6; index = (index + 1) )
{
if ( index >= 5156 )
break;
mw_configindex ^= (&mw_deflated_config + (index & 3));
}
After decryption, it decompresses the LZMA-compressed buffer into the allocated buffer, and all of the configuration is exposed, including several components:
The malware also checks the name of the logged-in user in the system and performs actions accordingly. If the username is SYSTEM, the malware copies itself with a different name by appending the ext.exe suffix inside the current working directory. Then it uses the ShellExecuteW API to execute the newly created version. Notably, all relevant strings in the malware, such as SYSTEM and ext.exe, are encrypted, and the loader decrypts them with a specific XOR algorithm.
Decryption routine of encrypted strings
If the username is not SYSTEM, the malware first copies explorer.exe into %TEMP%, naming the instance as tmpX.tmp (where X is an incremented decimal number), and then deletes the original file. The purpose of this activity is unclear, but it consumes high system resources. Next, the loader decrypts the kernel32.dll and VirtualProtect strings to retrieve their base addresses by calling the GetProcAddress API. Afterwards, it uses a single-byte XOR key to decrypt the shellcode, which is 9556 bytes long, and stores it at the same address in the .data section. Since the .data section does not have execute permission, the malware uses the VirtualProtect API to set the permission for the section. This allows for the decrypted shellcode to be executed without alerting security products by allocating new memory blocks. Before executing the shellcode, the malware prepares a 16-byte-long parameter structure that contains several items, with the most important one being the address of the encrypted MgBot configuration buffer.
Multi-stage shellcode execution
As mentioned above, the loader follows a unique delivery scheme, which includes at least two stages of payload. The shellcode employs a hashing algorithm known as PJW to resolve Windows APIs at runtime in a stealthy manner.
The shellcode first searches for a specific DAT file in the malware’s primary installation directory. If it is found, the shellcode decrypts it using the CryptUnprotectData API, a Windows API that decrypts protected data into allocated heap memory, and ensures that the data can only be decrypted on the particular machine by design. After decryption, the shellcode deletes the file to avoid leaving any traces of the valuable part of the attack chain.
If, however, the DAT file is not present, the shellcode initiates the next-stage shellcode installation process. It involves retrieving encrypted data from a web source that is actually an attacker-controlled server, by employing a DNS poisoning attack. Our telemetry shows that the attackers successfully obtained the encrypted second-stage shellcode, disguised as a PNG file, from the legitimate website dictionary[.]com. However, upon further investigation, it was discovered that the IP address associated with dictionary[.]com had been manipulated through a DNS poisoning technique. As a result, victims’ systems were resolving the website to different attacker-controlled IP addresses depending on the victims’ geographical location and internet service provider.
To retrieve the second-stage shellcode, the first-stage shellcode uses the RtlGetVersion API to obtain the current Windows version number and then appends a predefined string to the HTTP header:
sec-ch-ua-platform: windows %d.%d.%d.%d.%d.%d
This implies that the attackers needed to be able to examine request headers and respond accordingly. We suspect that the attackers’ collection of the Windows version number and its inclusion in the request headers served a specific purpose, likely allowing them to target specific operating system versions and even tailor their payload to different operating systems. Given that the Evasive Panda threat actor has been known to use distinct implants for Windows (MgBot) and macOS (Macma) in previous campaigns, it is likely that the malware uses the retrieved OS version string to determine which implant to deploy. This enables the threat actor to adapt their attack to the victim’s specific operating system by assessing results on the server side.
Downloading a payload from the web resource
From this point on, the first-stage shellcode proceeds to decrypt the retrieved payload with a XOR decryption algorithm:
key = *(mw_decryptedDataFromDatFile + 92);
index = 0;
if ( sz_shellcode )
{
mw_decryptedDataFromDatFile_1 = Heap;
do
{
*(index + mw_decryptedDataFromDatFile_1) ^= *(&key + (index & 3));
++index;
}
while ( index < sz_shellcode );
}
The shellcode uses a 4-byte XOR key, consistent with the one used in previous stages, to decrypt the new shellcode stored in the DAT file. It then creates a structure for the decrypted second-stage shellcode, similar to the first stage, including a partially decrypted configuration buffer and other relevant details.
Next, the shellcode resolves the VirtualProtect API to change the protection flag of the new shellcode buffer, allowing it to be executed with PAGE_EXECUTE_READWRITE permissions. The second-stage shellcode is then executed, with the structure passed as an argument. After the shellcode has finished running, its return value is checked to see if it matches 0x9980. Depending on the outcome, the shellcode will either terminate its own process or return control to the caller.
Although we were unable to retrieve the second-stage payload from the attackers’ web server during our analysis, we were able to capture and examine the next stage of the malware, which was to be executed afterwards. Our analysis suggests that the attackers may have used the CryptProtectData API during the execution of the second shellcode to encrypt the entire shellcode and store it as a DAT file in the malware’s main installation directory. This implies that the malware writes an encrypted DAT file to disk using the CryptProtectData API, which can then be decrypted and executed by the first-stage shellcode. Furthermore, it appears that the attacker attempted to generate a unique encrypted second shellcode file for each victim, which we believe is another technique used to evade detection and defense mechanisms in the attack chain.
Secondary loader
We identified a secondary loader, named libpython2.4.dll, which was disguised as a legitimate Windows library and used by the Evasive Panda group to achieve a stealthier loading mechanism. Notably, this malicious DLL loader relies on a legitimate, signed executable named evteng.exe (MD5: 1c36452c2dad8da95d460bee3bea365e), which is an older version of python.exe. This executable is a Python wrapper that normally imports the libpython2.4.dll library and calls the Py_Main function.
The secondary loader retrieves the full path of the current module (libpython2.4.dll) and writes it to a file named status.dat, located in C:\ProgramData\Microsoft\eHome, but only if a file with the same name does not already exist in that directory. We believe with a low-to-medium level of confidence that this action is intended to allow the attacker to potentially update the secondary loader in the future. This suggests that the attacker may be planning for future modifications or upgrades to the malware.
The malware proceeds to decrypt the next stage by reading the entire contents of C:\ProgramData\Microsoft\eHome\perf.dat. This file contains the previously downloaded and XOR-decrypted data from the attacker-controlled server, which was obtained through the DNS poisoning technique as described above. Notably, the implant downloads the payload several times and moves it between folders by renaming it. It appears that the attacker used a complex process to obtain this stage from a resource, where it was initially XOR-encrypted. The attacker then decrypted this stage with XOR and subsequently encrypted and saved it to perf.dat using a custom hybrid of Microsoft’s Data Protection Application Programming Interface (DPAPI) and the RC5 algorithm.
General overview of storing payload on disk by using hybrid encryption
This custom encryption algorithm works as follows. The RC5 encryption key is itself encrypted using Microsoft’s DPAPI and stored in the first 16 bytes of perf.dat. The RC5-encrypted payload is then appended to the file, following the encrypted key. To decrypt the payload, the process is reversed: the encrypted RC5 key is first decrypted with DPAPI, and then used to decrypt the remaining contents of perf.dat, which contains the next-stage payload.
The attacker uses this approach to ensure that a crucial part of the attack chain is secured, and the encrypted data can only be decrypted on the specific system where the encryption was initially performed. This is because the DPAPI functions used to secure the RC5 key tie the decryption process to the individual system, making it difficult for the encrypted data to be accessed or decrypted elsewhere. This makes it more challenging for defenders to intercept and analyze the malicious payload.
After completing the decryption process, the secondary loader initiates the runtime injection method, which likely involves the use of a custom runtime DLL injector for the decrypted data. The injector first calls the DLL entry point and then searches for a specific export function named preload. Although we were unable to determine which encrypted module was decrypted and executed in memory due to a lack of available data on the attacker-controlled server, our telemetry reveals that an MgBot variant is injected into the legitimate svchost.exe process after the secondary loader is executed. Fortunately, this allowed us to analyze these implants further and gain additional insights into the attack, as well as reveal that the encrypted initial configuration was passed through the infection chain, ultimately leading to the execution of MgBot. The configuration file was decrypted with a single-byte XOR key, 0x58, and this would lead to the full exposure of the configuration.
Our analysis suggests that the configuration includes a campaign name, hardcoded C2 server IP addresses, and unknown bytes that may serve as encryption or decryption keys, although our confidence in this assessment is limited. Interestingly, some of the C2 server addresses have been in use for multiple years, indicating a potential long-term operation.
Decryption of the configuration in the injected MgBot implant
Victims
Our telemetry has detected victims in Türkiye, China, and India, with some systems remaining compromised for over a year. The attackers have shown remarkable persistence, sustaining the campaign for two years (from November 2022 to November 2024) according to our telemetry, which indicates a substantial investment of resources and dedication to the operation.
Attribution
The techniques, tactics, and procedures (TTPs) employed in this compromise indicate with high confidence that the Evasive Panda threat actor is responsible for the attack. Despite the development of a new loader, which has been added to their arsenal, the decade-old MgBot implant was still identified in the final stage of the attack with new elements in its configuration. Consistent with previous research conducted by several vendors in the industry, the Evasive Panda threat actor is known to commonly utilize various techniques, such as supply-chain compromise, Adversary-in-the-Middle attacks, and watering-hole attacks, which enable them to distribute their payloads without raising suspicion.
Conclusion
The Evasive Panda threat actor has once again showcased its advanced capabilities, evading security measures with new techniques and tools while maintaining long-term persistence in targeted systems. Our investigation suggests that the attackers are continually improving their tactics, and it is likely that other ongoing campaigns exist. The introduction of new loaders may precede further updates to their arsenal.
As for the AitM attack, we do not have any reliable sources on how the threat actor delivers the initial loader, and the process of poisoning DNS responses for legitimate websites, such as dictionary[.]com, is still unknown. However, we are considering two possible scenarios based on prior research and the characteristics of the threat actor: either the ISPs used by the victims were selectively targeted, and some kind of network implant was installed on edge devices, or one of the network devices of the victims — most likely a router or firewall appliance — was targeted for this purpose. However, it is difficult to make a precise statement, as this campaign requires further attention in terms of forensic investigation, both on the ISPs and the victims.
The configuration file’s numerous C2 server IP addresses indicate a deliberate effort to maintain control over infected systems running the MgBot implant. By using multiple C2 servers, the attacker aims to ensure prolonged persistence and prevents loss of control over compromised systems, suggesting a strategic approach to sustaining their operations.
The Evasive Panda APT group (also known as Bronze Highland, Daggerfly, and StormBamboo) has been active since 2012, targeting multiple industries with sophisticated, evolving tactics. Our latest research (June 2025) reveals that the attackers conducted highly-targeted campaigns, which started in November 2022 and ran until November 2024.
The group mainly performed adversary-in-the-middle (AitM) attacks on specific victims. These included techniques such as dropping loaders into specific locations and storing encrypted parts of the malware on attacker-controlled servers, which were resolved as a response to specific website DNS requests. Notably, the attackers have developed a new loader that evades detection when infecting its targets, and even employed hybrid encryption practices to complicate analysis and make implants unique to each victim.
Furthermore, the group has developed an injector that allows them to execute their MgBot implant in memory by injecting it into legitimate processes. It resides in the memory space of a decade-old signed executable by using DLL sideloading and enables them to maintain a stealthy presence in compromised systems for extended periods.
The threat actor commonly uses lures that are disguised as new updates to known third-party applications or popular system applications trusted by hundreds of users over the years.
In this campaign, the attackers used an executable disguised as an update package for SohuVA, which is a streaming app developed by Sohu Inc., a Chinese internet company. The malicious package, named sohuva_update_10.2.29.1-lup-s-tp.exe, clearly impersonates a real SohuVA update to deliver malware from the following resource, as indicated by our telemetry:
There is a possibility that the attackers used a DNS poisoning attack to alter the DNS response of p2p.hd.sohu.com[.]cn to an attacker-controlled server’s IP address, while the genuine update module of the SohuVA application tries to update its binaries located in appdata\roaming\shapp\7.0.18.0\package. Although we were unable to verify this at the time of analysis, we can make an educated guess, given that it is still unknown what triggered the update mechanism.
Furthermore, our analysis of the infection process has identified several additional campaigns pursued by the same group. For example, they utilized a fake updater for the iQIYI Video application, a popular platform for streaming Asian media content similar to SohuVA. This fake updater was dropped into the application’s installation folder and executed by the legitimate service qiyiservice.exe. Upon execution, the fake updater initiated malicious activity on the victim’s system, and we have identified that the same method is used for IObit Smart Defrag and Tencent QQ applications.
The initial loader was developed in C++ using the Windows Template Library (WTL). Its code bears a strong resemblance to Wizard97Test, a WTL sample application hosted on Microsoft’s GitHub. The attackers appear to have embedded malicious code within this project to effectively conceal their malicious intentions.
The loader first decrypts the encrypted configuration buffer by employing an XOR-based decryption algorithm:
for ( index = 0; index < v6; index = (index + 1) )
{
if ( index >= 5156 )
break;
mw_configindex ^= (&mw_deflated_config + (index & 3));
}
After decryption, it decompresses the LZMA-compressed buffer into the allocated buffer, and all of the configuration is exposed, including several components:
The malware also checks the name of the logged-in user in the system and performs actions accordingly. If the username is SYSTEM, the malware copies itself with a different name by appending the ext.exe suffix inside the current working directory. Then it uses the ShellExecuteW API to execute the newly created version. Notably, all relevant strings in the malware, such as SYSTEM and ext.exe, are encrypted, and the loader decrypts them with a specific XOR algorithm.
Decryption routine of encrypted strings
If the username is not SYSTEM, the malware first copies explorer.exe into %TEMP%, naming the instance as tmpX.tmp (where X is an incremented decimal number), and then deletes the original file. The purpose of this activity is unclear, but it consumes high system resources. Next, the loader decrypts the kernel32.dll and VirtualProtect strings to retrieve their base addresses by calling the GetProcAddress API. Afterwards, it uses a single-byte XOR key to decrypt the shellcode, which is 9556 bytes long, and stores it at the same address in the .data section. Since the .data section does not have execute permission, the malware uses the VirtualProtect API to set the permission for the section. This allows for the decrypted shellcode to be executed without alerting security products by allocating new memory blocks. Before executing the shellcode, the malware prepares a 16-byte-long parameter structure that contains several items, with the most important one being the address of the encrypted MgBot configuration buffer.
Multi-stage shellcode execution
As mentioned above, the loader follows a unique delivery scheme, which includes at least two stages of payload. The shellcode employs a hashing algorithm known as PJW to resolve Windows APIs at runtime in a stealthy manner.
The shellcode first searches for a specific DAT file in the malware’s primary installation directory. If it is found, the shellcode decrypts it using the CryptUnprotectData API, a Windows API that decrypts protected data into allocated heap memory, and ensures that the data can only be decrypted on the particular machine by design. After decryption, the shellcode deletes the file to avoid leaving any traces of the valuable part of the attack chain.
If, however, the DAT file is not present, the shellcode initiates the next-stage shellcode installation process. It involves retrieving encrypted data from a web source that is actually an attacker-controlled server, by employing a DNS poisoning attack. Our telemetry shows that the attackers successfully obtained the encrypted second-stage shellcode, disguised as a PNG file, from the legitimate website dictionary[.]com. However, upon further investigation, it was discovered that the IP address associated with dictionary[.]com had been manipulated through a DNS poisoning technique. As a result, victims’ systems were resolving the website to different attacker-controlled IP addresses depending on the victims’ geographical location and internet service provider.
To retrieve the second-stage shellcode, the first-stage shellcode uses the RtlGetVersion API to obtain the current Windows version number and then appends a predefined string to the HTTP header:
sec-ch-ua-platform: windows %d.%d.%d.%d.%d.%d
This implies that the attackers needed to be able to examine request headers and respond accordingly. We suspect that the attackers’ collection of the Windows version number and its inclusion in the request headers served a specific purpose, likely allowing them to target specific operating system versions and even tailor their payload to different operating systems. Given that the Evasive Panda threat actor has been known to use distinct implants for Windows (MgBot) and macOS (Macma) in previous campaigns, it is likely that the malware uses the retrieved OS version string to determine which implant to deploy. This enables the threat actor to adapt their attack to the victim’s specific operating system by assessing results on the server side.
Downloading a payload from the web resource
From this point on, the first-stage shellcode proceeds to decrypt the retrieved payload with a XOR decryption algorithm:
key = *(mw_decryptedDataFromDatFile + 92);
index = 0;
if ( sz_shellcode )
{
mw_decryptedDataFromDatFile_1 = Heap;
do
{
*(index + mw_decryptedDataFromDatFile_1) ^= *(&key + (index & 3));
++index;
}
while ( index < sz_shellcode );
}
The shellcode uses a 4-byte XOR key, consistent with the one used in previous stages, to decrypt the new shellcode stored in the DAT file. It then creates a structure for the decrypted second-stage shellcode, similar to the first stage, including a partially decrypted configuration buffer and other relevant details.
Next, the shellcode resolves the VirtualProtect API to change the protection flag of the new shellcode buffer, allowing it to be executed with PAGE_EXECUTE_READWRITE permissions. The second-stage shellcode is then executed, with the structure passed as an argument. After the shellcode has finished running, its return value is checked to see if it matches 0x9980. Depending on the outcome, the shellcode will either terminate its own process or return control to the caller.
Although we were unable to retrieve the second-stage payload from the attackers’ web server during our analysis, we were able to capture and examine the next stage of the malware, which was to be executed afterwards. Our analysis suggests that the attackers may have used the CryptProtectData API during the execution of the second shellcode to encrypt the entire shellcode and store it as a DAT file in the malware’s main installation directory. This implies that the malware writes an encrypted DAT file to disk using the CryptProtectData API, which can then be decrypted and executed by the first-stage shellcode. Furthermore, it appears that the attacker attempted to generate a unique encrypted second shellcode file for each victim, which we believe is another technique used to evade detection and defense mechanisms in the attack chain.
Secondary loader
We identified a secondary loader, named libpython2.4.dll, which was disguised as a legitimate Windows library and used by the Evasive Panda group to achieve a stealthier loading mechanism. Notably, this malicious DLL loader relies on a legitimate, signed executable named evteng.exe (MD5: 1c36452c2dad8da95d460bee3bea365e), which is an older version of python.exe. This executable is a Python wrapper that normally imports the libpython2.4.dll library and calls the Py_Main function.
The secondary loader retrieves the full path of the current module (libpython2.4.dll) and writes it to a file named status.dat, located in C:\ProgramData\Microsoft\eHome, but only if a file with the same name does not already exist in that directory. We believe with a low-to-medium level of confidence that this action is intended to allow the attacker to potentially update the secondary loader in the future. This suggests that the attacker may be planning for future modifications or upgrades to the malware.
The malware proceeds to decrypt the next stage by reading the entire contents of C:\ProgramData\Microsoft\eHome\perf.dat. This file contains the previously downloaded and XOR-decrypted data from the attacker-controlled server, which was obtained through the DNS poisoning technique as described above. Notably, the implant downloads the payload several times and moves it between folders by renaming it. It appears that the attacker used a complex process to obtain this stage from a resource, where it was initially XOR-encrypted. The attacker then decrypted this stage with XOR and subsequently encrypted and saved it to perf.dat using a custom hybrid of Microsoft’s Data Protection Application Programming Interface (DPAPI) and the RC5 algorithm.
General overview of storing payload on disk by using hybrid encryption
This custom encryption algorithm works as follows. The RC5 encryption key is itself encrypted using Microsoft’s DPAPI and stored in the first 16 bytes of perf.dat. The RC5-encrypted payload is then appended to the file, following the encrypted key. To decrypt the payload, the process is reversed: the encrypted RC5 key is first decrypted with DPAPI, and then used to decrypt the remaining contents of perf.dat, which contains the next-stage payload.
The attacker uses this approach to ensure that a crucial part of the attack chain is secured, and the encrypted data can only be decrypted on the specific system where the encryption was initially performed. This is because the DPAPI functions used to secure the RC5 key tie the decryption process to the individual system, making it difficult for the encrypted data to be accessed or decrypted elsewhere. This makes it more challenging for defenders to intercept and analyze the malicious payload.
After completing the decryption process, the secondary loader initiates the runtime injection method, which likely involves the use of a custom runtime DLL injector for the decrypted data. The injector first calls the DLL entry point and then searches for a specific export function named preload. Although we were unable to determine which encrypted module was decrypted and executed in memory due to a lack of available data on the attacker-controlled server, our telemetry reveals that an MgBot variant is injected into the legitimate svchost.exe process after the secondary loader is executed. Fortunately, this allowed us to analyze these implants further and gain additional insights into the attack, as well as reveal that the encrypted initial configuration was passed through the infection chain, ultimately leading to the execution of MgBot. The configuration file was decrypted with a single-byte XOR key, 0x58, and this would lead to the full exposure of the configuration.
Our analysis suggests that the configuration includes a campaign name, hardcoded C2 server IP addresses, and unknown bytes that may serve as encryption or decryption keys, although our confidence in this assessment is limited. Interestingly, some of the C2 server addresses have been in use for multiple years, indicating a potential long-term operation.
Decryption of the configuration in the injected MgBot implant
Victims
Our telemetry has detected victims in Türkiye, China, and India, with some systems remaining compromised for over a year. The attackers have shown remarkable persistence, sustaining the campaign for two years (from November 2022 to November 2024) according to our telemetry, which indicates a substantial investment of resources and dedication to the operation.
Attribution
The techniques, tactics, and procedures (TTPs) employed in this compromise indicate with high confidence that the Evasive Panda threat actor is responsible for the attack. Despite the development of a new loader, which has been added to their arsenal, the decade-old MgBot implant was still identified in the final stage of the attack with new elements in its configuration. Consistent with previous research conducted by several vendors in the industry, the Evasive Panda threat actor is known to commonly utilize various techniques, such as supply-chain compromise, Adversary-in-the-Middle attacks, and watering-hole attacks, which enable them to distribute their payloads without raising suspicion.
Conclusion
The Evasive Panda threat actor has once again showcased its advanced capabilities, evading security measures with new techniques and tools while maintaining long-term persistence in targeted systems. Our investigation suggests that the attackers are continually improving their tactics, and it is likely that other ongoing campaigns exist. The introduction of new loaders may precede further updates to their arsenal.
As for the AitM attack, we do not have any reliable sources on how the threat actor delivers the initial loader, and the process of poisoning DNS responses for legitimate websites, such as dictionary[.]com, is still unknown. However, we are considering two possible scenarios based on prior research and the characteristics of the threat actor: either the ISPs used by the victims were selectively targeted, and some kind of network implant was installed on edge devices, or one of the network devices of the victims — most likely a router or firewall appliance — was targeted for this purpose. However, it is difficult to make a precise statement, as this campaign requires further attention in terms of forensic investigation, both on the ISPs and the victims.
The configuration file’s numerous C2 server IP addresses indicate a deliberate effort to maintain control over infected systems running the MgBot implant. By using multiple C2 servers, the attacker aims to ensure prolonged persistence and prevents loss of control over compromised systems, suggesting a strategic approach to sustaining their operations.
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