CloudSEKâs TRIAD uncovered an Income-tax-themed phishing campaign targeting India that uses an NSIS installer to drop a signed Thunder.exe and a malicious libexpat.dll, leading to in-memory Donut shellcode execution and deployment of Valley RAT. The report attributes the campaign to Silver Fox APT and details a multi-stage kill chain with DLL hijacking, process hollowing, registry-resident plugins for persistence, and a three-tier C2 infrastructure. #SilverFox #ValleyRAT
Keypoints
- Phishing initial access: Income-tax-themed PDF in an email leads victims to ggwk[.]cc and triggers download of âtax affairs.exeâ.
- NSIS installer stage drops two useful filesâThunder.exe (signed) and malicious libexpat.dllâenabling DLL search-order hijacking.
- libexpat.dll performs anti-debug/sandbox checks, disables Windows Update (wuauserv), loads and decrypts box.ini, and injects decrypted shellcode into explorer.exe via process injection.
- Decrypted shellcode is a Donut-produced in-memory loader that executes a managed payload (Valley RAT) without touching disk.
- Valley RAT loads a 22-parameter configuration (three-tier C2, timing, feature flags), persists plugins in HKCU registry as REG_BINARY, and supports modular plugin delivery and tracerpt.exe process hollowing.
- Infrastructure shows multi-domain, multi-IP C2 with failover (b[.]yuxuanow[.]top / 103.20.195[.]147 primary), and IOCs include four stage hashes, multiple domains, and IPs useful for detection and hunting.
MITRE Techniques
- [T1566.001 ] Phishing: Spearphishing Attachment â Initial delivery via an Income-tax themed PDF attachment. (âIncome-tax themed PDF delivered via emailâ)
- [T1204.002 ] User Execution: Malicious File â Victim opens the PDF which leads to a payload download. (âUser opens PDF leading to payload downloadâ)
- [T1059 ] Command and Scripting Interpreter â NSIS installer-driven execution logic used to stage payloads. (âNSIS installer-driven execution logicâ)
- [T1106 ] Native API â Use of native APIs such as GetTempPathA, VirtualAllocEx and WriteProcessMemory for staging and injection. (âUse of GetTempPathA, VirtualAllocEx, WriteProcessMemoryâ)
- [T1129 ] Shared Modules â Abuse of a legitimate signed Thunder.exe binary to load a malicious libexpat.dll locally. (âSigned Thunder.exe loads malicious DLLâ)
- [T1620 ] Reflective Code Loading â Donut-generated shellcode used to execute a managed payload entirely from memory. (âDonut-generated shellcode executed entirely from memoryâ)
- [T1547.001 ] Registry Run Keys / Startup Folder â Plugins and persistence implemented via registry-resident REG_BINARY values under HKCUConsole*. (âRegistry-stored plugins persist across rebootsâ)
- [T1112 ] Modify Registry â Configuration and plugins stored and updated as REG_BINARY in the registry. (âConfiguration and plugins stored as REG_BINARY valuesâ)
- [T1574.001 ] DLL Search Order Hijacking â Malicious libexpat.dll loaded from the installerâs working directory due to default DLL search order. (âMalicious libexpat.dll loaded from writable directoryâ)
- [T1218 ] Signed Binary Proxy Execution â Abuse of a digitally signed third-party binary (Thunder.exe) to execute malicious code. (âAbuse of digitally signed third-party binaryâ)
- [T1027 ] Obfuscated Files or Information â Encrypted payload (box.ini) decrypted at runtime to evade static detection. (âEncrypted payload (box.ini) decrypted at runtimeâ)
- [T1497 ] Virtualization/Sandbox Evasion â Anti-debugging, resource checks, and sandbox detection logic to terminate if analysis environment detected. (âAnti-debugging, resource checks, sandbox detectionâ)
- [T1562.001 ] Disable or Modify Tools â Disables Windows Update service (wuauserv) as part of anti-analysis/evade behavior. (âStops Windows Update service (wuauserv)â)
- [T1057 ] Process Discovery â Enumerates processes to detect analysis tools and choose target processes (e.g., explorer.exe). (âEnumerates processes to detect analysis toolsâ)
- [T1082 ] System Information Discovery â Queries system resources and environment to check minimum requirements and detect sandboxes. (âSystem resource and environment checksâ)
- [T1071.001 ] Web Protocols â C2 communication over HTTP/HTTPS as one of the supported transport types. (âHTTP/HTTPS C2 communicationâ)
- [T1095 ] Non-Application Layer Protocol â Support for raw TCP socket C2 communication configurable via flags. (âRaw TCP socket C2 supported via t* flagsâ)
- [T1105 ] Ingress Tool Transfer â Plugins and modules are downloaded from C2 servers to extend capabilities. (âPlugins and modules delivered from C2â)
- [T1573 ] Encrypted Channel â Configuration and payloads are encrypted and decrypted at runtime for secure C2 and payload transfer. (âEncrypted configuration and payloadsâ)
- [T1008 ] Fallback Channels â Three-tier C2 failover logic switching between primary, secondary, tertiary after failures. (âThree-tier C2 with failover after connection failuresâ)
- [T1041 ] Exfiltration Over C2 Channel â Keylogging data and command responses exfiltrated over the RATâs C2 channel. (âKeylogging and command responses sent over C2â)
- [T1056.001 ] Input Capture: Keylogging â Keylogger feature controlled via configuration flag (kl) enabling input capture. (âKeylogger (1 = enabled, 0 = disabled)â)
- [T1489 ] Service Stop â Malware stops Windows Update service as part of its operations. (âWindows Update service disabledâ)
Indicators of Compromise
- [Sha256 Hash ] Stage-specific payloads â 77ea62ff74a66f61a511eb6b6edac20be9822fa9cc1e7354a8cd6379c7b9d2d2 (Stage 1), fa388a6cdd28ad5dd83acd674483828251f21cbefaa801e839ba39af24a6ac19 (Stage 2), and 2 more hashes
- [Domain ] Embedded decoy and C2 â ggwk[.]cc (decoy embedded in PDF), b[.]yuxuanow[.]top (shellcode C2), and 10+ other related domains sharing the same favicon
- [IP Address ] Network infrastructure â 103.20.195[.]147 (resolution for b[.]yuxuanow[.]top), 45.207.231[.]94 (resolution for ggwk[.]cc), and other C2 IPs observed
- [File Name ] Delivered and abused binaries â âtax affairs.exeâ (downloaded by lure), âlibexpat.dllâ (malicious DLL loaded by Thunder.exe)
- [Registry Path ] Persistence and plugin storage â HKCUConsoled33f351a4aeea5e608853d1a56661059 (registry REG_BINARY plugin storage used by Valley RAT)
Read more: https://www.cloudsek.com/blog/silver-fox-targeting-india-using-tax-themed-phishing-lures