Silver Fox Targeting India Using Tax Themed Phishing Lures

Silver Fox Targeting India Using Tax Themed Phishing Lures

CloudSEK’s 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 “tax affairs.exe”.
  • NSIS installer stage drops two useful files—Thunder.exe (signed) and malicious libexpat.dll—enabling 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 – Initial delivery via an Income-tax themed PDF attachment. (‘Income-tax themed PDF delivered via email’)
  • [T1204.002 ] User Execution: Malicious File – Victim opens the PDF which leads to a payload download. (‘User opens PDF leading to payload download’)
  • [T1059 ] Command and Scripting Interpreter – NSIS installer-driven execution logic used to stage payloads. (‘NSIS installer-driven execution logic’)
  • [T1106 ] Native API – Use of native APIs such as GetTempPathA, VirtualAllocEx and WriteProcessMemory for staging and injection. (‘Use of GetTempPathA, VirtualAllocEx, WriteProcessMemory’)
  • [T1129 ] Shared Modules – Abuse of a legitimate signed Thunder.exe binary to load a malicious libexpat.dll locally. (‘Signed Thunder.exe loads malicious DLL’)
  • [T1620 ] Reflective Code Loading – Donut-generated shellcode used to execute a managed payload entirely from memory. (‘Donut-generated shellcode executed entirely from memory’)
  • [T1547.001 ] Registry Run Keys / Startup Folder – Plugins and persistence implemented via registry-resident REG_BINARY values under HKCUConsole*. (‘Registry-stored plugins persist across reboots’)
  • [T1112 ] Modify Registry – Configuration and plugins stored and updated as REG_BINARY in the registry. (‘Configuration and plugins stored as REG_BINARY values’)
  • [T1574.001 ] DLL Search Order Hijacking – Malicious libexpat.dll loaded from the installer’s working directory due to default DLL search order. (‘Malicious libexpat.dll loaded from writable directory’)
  • [T1218 ] Signed Binary Proxy Execution – Abuse of a digitally signed third-party binary (Thunder.exe) to execute malicious code. (‘Abuse of digitally signed third-party binary’)
  • [T1027 ] Obfuscated Files or Information – Encrypted payload (box.ini) decrypted at runtime to evade static detection. (‘Encrypted payload (box.ini) decrypted at runtime’)
  • [T1497 ] Virtualization/Sandbox Evasion – Anti-debugging, resource checks, and sandbox detection logic to terminate if analysis environment detected. (‘Anti-debugging, resource checks, sandbox detection’)
  • [T1562.001 ] Disable or Modify Tools – Disables Windows Update service (wuauserv) as part of anti-analysis/evade behavior. (‘Stops Windows Update service (wuauserv)’)
  • [T1057 ] Process Discovery – Enumerates processes to detect analysis tools and choose target processes (e.g., explorer.exe). (‘Enumerates processes to detect analysis tools’)
  • [T1082 ] System Information Discovery – Queries system resources and environment to check minimum requirements and detect sandboxes. (‘System resource and environment checks’)
  • [T1071.001 ] Web Protocols – C2 communication over HTTP/HTTPS as one of the supported transport types. (‘HTTP/HTTPS C2 communication’)
  • [T1095 ] Non-Application Layer Protocol – Support for raw TCP socket C2 communication configurable via flags. (‘Raw TCP socket C2 supported via t* flags’)
  • [T1105 ] Ingress Tool Transfer – Plugins and modules are downloaded from C2 servers to extend capabilities. (‘Plugins and modules delivered from C2’)
  • [T1573 ] Encrypted Channel – Configuration and payloads are encrypted and decrypted at runtime for secure C2 and payload transfer. (‘Encrypted configuration and payloads’)
  • [T1008 ] Fallback Channels – Three-tier C2 failover logic switching between primary, secondary, tertiary after failures. (‘Three-tier C2 with failover after connection failures’)
  • [T1041 ] Exfiltration Over C2 Channel – Keylogging data and command responses exfiltrated over the RAT’s C2 channel. (‘Keylogging and command responses sent over C2’)
  • [T1056.001 ] Input Capture: Keylogging – Keylogger feature controlled via configuration flag (kl) enabling input capture. (‘Keylogger (1 = enabled, 0 = disabled)’)
  • [T1489 ] Service Stop – Malware stops Windows Update service as part of its operations. (‘Windows Update service disabled’)

Indicators of Compromise

  • [Sha256 Hash ] Stage-specific payloads – 77ea62ff74a66f61a511eb6b6edac20be9822fa9cc1e7354a8cd6379c7b9d2d2 (Stage 1), fa388a6cdd28ad5dd83acd674483828251f21cbefaa801e839ba39af24a6ac19 (Stage 2), and 2 more hashes
  • [Domain ] Embedded decoy and C2 – ggwk[.]cc (decoy embedded in PDF), b[.]yuxuanow[.]top (shellcode C2), and 10+ other related domains sharing the same favicon
  • [IP Address ] Network infrastructure – 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 – “tax affairs.exe” (downloaded by lure), “libexpat.dll” (malicious DLL loaded by Thunder.exe)
  • [Registry Path ] Persistence and plugin storage – 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