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ValleyRAT Backdoor Hides in Signed Adware That Users Add to Antivirus Exclusions
Silver Fox distributes ValleyRAT via signed QN Wallpaper adware, sideloading a malicious libcef.dll into a trusted process to evade defenses.
Kaspersky reports the Silver Fox threat actor disguising the ValleyRAT backdoor (Winos 4.0) inside a modified, signed copy of the QN Wallpaper adware tool, using DLL sideloading to run within a trusted process. The installer disables Windows Defender via the DisableAntiSpyware registry key, adds autorun entries, and elevates via runas when needed; ValleyRAT steals keystrokes, clipboard data, and screenshots and can mark its process critical to trigger BSOD if killed. Kaspersky recorded more than 100,000 ValleyRAT detections affecting over 1,500 unique users in 2026, mostly in China and India, with prior campaigns against Japan, India, and Russia.
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KRBanker Targets South Korea Through Adware and Exploit Kits
Unit 42 details KRBanker banking trojan targeting South Korean bank users via KaiXin exploit kit and NEWSPOT adware, using pharming and process hollowing.
KRBanker (aka Blackmoon) is a banking trojan targeting online banking users in the Republic of Korea, with roughly 2,000 unique samples and 200+ pharming servers observed by Unit 42 over six months. It is distributed through the KaiXin exploit kit exploiting Adobe Flash CVE-2014-0569 and CVE-2015-3133, and through the NEWSPOT adware update channel that also delivers the Venik trojan. The trojan uses process hollowing, retrieves pharming server IPs from Qzone profile nickname fields, and abuses Proxy Auto-Config with a local proxy to redirect banking traffic to forged sites.
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ValleyRAT: When Legitimate Software Becomes a Malware Delivery Tool
Kaspersky details ValleyRAT delivered via trojanized QN Wallpaper using DLL sideloading, tied to Silver Fox and hitting 1,500+ users in China and India.
Kaspersky found a malicious installer abusing a modified version of the legitimate QN Wallpaper adware application to deliver the ValleyRAT backdoor via DLL sideloading of libcef.dll. The installer masquerades as DingTalk, Chrome or Tencent Meeting software, creates persistence, disables Windows Defender via the DisableAntiSpyware registry key, and loads AES-encrypted payloads. ValleyRAT collects keystrokes, clipboard contents and screenshots plus system details, can download additional modules, and resists removal by injecting into svchost.exe or marking its process critical. The campaign was detected over 100,000 times in 2026, affecting more than 1,500 users mainly in China and India, and is attributed to Silver Fox with both espionage and financial motives.
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ValleyRAT masquerading as adware
Kaspersky reports threat actors distributing the ValleyRAT backdoor disguised as adware, tracing the infection chain to the final payload.
Kaspersky researchers analyzed a campaign distributing the ValleyRAT backdoor under the guise of adware. The write-up documents the complete infection chain, from the malicious installer through deployment of the final backdoor payload. ValleyRAT is a remote access tool typically used by criminal actors for surveillance and data theft.
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