42
PAPERMILL Malware Campaign Abuses Signed Notepad++ to Deliver VenomRAT to Windows Users
JUMPSEC tracks PAPERMILL, a China-nexus phishing campaign using a signed Notepad++ binary, libcurl.dll sideloading, and Donut loaders to deploy VenomRAT against Indian tax-audit targets.
PAPERMILL delivers ISO disk images via tax-audit phishing emails that passed SPF, DKIM, and DMARC, containing a renamed Authenticode-signed Notepad++ executable and a malicious libcurl.dll that proxies curl functions while executing loader logic in DllMain. The chain uses Mark-of-the-Web bypasses, anti-sandbox sleeps, UAC elevation prompts, Registry persistence, and a Donut shellcode loader to reflectively load .NET VenomRAT v6.0.3 with HVNC and credential-stealing capability, with C2 at 154.36.188.201:4449. JUMPSEC assesses the campaign as China-nexus, financially motivated, and Silver Fox-adjacent rather than definitively Silver Fox-operated.
55
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.
55
42
42
42