Recent OTX pulse data indicates a significant resurgence in SilverFox activity, utilizing the ValleyRAT malware family. Detection volumes have nearly doubled in 2026 compared to late 2025. The campaign employs two primary vectors: fake installers targeting Chinese-speaking users and malicious emails targeting Japanese entities.
The attack chain is sophisticated, leveraging DLL sideloading for initial execution and Donut shellcode to load payloads. The actor has escalated to using BYOVD (Bring Your Own Vulnerable Driver) techniques—specifically "Pool Party Variant 7"—to disable endpoint security solutions via kernel-level exploits. The objective appears to be establishing persistent remote access for espionage or data theft within targeted Asian sectors.
Threat Actor / Malware Profile
Actor: SilverFox
- Profile: A threat actor known for targeting East Asian regions. They focus on linguistically tailored lures (Japanese and Chinese) and utilize a modular malware ecosystem.
Malware: ValleyRAT
- Type: Remote Access Trojan (RAT).
- Distribution: Phishing emails with malicious attachments and fake software installers (often posing as legitimate tools).
- Payload Behavior:
- Process Injection: Utilizes "Pool Party" techniques (Variant 7) to inject malicious code into legitimate processes, often leveraging Donut shellcode loaders.
- Defense Evasion: Employs BYOVD to load vulnerable signed drivers, killing EDR/AV processes.
- C2 Communication: Connects to hardcoded C2 servers, often hosted on cloud infrastructure (e.g., Aliyun OSS) to blend in with traffic.
- Persistence: Achieved via DLL sideloading (placing malicious DLLs in the path of a legitimate executable) and Registry run keys.
IOC Analysis
The provided IOCs reveal an infrastructure strategy mixing dedicated hosting with cloud storage.
- Network IOCs:
frehf.oss-cn-hongkong.aliyuncs.com: A hostname on Alibaba Cloud's Object Storage Service (OSS). This suggests the actor is abusing legitimate cloud storage for payload staging (xz.bin), making detection via reputation harder.154.92.16.22: A direct IP hosting payload downloads. SOC teams should block this IP immediately at the perimeter and on proxies.http://154.92.16.22/xz.bin: The specific payload URL. The use of.binextensions is a common obfuscation tactic.
- File IOCs (SHA1):
e8be03f19ada1f5cec74b143e21d4939e781671d65168c8dd93b16d3b77092fb70c0fa6fba4dffcceca7ed7b699835fadc2c2997a2845864e02b8dfe
- Operationalization:
- Add the SHA1 hashes to EDR blocklists and quarantine any existing matches.
- Configure SIEM rules to alert on outbound connections to
aliyuncs.comdomains initiated by non-browser processes.
Detection Engineering
---
title: Potential ValleyRAT Fake Installer Payload Retrieval
id: 8b8e2d1f-9a4c-4d5f-b6e8-1c2d3e4f5a6b
description: Detects processes downloading payloads from known ValleyRAT C2 infrastructure or suspicious Aliyun OSS buckets.
status: experimental
author: Security Arsenal
date: 2026/07/31
tags:
- attack.command_and_control
- attack.t1102
logsource:
category: network_connection
product: windows
detection:
selection:
Initiated: 'true'
DestinationHostname|contains:
- 'aliyuncs.com'
DestinationPort: 80
filter_legit:
Image|endswith:
- '\chrome.exe'
- '\firefox.exe'
- '\edge.exe'
- '\msedge.exe'
condition: selection and not filter_legit
falsepositives:
- Legitimate administrative tools accessing cloud storage
level: high
---
title: Suspicious Driver Load indicative of BYOVD (SilverFox)
id: 9c9f3e2g-0b5d-5e6g-c7f9-2d3e4f5g6h7i
description: Detects the loading of known vulnerable drivers often used in BYOVD attacks like Pool Party to disable security tools.
status: experimental
author: Security Arsenal
date: 2026/07/31
tags:
- attack.privilege_escalation
- attack.t1068
logsource:
category: driver_load
product: windows
detection:
selection:
Loaded|contains:
- 'RTCore64.sys'
- 'mhyprot2.sys'
- 'DBUtil_2_3.sys'
- 'gdrv.sys'
condition: selection
falsepositives:
- Legitimate gaming software (e.g., MSI Afterburner)
level: critical
---
title: ValleyRAT Process Injection via Donut Loader
id: 1a2b3c4d-5e6f-7g8h-9i0j-1k2l3m4n5o6p
description: Detects characteristics of shellcode injection using Donut loader, commonly observed in ValleyRAT campaigns.
status: experimental
author: Security Arsenal
date: 2026/07/31
tags:
- attack.defense_evasion
- attack.t1055
logsource:
category: process_creation
product: windows
detection:
selection:
CommandLine|contains:
- 'donut' # Rare in cmdline, often implies loader execution
Image|endswith:
- '\powershell.exe'
- '\cmd.exe'
- '\rundll32.exe'
injection_api:
SourceImage|endswith:
- '\rundll32.exe'
TargetImage|endswith:
- '\svchost.exe'
- '\explorer.exe'
- '\notepad.exe'
condition: selection or injection_api
falsepositives:
- Rare administrative automation
level: high
kql
// Hunt for ValleyRAT network indicators and process activity
let IOCs = dynamic(["frehf.oss-cn-hongkong.aliyuncs.com", "154.92.16.22"]);
let Hashes = dynamic(["e8be03f19ada1f5cec74b143e21d4939e781671d", "65168c8dd93b16d3b77092fb70c0fa6fba4dffcc", "eca7ed7b699835fadc2c2997a2845864e02b8dfe"]);
// Network Connections
DeviceNetworkEvents
| where RemoteUrl has_any (IOCs) or RemoteIP has_any (IOCs)
| project Timestamp, DeviceName, InitiatingProcessAccountName, RemoteUrl, RemoteIP, InitiatingProcessCommandLine
| union (
DeviceProcessEvents
| where SHA1 has_any (Hashes)
| project Timestamp, DeviceName, AccountName, FolderPath, SHA1, ProcessCommandLine
)
powershell
# ValleyRAT/SilverFox IOC Hunt Script
# Requires Administrator privileges
Write-Host "[*] Starting hunt for SilverFox/ValleyRAT artifacts..." -ForegroundColor Cyan
$IOC_Hashes = @(
"e8be03f19ada1f5cec74b143e21d4939e781671d",
"65168c8dd93b16d3b77092fb70c0fa6fba4dffcc",
"eca7ed7b699835fadc2c2997a2845864e02b8dfe"
)
$IOC_Domains = @("frehf.oss-cn-hongkong.aliyuncs.com", "154.92.16.22")
# Check for File Hashes
Write-Host "[*] Scanning for known malicious file hashes..." -ForegroundColor Yellow
foreach ($hash in $IOC_Hashes) {
# Using Get-ChildItem and Get-FileHash is slow on entire drive; targeting common temp/appdata paths
$paths = @("$env:TEMP", "$env:LOCALAPPDATA", "$env:APPDATA")
foreach ($path in $paths) {
if (Test-Path $path) {
Get-ChildItem -Path $path -Recurse -ErrorAction SilentlyContinue | Get-FileHash -Algorithm SHA1 -ErrorAction SilentlyContinue | Where-Object { $_.Hash -eq $hash } | ForEach-Object {
Write-Host "[!] MALICIOUS FILE FOUND: $($_.Path)" -ForegroundColor Red
}
}
}
}
# Check DNS Cache for C2 Domains
Write-Host "[*] Checking DNS Cache for C2 domains..." -ForegroundColor Yellow
Get-DnsClientCache | Where-Object { $IOC_Domains -contains $_.Data } | ForEach-Object {
Write-Host "[!] SUSPICIOUS DNS ENTRY: $($_.Entry) -> $($_.Data)" -ForegroundColor Red
}
# Check for Suspicious Drivers (BYOVD)
Write-Host "[*] Checking for loaded vulnerable drivers..." -ForegroundColor Yellow
$suspiciousDrivers = @("RTCore64.sys", "mhyprot2.sys", "DBUtil_2_3.sys", "gdrv.sys")
Get-WindowsDriver -Online -All | Where-Object { $suspiciousDrivers -contains $_.OriginalFileName } | ForEach-Object {
Write-Host "[!] SUSPICIOUS DRIVER LOADED: $($_.OriginalFileName) - Provider: $($_.ProviderName)" -ForegroundColor Red
}
Write-Host "[*] Hunt complete." -ForegroundColor Green
# Response Priorities
Immediate
- Block IOCs: Push the IP (
154.92.16.22) and Hostname (frehf.oss-cn-hongkong.aliyuncs.com) to firewalls, secure web gateways, and endpoint detection systems. - Isolate Infected Hosts: Identify devices communicating with the IOCs and isolate them from the network immediately.
- Scan for Hashes: Run a full endpoint scan for the three specific SHA1 hashes provided in the pulse.
24 Hours
- Threat Hunt: Execute the provided PowerShell script across the environment to identify overlooked persistence mechanisms or dropped files.
- Driver Analysis: Audit driver loads on critical assets to confirm if BYOVD tactics successfully disabled security controls.
- Log Review: Investigate authentication logs around the time of detection for signs of credential theft (ValleyRAT often includes info-stealing modules).
1 Week
- Architecture Hardening: Review and restrict the installation of drivers to only those signed by trusted Microsoft partners to mitigate future BYOVD attempts.
- Application Control: Implement strict signing requirements for installers to prevent the execution of the fake installers used in this campaign.
- User Awareness: Update security awareness training to highlight the risks of downloading software from unofficial sources, particularly for users in the targeted regions.
Related Resources
Security Arsenal Incident Response Managed SOC & MDR Services AlertMonitor Threat Detection From The Dark Side Intel Hub
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