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ValleyRAT via Signed Overwolf Sideloading + SilkParasite SpiceRAT C2 Cluster: OTX Pulse Analysis — Enterprise Detection Pack

SA
Security Arsenal Team
September 17, 2026
10 min read

Two fresh OTX pulses published 2026-09-17 expose parallel intrusion activity: a tax-themed phishing campaign in India abusing a legitimately signed Overwolf binary to sideload ValleyRAT, and a long-running SilkParasite infrastructure cluster delivering SpiceRAT, NodeEdgeRAT, NomadRAT, and BloodAlchemy against government, energy, and telecommunications targets across Central Asia. Both campaigns share a common thread — abuse of trust (signed binaries, spoofed government portals, cloned corporate webpages) to defeat perimeter controls.

Threat Summary

These pulses reveal two distinct but tactically convergent operations:

Campaign 1 — ValleyRAT Tax-Themed Phishing (India): Victims receive emails impersonating the Indian Income Tax Department, directing them to spoofed notice pages that deliver ZIP archives. The archive contains a legitimately signed Overwolf executable bundled with two hidden files — a malicious DLL and an encrypted binary. When the signed binary executes, it sideloads the malicious DLL via DLL hijacking. The loader chain employs UPX packing, Astral-PE manipulation, reflective loading, and process hollowing to deploy the ValleyRAT payload entirely in memory, minimizing on-disk artifacts.

Campaign 2 — SilkParasite Infrastructure (Central Asia): Infrastructure analysis ties a cluster of SpiceRAT command-and-control servers active from late 2025 through August 2026 to a single operational cluster, linked through shared TLS certificates, domain registration patterns, and a cloned RTX Corporation webpage used for lure credibility. The infrastructure supports at least four malware families — SpiceRAT, NodeEdgeRAT, NomadRAT, and BloodAlchemy — suggesting either a single operator managing multiple toolsets or a shared provisioning service (malware-as-a-service infrastructure). Government impersonation is a consistent lure theme, with domains mimicking MFA portals and national telecom entities (e.g., post.mfa-uz.com, kginfocom.com, natcommunzu.com).

Collective objective: Both operations target initial access into government-adjacent and regulated-industry networks. ValleyRAT provides full remote access, keylogging, and screen capture; the SilkParasite toolset stack (RAT + loader families) supports long-dwell espionage and lateral staging consistent with intelligence collection against energy and government sectors.

Threat Actor / Malware Profile

ValleyRAT

  • Distribution: Spear-phishing emails impersonating tax authorities; ZIP archives hosted on spoofed notice pages.
  • Payload behavior: Modular RAT with keylogging, screen capture, file management, and remote shell capability. Historically associated with Chinese-speaking operators targeting finance and accounting staff.
  • Execution chain: Signed Overwolf executable → DLL sideload (hijack of a legitimate DLL load path) → decryption of bundled encrypted binary → reflective load → process hollowing into a benign host process.
  • C2 communication: Typically TCP-based custom protocol; check outbound connections from hollowed processes (commonly svchost.exe or injected browser processes) to non-standard ports.
  • Persistence: Registry Run keys and scheduled tasks are common; the sideload chain itself provides implicit persistence if the signed binary is launched at logon.
  • Anti-analysis: UPX packing, Astral-PE header manipulation, reflective loading (no disk write of final payload), process hollowing to masquerade as legitimate processes, and abuse of a valid code signature to bypass SmartScreen/AV trust heuristics.

SilkParasite / SpiceRAT Toolset

  • Attribution: SilkParasite cluster; single operator or shared provisioning managing SpiceRAT, NodeEdgeRAT, NomadRAT, and BloodAlchemy.
  • Distribution: Government-impersonation lures, cloned legitimate webpages (RTX Corporation), themed around MFA enrollment and telecom services.
  • C2 communication: HTTPS over shared TLS certificate infrastructure; C2 IPs include 46.30.188.54, 45.67.230.185, 2.58.14.95, 193.29.59.248, 185.243.112.253. Certificate overlap is the strongest pivot for infrastructure expansion.
  • Persistence: Service installation and scheduled tasks observed across SpiceRAT deployments; BloodAlchemy variants favor registry-based persistence under Run keys with benign-sounding value names.
  • Anti-analysis: Encrypted C2 config, sandbox-aware sleep timers, and TLS certificate reuse across domains to blend with legitimate hosting.

IOC Analysis

The pulse data contains three indicator classes with different operationalization paths:

File hashes (SHA256/SHA1/MD5 — 35 total): These cover the ValleyRAT ZIP, the malicious sideloaded DLL, and the encrypted binary. Push SHA256 values into EDR blocklists and VirusTotal/OTX retrohunt. Note: because the final ValleyRAT payload is reflectively loaded, hash-only detection will miss the in-memory stage — pair hashes with behavioral rules below. MD5/SHA1 values are useful for legacy SIEM correlation only.

Domains/hostnames (e.g., post.mfa-uz.com, kginfocom.com, natcommunzu.com): Add to DNS sinkhole and proxy blocklists. Because SilkParasite reuses TLS certificates, pivot on the certificate hash in tools like Censys, Shodan, or Validin to discover new domains before they appear in pulses. Alert on DNS resolution attempts, not just connections — resolution alone indicates lure click or beacon retry.

IPv4 C2 addresses (46.30.188.54, 45.67.230.185, 2.58.14.95, 193.29.59.248, 185.243.112.253): Block at egress firewall and import into threat intel platform (MISP/TIP) with 90-day expiry. C2 IPs on bulletproof hosting frequently rotate; netflow retrospective analysis over the past 90 days is mandatory since the SilkParasite cluster was active from late 2025.

Tooling: OTX DirectConnect API for automated indicator sync, MISP for correlation, Censys/Validin for TLS certificate pivoting, and YARA retrohunt (VirusTotal Enterprise) for the UPX/Astral-PE packed loader artifacts.

Detection Engineering

YAML
---
title: DLL Sideloading via Signed Overwolf Binary - ValleyRAT Loader
id: 9f3a1c2e-7b4d-4e1a-a5c6-20260917valr
status: experimental
description: Detects a signed Overwolf executable loading a DLL from a non-standard path, consistent with ValleyRAT tax-phishing sideload chain (ZIP archive with signed binary + hidden malicious DLL).
author: Security Arsenal Threat Intel
date: 2026/09/17
references:
    - https://www.forcepoint.com/blog/x-labs/valleyrat-overwolf-sideload-tax-scam
logsource:
    category: image_load
    product: windows
detection:
    selection_parent:
        ParentImage|endswith: '\Overwolf.exe'
    selection_dll_path:
        ImageLoaded|contains:
            - '\AppData\Local\Temp\'
            - '\Downloads\'
            - '\AppData\Roaming\'
            - '\Users\Public\'
    filter_signed:
        Signed: 'true'
        ImageLoaded|endswith:
            - '\Overwolf.dll'
    condition: selection_parent and selection_dll_path and not filter_signed
falsepositives:
    - Legitimate Overwolf updates loading from install directory
level: high
tags:
    - attack.defense_evasion
    - attack.t1574.002
---
title: Process Hollowing by Reflectively Loaded Payload
id: 2b8e4d1f-6c3a-4f2b-b7d8-20260917holl
status: experimental
description: Detects creation of suspended processes followed by memory write and thread hijack patterns consistent with ValleyRAT process hollowing after reflective load.
author: Security Arsenal Threat Intel
date: 2026/09/17
logsource:
    category: process_creation
    product: windows
detection:
    selection_parent:
        ParentImage|endswith:
            - '\Overwolf.exe'
            - '\rundll32.exe'
            - '\regsvr32.exe'
    selection_child:
        Image|endswith:
            - '\svchost.exe'
            - '\explorer.exe'
            - '\dllhost.exe'
            - '\notepad.exe'
    selection_flag:
        CommandLine|contains: ''
    condition: selection_parent and selection_child
falsepositives:
    - Rare; legitimate software rarely spawns hollowable hosts from game-overlay binaries
level: critical
tags:
    - attack.defense_evasion
    - attack.t1055.012
    - attack.t1620
---
title: SilkParasite SpiceRAT C2 Network Communication
id: 4c7f2a9b-1d5e-4c8f-c9a1-20260917silk
status: experimental
description: Detects outbound connections to known SilkParasite SpiceRAT/NodeEdgeRAT/NomadRAT/BloodAlchemy C2 infrastructure active late 2025 through August 2026.
author: Security Arsenal Threat Intel
date: 2026/09/17
references:
    - https://hunt.io/blog/silkparasite-spicerat-central-asia-infrastructure
logsource:
    category: network_connection
    product: windows
detection:
    selection_ip:
        DestinationIp:
            - '46.30.188.54'
            - '45.67.230.185'
            - '2.58.14.95'
            - '193.29.59.248'
            - '185.243.112.253'
    selection_domain:
        DestinationHostname|contains:
            - 'mfa-uz.com'
            - 'kginfocom.com'
            - 'natcommunzu.com'
    condition: 1 of selection_*
falsepositives:
    - None expected; infrastructure is dedicated C2
level: critical
tags:
    - attack.command_and_control
    - attack.t1071.001
KQL — Microsoft Sentinel / Defender
// SilkParasite + ValleyRAT unified hunt - Microsoft Sentinel
// 1) Network hits to SilkParasite C2 (last 90 days for retro analysis)
let C2IPs = dynamic(["46.30.188.54", "45.67.230.185", "2.58.14.95", "193.29.59.248", "185.243.112.253"]);
let C2Domains = dynamic(["mfa-uz.com", "kginfocom.com", "natcommunzu.com"]);
let NetHits = DeviceNetworkEvents
| where TimeGenerated > ago(90d)
| where RemoteIP in (C2IPs) or RemoteUrl has_any (C2Domains)
| project TimeGenerated, DeviceName, InitiatingProcessFileName, InitiatingProcessCommandLine, RemoteIP, RemoteUrl, RemotePort;
// 2) Overwolf sideload execution - signed binary launched from user-writable paths
let SideloadHits = DeviceProcessEvents
| where TimeGenerated > ago(14d)
| where FileName =~ "Overwolf.exe"
| where FolderPath has_any (@"\AppData\", @"\Downloads\", @"\Temp\", @"\Users\Public\")
| project TimeGenerated, DeviceName, AccountName, FolderPath, ProcessCommandLine, SHA256;
// 3) Hash correlation for ValleyRAT artifacts
let ValleyHashes = dynamic(["2d2a251a88632f010fd9671789746908eeccaa5bc5c0a5d25e4649efe4f5b15d", "315bda377beafb746f1c2f4fba430867", "62e3ba37a23669139a222cd43ec2b202277a4030", "061f3e304c65f3f062f2aacc41b6d6f8a4f43816", "07846091fdeb1011cbd80d9ca45fd7dcb40b5c40", "2d830905581ae5c29d1e6bad27c6b63a097f79d7", "7de942da8993a45a5a7547de0a883f9b13f2f71c", "ab530af5603ce3f98b51b3c6f612074e020f572e"]);
let HashHits = DeviceFileEvents
| where TimeGenerated > ago(30d)
| where SHA256 in (ValleyHashes) or SHA1 in (ValleyHashes) or MD5 in (ValleyHashes)
| project TimeGenerated, DeviceName, FolderPath, FileName, SHA256, ActionType;
NetHits
| union SideloadHits
| union HashHits
| sort by TimeGenerated desc
PowerShell
# Security Arsenal - ValleyRAT & SilkParasite Endpoint IOC Hunt
# Run elevated on suspected endpoints or deploy via RMM/Intune remediation
$ErrorActionPreference = 'SilentlyContinue'
$report = @()

# --- 1. Known malicious file hashes (ValleyRAT chain) ---
$badHashes = @(
    '2d2a251a88632f010fd9671789746908eeccaa5bc5c0a5d25e4649efe4f5b15d'
)
$searchPaths = @("$env:USERPROFILE\Downloads", "$env:TEMP", "C:\Users\Public", "$env:APPDATA", "$env:LOCALAPPDATA")
foreach ($path in $searchPaths) {
    Get-ChildItem -Path $path -Recurse -File -ErrorAction SilentlyContinue | ForEach-Object {
        $h = (Get-FileHash -Path $_.FullName -Algorithm SHA256).Hash
        if ($badHashes -contains $h.ToLower()) {
            $report += [PSCustomObject]@{Type='HashMatch'; Detail=$_.FullName; Hash=$h}
        }
    }
}

# --- 2. Overwolf binary in anomalous locations (sideload staging) ---
foreach ($path in $searchPaths) {
    Get-ChildItem -Path $path -Recurse -Filter 'Overwolf.exe' -ErrorAction SilentlyContinue | ForEach-Object {
        $sig = Get-AuthenticodeSignature $_.FullName
        $report += [PSCustomObject]@{Type='OverwolfAnomaly'; Detail="$($_.FullName) | Signed: $($sig.Status)"; Hash=(Get-FileHash $_.FullName -Algorithm SHA256).Hash}
    }
}

# --- 3. Hidden companion files (malicious DLL + encrypted binary pattern) ---
Get-ChildItem -Path $searchPaths -Recurse -Force -File -ErrorAction SilentlyContinue |
    Where-Object { $_.Attributes -match 'Hidden' -and $_.Extension -in '.dll','.dat','.bin','.tmp' } |
    ForEach-Object { $report += [PSCustomObject]@{Type='HiddenPayload'; Detail=$_.FullName; Hash=(Get-FileHash $_.FullName -Algorithm SHA256).Hash} }

# --- 4. Persistence: Run keys with suspicious entries ---
$runKeys = @('HKCU:\Software\Microsoft\Windows\CurrentVersion\Run',
             'HKLM:\Software\Microsoft\Windows\CurrentVersion\Run')
foreach ($key in $runKeys) {
    Get-ItemProperty -Path $key | ForEach-Object {
        $_.PSObject.Properties | Where-Object {
            $_.Value -match 'Overwolf|Temp|AppData|Public' -and $_.Name -notmatch '^PS'
        } | ForEach-Object {
            $report += [PSCustomObject]@{Type='Persistence'; Detail="$key :: $($_.Name) = $($_.Value)"; Hash='N/A'}
        }
    }
}

# --- 5. Persistence: Scheduled tasks pointing to user-writable paths ---
Get-ScheduledTask | ForEach-Object {
    $action = $_.Actions.Execute
    if ($action -match 'Overwolf|AppData|Temp|Public') {
        $report += [PSCustomObject]@{Type='ScheduledTask'; Detail="$($_.TaskName) -> $action"; Hash='N/A'}
    }
}

# --- 6. Active connections to SilkParasite C2 ---
$c2 = @('46.30.188.54','45.67.230.185','2.58.14.95','193.29.59.248','185.243.112.253')
Get-NetTCPConnection | Where-Object { $c2 -contains $_.RemoteAddress } | ForEach-Object {
    $proc = (Get-Process -Id $_.OwningProcess).ProcessName
    $report += [PSCustomObject]@{Type='C2Connection'; Detail="$($_.RemoteAddress):$($_.RemotePort) by $proc (PID $($_.OwningProcess))"; Hash='N/A'}
}

# --- 7. DNS cache check for SilkParasite domains ---
Get-DnsClientCache | Where-Object { $_.Entry -match 'mfa-uz\.com|kginfocom\.com|natcommunzu\.com' } | ForEach-Object {
    $report += [PSCustomObject]@{Type='DNSCache'; Detail="$($_.Entry) -> $($_.Data)"; Hash='N/A'}
}

if ($report.Count -gt 0) {
    $report | Format-Table -AutoSize
    $report | Export-Csv -Path "$env:TEMP\SA_ThreatHunt_$(Get-Date -Format 'yyyyMMdd_HHmm').csv" -NoTypeInformation
    Write-Host "[!] $($report.Count) suspicious artifacts found. CSV exported. ISOLATE HOST and escalate to IR." -ForegroundColor Red
} else {
    Write-Host "[+] No ValleyRAT/SilkParasite indicators found on this host." -ForegroundColor Green
}

Response Priorities

Immediate (0-4 hours):

  • Block the five SilkParasite C2 IPs (46.30.188.54, 45.67.230.185, 2.58.14.95, 193.29.59.248, 185.243.112.253) at egress firewalls and the three domains/hostnames at DNS and proxy layers.
  • Push ValleyRAT SHA256/SHA1/MD5 hashes to EDR blocklists and retrohunt 90 days of file events.
  • Run the PowerShell hunt script on any endpoint where users report tax-themed emails or MFA enrollment prompts; check DNS cache for SilkParasite domain resolution across the fleet.
  • Search email gateways for Income Tax Department impersonation lures and ZIP attachments; recall undelivered messages.

24 Hours:

  • ValleyRAT includes keylogging and screen capture — treat any confirmed infection as a full credential compromise. Force password resets for all accounts used on affected hosts, revoke active sessions and tokens, and invalidate cached Kerberos tickets (double-reset privileged accounts to remediate potential golden ticket exposure).
  • Audit VPN, email, and SSO logs for logins from affected users originating outside expected geography, particularly authentication into government, energy, or telecom-adjacent systems matching SilkParasite targeting.
  • Conduct netflow retrospective (90 days) against the C2 IP list — the SilkParasite cluster was active from late 2025, so default 30-day lookbacks will miss early beaconing.

1 Week:

  • Deploy application control (WDAC/AppLocker) rules blocking execution of signed binaries from user-writable paths — the Overwolf sideload technique only works because the signed binary runs from the extracted ZIP location.
  • Enable Attack Surface Reduction rules for Office child processes and script-based payload delivery; require detonation of all ZIP archives containing executables at the email gateway.
  • Implement TLS certificate monitoring: pivot on SilkParasite certificate fingerprints via Censys/Shodan and alert on internal resolution of newly registered domains matching government-impersonation naming patterns.
  • For organizations with India or Central Asia exposure, brief finance and HR staff on tax-notice and MFA-enrollment lure formats; both campaigns depend on trust impersonation that technical controls alone cannot fully stop.

Related Resources

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