Malware à la Mode: Tracking Dropping Elephant Tradecraft Through a China-Themed Loader Chain (opens in new tab)

Executive summaryRapid7 researchers have identified a sophisticated malware campaign attributed to the threat actor "Dropping Elephant," characterized by the use of a China-themed decoy document to deliver a heavily reworked, in-memory remote access trojan (RAT). This campaign demonstrates advanced evasion techniques, including DLL side-loading with a legitimate Microsoft binary (Fondue.exe) and the use of "Donut" shellcode to map the RAT directly into memory, effectively bypassing traditiona...