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Summary
Emotet started as a banking trojan in 2014 and later evolved to what has been considered the world’s most dangerous malware by Europol, often used throughout the world to deliver many different threats, including TrickBot.
In October 2020, Netskope analyzed an Emotet campaign that was using PowerShell and WMI within malicious Office documents to deliver its payload. Later in 2021, we also spotted new delivery mechanisms being used, including squiblytwo. However, the most popular delivery mechanism used by Emotet to date is the malicious Microsoft Office document.
In January 2022, as an attempt to mitigate attacks via malicious Office documents, Microsoft announced that VBA macros will be blocked by default in files downloaded from the internet, which directly affected the way Emotet was being delivered. Netskope released a detailed blog post about this protection, anticipating that we would see the use of other types of files, like LNK and VBS.
On April 26, 2022, a new Emotet campaign was spotted in the wild, where the usual Office delivery system was replaced with LNK files, in a clear response to the VBA protection launched by Microsoft. Netskope Threat Labs found 139 distinct LNK files that are part of the same campaign, delivering two distinct payloads that share the same C2 infrastructure.
In this blog post, we will analyze this Emotet campaign, from the new delivery mechanism to the last payload.
Stage 01 – LNK Files
Usually, the initial stage of Emotet is a malicious Office document that abuses VBA macros to download and execute the payload. In this new delivery system, Emotet abuses the LNK file format (a.k.a. MS-SHLLINK and Shortcut) to execute a PowerShell script.
Looking at the file’s properties, we can see that the LNK target is pointing to the PowerShell executable.
Using the LNK parser tool, it’s possible to extract more details, such as the command executed by PowerShell. The command here decodes a large base64 string and saves the output to a file in the user’s temporary folder. This file is the main script, which is deleted after it’s executed.
The decoded script contains a list of URLs where Emotet’s payload is hosted. Once running, it iterates over the list and makes a request using PowerShell’s Invoke-WebRequest function. If the binary is successfully downloaded, it saves the file to Windows’ temporary directory and executes it using regsvr32.exe.
We found 139 distinct LNK files related to Emotet, sharing three different scripts, where the only differences were the payload URLs. All the hashes can be found in our GitHub repository.
Stage 02 – Downloaded File
From the 139 LNK files we analyzed, we found 12 distinct URLs. Only 9 URLs were online at the time of the analysis, delivering 2 distinct payloads.
These payloads are packed Emotet samples, both 64-bit DLLs with different compilation timestamps. The first one was likely built on April 25, 2022, and the second on April 27, 2022.
Emotet’s main payload is encrypted and stored in the resources of both packed samples, which despite some differences, are using the same technique to decrypt and load Emotet.
Once running, the packer allocates and executes a shellcode, responsible for the payload decryption process.
Then, it loads the resource data and decrypts it using a simple rolling XOR algorithm with a small string as the key, revealing Emotet’s payload.