Research Saturday
Recent Episodes
This week we are joined by Daniel Schwalbe, Chief Information Security Officer & Head of Investigations at DomainTools, discussing their work on "ZionSiphon OT Malware First Attempts? Psyops? Both?" Researchers at DomainTools take a closer look at ZionSiphon, a purported operational technology malware sample targeting the water sector, and find that despite its alarming appearance, it lacks many of the capabilities needed to function as a credible cyber-physical weapon. They break down the malware's architecture, its operational shortcomings, and why it may be more of a prototype or proof of concept than a deployable threat. With heightened concern surrounding attacks on critical infrastructure amid the ongoing U.S.-Iran conflict, the research offers timely insight into separating genuine OT threats from overhyped malware.
This week, we are joined by Tom Kellermann, TrendAI's VP of AI Security and Threat Research, discussing their work on "Inside SHADOW-WATER-063’s Banana RAT: From Build Server to Banking Fraud." Researchers from TrendAI's MDR team uncovered the full operation behind Banana RAT, a sophisticated banking trojan they track as SHADOW-WATER-063, by analyzing both attacker infrastructure and infected victim systems. The malware uses fileless PowerShell execution, layered obfuscation, and remote-control capabilities to steal credentials, manipulate banking sessions, intercept Pix QR code payments, and facilitate financial fraud targeting Brazilian banks. The campaign appears to be operated by a Brazilian Portuguese-speaking cybercriminal group with ties to the broader Tetrade banking malware ecosystem and may be evolving toward a malware-as-a-service model.
Martin Zugec, Technical Solutions Director at Bitdefender, discussing their work on "FamousSparrow APT Targets Azerbaijani Oil and Gas Industry." Bitdefender researchers uncovered a sustained cyber espionage campaign by the China-linked FamousSparrow group targeting an Azerbaijani oil and gas company, highlighting the growing focus on critical energy infrastructure in the South Caucasus. The attackers repeatedly exploited the same vulnerable Microsoft Exchange server over multiple months, deploying evolving versions of Deed RAT and Terndoor malware through sophisticated DLL sideloading techniques designed to evade detection and maintain persistence. The operation underscores FamousSparrow's adaptability and persistence, demonstrating how advanced threat actors continually refine their tooling and return to compromised environments until vulnerabilities are fully remediated and access is cut off.
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Ismael Valenzuela, Arctic Wolf’s VP of Labs, Threat Research and Intelligence, discusses their work on "BlueNoroff Uses ClickFix, Fileless PowerShell, and AI-Generated Fake Zoom Meetings to Target Web3 Sector." Arctic Wolf researchers uncovered a sophisticated campaign by North Korean threat group Lazarus Group subgroup BlueNoroff that targets cryptocurrency and Web3 executives through fake Zoom and Microsoft Teams meetings, using typo-squatted links, ClickFix-style attacks, and AI-generated deepfakes to steal credentials and cryptocurrency-related data. The attackers built a self-reinforcing operation that captures victims’ webcam footage and Telegram sessions, then repurposes those assets alongside AI-generated images to create increasingly convincing fake meeting participants for future attacks. Researchers identified more than 100 victims across 20 countries, with the campaign primarily targeting CEOs, founders, investors, and senior leaders in the cryptocurrency, blockchain, and financial sectors as part of a long-running effort to steal digital assets and gain access to high-value networks.
Today we are joined by Marco Giuliani, Vice President & Head of Research at ThreatDown, discussing their work on "GachiLoader adopts AI skill lure." Threat actors are now using fake AI agent “skills” as highly convincing social engineering lures, with a new campaign disguising the GachiLoader malware as a legitimate OpenClaw tool for automated Polymarket betting. Victims are tricked through fake installation guides and polished Electron apps into downloading malware that deploys the Rhadamanthys infostealer using fileless injection and blockchain-based command-and-control infrastructure. Researchers say the campaign marks an evolution in cybercrime, turning AI skill ecosystems into a new phishing-style attack surface.
