APT37 Hackers Exploit Academic Forum Invitations to Deploy Malicious LNK Files via Dropbox

In March 2025, the North Korean state-sponsored hacking group APT37, also known as ScarCruft or Reaper, initiated a sophisticated spear-phishing campaign targeting South Korean activists and researchers specializing in North Korean affairs. This operation, dubbed Operation ToyBox Story by security analysts, involved the distribution of malicious shortcut (LNK) files through deceptive academic forum invitations, leveraging cloud-based platforms to enhance the credibility and effectiveness of their attacks.

Deceptive Tactics and Social Engineering

APT37’s campaign was meticulously crafted to exploit the trust and interests of its targets. The attackers impersonated a reputable South Korean national security think tank, sending emails that appeared to be invitations to an actual academic event titled Trump 2.0 Era: Prospects and South Korea Response. By referencing a legitimate event, the emails increased the likelihood of engagement from recipients, who were more inclined to open the attachments believing them to be genuine.

The emails contained links to Dropbox, a widely used cloud storage service, where compressed archives with malicious LNK files were hosted. This method allowed the attackers to bypass traditional security measures, as links to trusted cloud services are less likely to be flagged as suspicious. Additionally, using Dropbox provided the attackers with a level of anonymity and plausible deniability, as the service is commonly used for legitimate file sharing.

Technical Analysis of the Malicious LNK Files

Upon execution, the LNK files initiated a multi-stage infection process designed to evade detection and analysis. The shortcut files contained embedded PowerShell commands that triggered a sequence of actions:

1. Decoy Document Display: To maintain the illusion of legitimacy, a benign document was displayed to the user. This document often contained information related to the purported academic event, reinforcing the credibility of the email.

2. Malware Deployment: Simultaneously, the PowerShell script created multiple temporary files in the system’s directory. These files included:

– toy01.dat: Contained shellcode responsible for executing the next stage of the payload.

– toy02.dat: A PowerShell script designed to facilitate further malicious activities.

– toy03.bat: A batch file that coordinated the execution of the above components.

The malware employed advanced obfuscation techniques to evade detection. For instance, it fragmented file extensions and reconstructed them at runtime, making it challenging for static analysis tools to identify malicious patterns. Additionally, the shellcode utilized XOR encryption with a simple key to obscure its contents, further complicating analysis.

Evolution of APT37’s Attack Methods

This campaign signifies a notable evolution in APT37’s tactics. Historically, the group has employed various methods to infiltrate target systems, including:

– Malicious Documents: Utilizing Hancom Office HWP documents embedded with Object Linking and Embedding (OLE) objects to execute malicious code upon opening.

– Group Chat Exploitation: Distributing malicious LNK files through group chats on popular messaging platforms, often embedding these files in ZIP archives with deceptive filenames to lure victims.

– Reconnaissance Activities: Conducting sophisticated reconnaissance to gather information about potential targets, such as IP addresses, browser details, and operating system data.

In this latest campaign, APT37’s use of cloud services like Dropbox demonstrates an increased sophistication in their delivery mechanisms. By leveraging trusted platforms, they effectively bypass traditional security measures and increase the likelihood of successful infiltration.

Implications and Recommendations

The strategic targeting of individuals involved in North Korean affairs underscores APT37’s commitment to cyber espionage aligned with North Korean state interests. The use of legitimate cloud services for malware distribution highlights the need for heightened vigilance and advanced security measures.

To mitigate such threats, organizations and individuals should consider the following actions:

– User Education: Train personnel to recognize and report suspicious emails, even those appearing to originate from trusted sources.

– Advanced Threat Detection: Implement security solutions capable of detecting and analyzing fileless malware and obfuscated scripts.

– Cloud Service Monitoring: Monitor the use of cloud services within the organization to detect unauthorized or suspicious activities.

– Regular Updates: Ensure all systems and software are up-to-date with the latest security patches to protect against known vulnerabilities.

By adopting a comprehensive cybersecurity strategy that includes user awareness, advanced detection capabilities, and proactive monitoring, organizations can better defend against the evolving tactics of threat actors like APT37.