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An active malware campaign is using counterfeit software-download websites to distribute malicious installers, primarily targeting users seeking popular software. This campaign has significantly affected China-based operations of multinational corporations and Chinese-speaking users. The malware, once executed, can establish persistence, undermine security measures, and communicate with attacker-controlled infrastructure. Victims span various sectors, including healthcare, manufacturing, gaming, technology, logistics, government, and education. Microsoft associates this campaign with a Chinese threat cluster called Silver Fox, known for using spoofed vendor download pages to spread Gh0st RAT and ValleyRAT. The malicious websites are hosted on .com.cn and .hl.cn domains, featuring Chinese-language content. The downloaded files are dynamically generated, and upon execution, they deploy a wrapper installer that initiates the malware payload. The malware achieves persistence through scheduled tasks and interferes with Windows Update services. The campaign establishes command-and-control communication over non-standard ports, with two identified domains linked to the activity. Microsoft Defender has detected the threat and initiated containment procedures. Kaspersky reported a related malicious installer exploiting a legitimate adware application to execute a backdoor, which captures keystrokes and clipboard contents. ValleyRAT, a sophisticated implant, can collect system information, reboot the computer, capture screenshots, and transmit logs. The attackers are motivated by cyber espionage and financial gain, targeting organizations globally. A subgroup within GoldenEyeDog, known as CuboidalCanine, has also been linked to the use of ValleyRAT, particularly in the gambling industry. In June 2026, Chinese authorities addressed cybercrime cases involving a new variant of the Silver Fox trojan.