Malware Insights
The sample is an OLE Excel file exhibiting a large slack space anomaly and containing NOP sleds, indicating potential shellcode. Heuristics indicate the use of WinExec, ShellExecute, VirtualAlloc, VirtualProtect, CreateRemoteThread, LoadLibrary, and GetProcAddress, suggesting the execution of injected code. The XOR-encoded strings (key 0x90) further point to obfuscation techniques. While no specific document body content directly indicates malicious intent beyond generic application forms, the combination of these low-level API calls and obfuscation strongly suggests the file is a loader for a second-stage payload.
Heuristics 10
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Reference to CreateRemoteThread API critical SC_STR_CREATEREMOTETHREADReference to CreateRemoteThread API
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XOR-encoded strings (key 0x90) critical SC_XOR_ENCODEDFound 5 Windows library/API name(s) XOR-encoded with single-byte key 0x90: 'kernel32.dll', 'LoadLibraryA', 'GetProcAddress', 'VirtualAlloc', 'HttpOpenRequestA'
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NOP sled detected high SC_NOP_SLEDFound 20+ consecutive 0x90 bytes
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Reference to WinExec API high SC_STR_WINEXECReference to WinExec API
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Reference to ShellExecute API high SC_STR_SHELLEXECReference to ShellExecute API
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Reference to LoadLibrary API high SC_STR_LOADLIBRARYReference to LoadLibrary API
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Reference to GetProcAddress API high SC_STR_GETPROCADDRESSReference to GetProcAddress API
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OLE document has large unaccounted-for region high OLE_SLACK_ANOMALYOLE file is 321,472 bytes but its declared streams total only 21,308 bytes — 300,164 bytes (93%) live in unallocated sector slack. This is the canonical hiding place for pre-macro-era Office exploit payloads (XOR-encoded shellcode reached via a parser pointer-corruption bug in the document structure).
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Reference to VirtualAlloc API medium SC_STR_VIRTUALALLOCReference to VirtualAlloc API
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Reference to VirtualProtect API medium SC_STR_VIRTUALPROTECTReference to VirtualProtect API
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