In January, we responded to the Lazarus Group’s novel attack campaign against South Korea, which followed last year’s Operation SyncHole. In this new operation, the group employed an updated malware chain that included both their old and new malware, which we disclosed in full, and used another mandatory South Korean security software program as a part of infection chain using a watering‑hole strategy. Notably, the group targeted victims more selectively, sending spear‑phishing emails with links to fabricated but relevant sites, such as portfolio and résumé pages tailored to each target. We dubbed this activity Operation FlashHole.Operation FlashHole attack flow during initial compromiseOur examination reveals that the earliest evidence of this new operation dates back to July 2025. This suggests the group began preparing for the campaign shortly after ending Operation SyncHole, which lasted at least four months. We identified a minimum of three organizations impacted by the campaign in South Korea’s software, construction, and wired communication equipment manufacturing sectors. These sectors differ from those affected by Operation SyncHole, indicating that the group has expanded its target scope over time.BackgroundAfter more than a year since the first observation of Operation SyncHole, we detected a suspicious execution chain originating from legitimate South Korean software. This chain mirrors the one from the previous operation; however, this time, the attacker abused CrossWeb EX instead of Cross EX, which was abused in Operation SyncHole. Both applications appear to be maintained by the same developer, and both are related to financial security. CrossWeb EX is a financial security solution that is required to access widely used online banking and government websites. It encrypts communications between the user’s browser and the web server using public key infrastructure (PKI). This is not the first time Lazarus has abused this software. It was also used in 2021 to deploy the Racket downloader and again in 2022 and 2023. Although the exact method by which CrossWeb EX was abused remains unclear, we determined that the attack chain ultimately leads to the execution of the malware in memory.We noted that the spawned process was running with a high integrity level. The parent process, INISAFECrossWebEXSvc.exe, originates from the installation bundle of INISAFE CrossWeb EX V3 version 3.4.1.2, released in 2023 after KrCERT’s public advisory.As we already mentioned in our SyncHole blog post, this pattern closely mirrors the long‑standing strategy employed by the Lazarus Group to target South Korea. Since CrossWeb EX and similar software is mandatory for South Korean users and typically runs in the background to interact with the browser, it has been leveraged as a critical attack vector by the group. In 2025, a paper was presented at the USENIX Security Symposium that investigated vulnerabilities in South Korea’s mandatory security software and demonstrated how such software can unintentionally create a massive attack surface.In July 2026, the South Korean government and several local security vendors also published a joint security advisory covering typical Lazarus attack techniques, including exploitation of financial security software. While this advisory overlaps with our findings from Operation FlashHole and Operation SyncHole, and AhnLab’s detailed analysis report Operation Double Barrel covers a wide range of recent Lazarus Group activities, we are conducting a more granular classification based on their TTPs. We will discuss this further in the attribution section.Initial infection vectorAlthough we could not precisely determine what triggered the infection chain, our analysis uncovered a suspicious website hosted on GitHub Pages that is associated with the GitHub account used as the C2 channel. The GitHub account was created last September, and the initial version of the site was designed to showcase the résumé of a senior network appliance developer. In January, however, this site was replaced with another featuring an interior design showcase. The first site was likely accessed by an employee of a wired communication manufacturing company, while the second site likely affected a target in the construction sector.Appearance of the malicious websitesThe first site with the résumé had a photograph supposedly of a job seeker, but the lack of EXIF metadata and the unnatural texture of the image indicate that it was generated by AI. This suggests the Lazarus Group has incorporated AI into its long‑standing strategy, like other Korean‑speaking threat actors (1, 2). The group most likely also used AI to create the lure site: the job seeker’s name resembles the Korean version of “John Doe,” and the portfolio was populated with seemingly meaningless details and random companies. The generated site was then manually tailored to specific targets.Suspected use of an AI-generated image on the résumé siteThe websites contained embedded links that loaded an external JavaScript file via a script tag.Malicious link embedded in the résumé site: hxxps://javadevhouse.co[.]kr/ajax/libs/jquery/1.7.3/jquery.min.jsMalicious link embedded in interior design site: hxxps://pythonapischool[.]com/api/detachBased on the analysis, we assess with medium-to-high confidence that the targets received phishing emails containing links to the malicious site hosted on GitHub Pages (using the domain .github.io). The research results showed a high possibility that visiting the malicious site initiated an infection process involving CrossWeb EX software. This assessment aligns with Lazarus’s recent approach, as detailed in the joint advisory published by the South Korean government and security companies.Full infection chainFollowing the initial compromise, the legitimate Windows binary fsquirt.exe was executed under the CrossWeb EX process and injected with shellcode containing a malicious DLL – TechHub malware. From our extensive and thorough examination, we identified several malicious payloads and reconstructed the complete infection chain. The infection chain is rather complex and reveals the Lazarus Group’s advanced operational techniques on targeted hosts. These techniques conceal their malicious payloads, intent and their sophisticated malware delivery framework. The latter was updated extensively compared to the previous campaign, despite the new operation starting less than a year later. Significantly, the execution chain below exists only in memory during the initial infiltration, highlighting the attackers’ considerable efforts to hide the initial compromise.Initial infection chainFollowing the initial compromise, the group sought to maintain persistence on the network by installing a pair of malware strains – TouchHub and TouchShift – leveraging DLL side‑loading under the name mscoree.dll. TouchHub was deployed by the first instance of TechHub. It then used DLL side-loading to launch TouchShift, which led to the in‑memory execution of another TechHub instance. After launching the second time, TechHub deployed another pair, ClientHub and LPEClient, rather than executing Cubridge directly. Only minimal traces of these files were found on disk; the remainder of the malicious code persisted exclusively in memory.Expanded infection chain after gaining persistenceSince Cubridge remains only in memory at the initial compromise stage, we suspect the group designed this indirect, multistage chain to deliberately redeploy Cubridge after gaining persistence, as it serves as the most sophisticated orchestrator of the attack.Malware setThe full chain comprises advanced variants of the known Lazarus malware strains, including TechHub, Cubridge, TouchShift, LPEClient, and the newly identified TouchHub and ClientHub.TechHub – the start of the chainTechHub, a downloader that plays a central role in this attack, communicates with GitHub using a Personal Access Token (PAT). It serves as the initial payload, providing the top of the chain with sufficient functionality to profile compromised hosts and facilitate subsequent payloads.This variant is a more advanced version of the malware named CLOUDBURST by Mandiant and NickelLoader by ESET. According to their reports, the earlier version communicated with a C2 server via HTTP(S) to fetch additional payloads. The latest iteration we found, however, communicates with GitHub instead and has updated command strings.We identified three variants of TechHub in the chain: an in‑memory version, a simple DLL side‑loading version, and a DLL side‑loading version that uses a registered Windows service. Depending on which stage loads the malware, it contacts a private GitHub repository via the GitHub API using either hard‑coded credentials or credentials retrieved from its configuration file.When TechHub loads, it creates a 4‑byte hexadecimal identifier (ID) in the range 0x1000–0xFFFF or reads one from the configuration file, enabling the attackers to distinguish between compromised hosts. TechHub then checks a GitHub issue by sending the request GET /issues?state=[open/closed] to determine whether any previous communication remains active and removes any traces of it if found. It then proceeds with the handshaking process.It creates a new issue titled 1[ID] with the body “hel” using the POST /issues request, and sets its status to open.It then retrieves a file from the repository containing the 2[ID] value in its name. This file contains the RSA public key.It generates a random 16‑byte XOR key, encrypts it with the provided RSA public key, and uploads the result, prefixed with 1[ID], to the repository.The hard‑coded IV is XORed with the generated 16‑byte key and then used after the handshake.During file exchange, filenames follow the pattern [1|2][ID][random-16-byte-key] throughout communication. The “2” prefix indicates delivery from the repository to TechHub, while “1” indicates delivery from TechHub to the repository. The random 16‑byte key in the filename is used for AES encryption or decryption of each file’s contents, employing either a hard‑coded IV or an updated IV.After the key exchange is complete, TechHub reads a file with the prefix “2” once again and verifies that the delivered data equals “hel”. If the check passes, TechHub gathers extensive information from the infected host. This data is then encrypted and sent to the repository. After transmitting the device information, the process concludes by updating the body of the previously created issue from “hel” to “hey” using PATCH /issues/[issue number]. The malware is now fully prepared to receive commands from the repository.TechHub supports four commands. The laeca command deploys a payload packaged in shellcode that reflectively loads the embedded payload directly into memory.CommandDescriptionmqdrzCollect information about the device and its running processeslaecaDirectly invoke the received shellcode in memoryaqvxpTerminate the current processrtcyaBeaconing after finishing the handshake processCubridge – the framework orchestratorCubridge, deployed via TechHub on the compromised host, is capable of retrieving various payloads through multiple methods. It serves as the central orchestrator of the entire malware framework, supporting a range of plugins, modules, and tools. An earlier version of Cubridge was also disclosed in the reports covering the previous version of TechHub. In those reports, Mandiant identified it as SIDESHOW, and ESET identified one of its modules as LightlessCan.To establish communication with the C2 server, Cubridge randomly selects one of the predefined C2 servers and constructs a dedicated C2 URL for every request, using the pattern [C2_URL]/[page1]/[page2]/[page3]. This is achieved by concatenating terms from predefined word lists. Our analysis identified a single hardcoded C2 server – hxxps://cubedesign[.]co[.]kr/news/AABBCC – associated with the examined instance that is configured to version 5.1. During URL generation, AABBCC is substituted with a null value. The page3 segment is assigned a randomly generated integer between 10000000 and 99999999. Consequently, each generated URL is designed to appear authentic and remain unique for each request.The predefined list for page1 is shown below. TechHub randomly selects one item from the list.economy, opinion, politics, national, international, medical, investment, sports, lifestyle, shopping, cultureThe predefined word list for page2 is shown below.article, list, storyThis means the hardcoded URL can later be transformed, for example, into hxxps://cubedesign[.]co[.]kr/news/economy/article/12345678 by following the steps described above.Authentication using the POST request with the C2 server requires three parameters in the form of key‑value pairs. Each key is randomly generated using a different predefined word dictionary, and the associated values consist of a randomly generated 8‑byte hexadecimal bot ID, a fixed authentication token (KW4Ofw982CNJjxd51AVqkGAop), and a randomly generated 16‑byte hexadecimal session ID.Cubridge employs a more robust handshaking process than TechHub, combining the RSA and RC6 algorithms. Unlike TechHub, it skips the profiling step and proceeds directly to command and control after the handshake. During communication, the malware mimics browser requests, using X‑CSRF‑Token and X‑Requested‑With headers for authentication and the Upgrade‑Insecure‑Requests header to request additional data.Cubridge’s communication sequenceCubridge contains extensive functionality, with a particular focus on loading subsequent‑stage payloads. The commands employ various techniques, such as DLL injection, reflective loading, and section‑mapping injection. The payloads may be delivered in various forms:Plugins – reusable extensions that add functionality as needed and can be invoked at any time (in shellcode and DLL form);Tools (in DLL form) – independent utilities that perform one-off tasks;Modules – components that are loaded once and remain active providing an extended set of functionalities.It is anticipated that the commands for plugins and shellcode will load identical types of plugins because both support a similarly formed exported function for subsequent activity. The shellcode can be generated using the open‑source sRDI tool to package a DLL‑style plugin. The capabilities of a single DLL are likely utilized to load a tool that works independently because when a single DLL is loaded, only its DllMain entry point and its parameters are accessible; no other exported functions are exposed.CommandPayload typeDescription0–Collect device info including the computer name, time zone, PID, and other similar details1Archive the specified file/directory using the legacy ZipCrypto algorithm and the hard‑coded password: xdkiTajAAxc3i/w[