Security Insights

Peeking into PrivateLoader

Cyber honeycomb containing locks.

Key Points

  • PrivateLoader is a downloader malware family that was first identified in early 2021
  • The loader’s primary purpose is to download and execute additional malware as part of a pay-per-install (PPI) malware distribution service
  • PrivateLoader is used by multiple threat actors to distribute ransomware, information stealers, banking trojans, downloaders, and other commodity malware

PrivateLoader is a downloader malware family whose primary purpose is to download and execute additional malware. Intel 471 and Walmart reported on PrivateLoader’s pay-per-install (PPI) service that distributes malware on behalf of other threat actors. The malware payloads can be selectively delivered to victims based on certain criteria (e.g. location, cryptocurrency or financial activity, on a corporate network, specific software installed, etc.) As previously reported, some of the payloads being distributed include Redline Stealer, Vidar Stealer, SmokeLoader, Stop ransomware, and other commodity malware.

The PrivateLoader malware is written in the C++ programming language, and based on the existence of multiple versions it seems to be in active development. The name “PrivateLoader” comes from debugging strings that can be found in some versions of the malware, for example:

C:\Users\Young Hefner\Desktop\PrivateLoader\PL_Client\PL_Client\json.h

PrivateLoader is modularized into a loader component and a main component.

Anti-Analysis Techniques

Both the loader and main components of PrivateLoader make use of similar anti-analysis techniques. These anti-analysis techniques include obfuscating integer constants with various mathematical operations as shown in Figure 1.

Figure 1: Example of a PrivateLoader obfuscated integer constant.

Most of the malware’s important strings are stored as encrypted stack strings where each string is decoded with its own XOR key as shown in Figure 2. A listing of PrivateLoader’s decrypted strings for the loader component can be found here and the main component’s decrypted strings can be found here.

Figure 2: Example of a PrivateLoader encrypted stack string.

Most of the important Windows DLL and API names used by PrivateLoader are also stored as encrypted stack strings. After decryption, PrivateLoader dynamically resolves the API functions at runtime. Finally, PrivateLoader adds junk code to obfuscate the program’s logic and control flow.

Loader Component

The PrivateLoader loader component contains three dead drop resolver URLs hardcoded in the malware that communicate via an HTTP GET request. An example of PrivateLoader’s dead drop resolvers is the following:

  • hxxp://45.144.225[.]57/server.txt
  • hxxps://pastebin[.]com/raw/A7dSG1te
  • hxxp://wfsdragon[.]ru/api/setStats.php

The purpose of these resolvers is to retrieve PrivateLoader’s command and control (C2) address. The first two dead drop resolver URLs return a plaintext response, while the third dead drop resolver returns a response that is XOR encrypted with a one-byte key (e.g., 0x6d). PrivateLoader expects the (decrypted) response to be in the format HOST:<IP_Address>. An example dead drop resolver response is the following:


If PrivateLoader is unable to retrieve the primary C2 address via the dead drop resolvers, there is a secondary C2 address (2.56.59[.]42) stored in the malware. The C2 address obtained from the dead drop resolver (or the hardcoded C2 address) is combined with the path /base/api/statistics.php. PrivateLoader sends an HTTP GET request to this URL, which in turn fetches another URL that is XOR encrypted with a one-byte key (0x1d). Similar to the previous request, PrivateLoader expects the decrypted response from the C2 to be in the format URL:<PrivateLoader_Main_Component_URL>. An example of a decrypted response from the PrivateLoader C2 is shown below:


PrivateLoader retrieves the content from this URL via an HTTP GET request. The response contains an unknown DWORD followed by encrypted data. To decrypt the data, first some of the bytes are replaced as shown in Table 1.


Byte to Replace

Replacement Byte




















Table 1: Replacement bytes used in PrivateLoader’s decryption algorithm.

After the replacement, the data is XOR decrypted with a one-byte key (0x9d). The decrypted data contains the main component, which is a DLL that is injected into the loader process and then executed. The loader passes a structure to the main component containing: 

  • The C2 IP address
  • A hard coded integer used in some of the main component’s C2 communications
  • A hard coded integer used to represent the campaign that the malware sample is associated with

Main Component

The campaign ID passed in from the loader component is mapped to one of 33 campaign names as shown below in Table 2.





































Table 2: Listing of PrivateLoader campaign names.

The sample analyzed for this blog post was configured with campaign ID 27 which maps to WW_P_7. The campaign a particular sample is associated with determines what payloads are downloaded and executed. For some campaigns, the payload URLs are hardcoded into the main component (see the decrypted strings listing), while for others the payload URLs are retrieved from the C2.

Some campaigns are also interested in a victim's cryptocurrency and banking activity. PrivateLoader performs this action by searching a large number of file paths, registry keys, browser extensions, and saved browser logins for the following broad groups (see the decrypted strings listing for details):

  • cryptoWallets browser
  • cryptoWallets cold
  • cryptoWallets_part1
  • cryptoWallets_part2
  • cryptoGames
  • bankWallets
  • cuBankWallets
  • bankAUWallets
  • paypal
  • bankCAWallets
  • bankWallets_part1
  • bankWallets_part2
  • bankMXWallets
  • bankPKWallets
  • bankESWallets
  • shops
  • amazon_eu
  • webhosts
  • VBMT (travel related sites)

The wallet and/or saved login data themselves aren’t exfiltrated, rather PrivateLoader just checks for the existence of them. This data is likely used to help determine follow-on payloads such as stealer or banking malware that can make better use of the credentials.

The PrivateLoader main component creates a URL by combining the C2 address passed in from the loader with the path /base/api/getData.php. The malware then sends HTTP POST requests containing a command and various data. An example PrivateLoader main component’s request and response is similar to Figure 3.

Figure 3: Example C2 request and response by the PrivateLoader main component.

The POST data contents in the data field and corresponding response data can be decrypted as follows:

  • Replace the characters "_" with "/" and "-" with "+"
  • Base64 decode the data
  • Generate a 32-byte AES key and a 32-byte HMAC secret with PBKDF2
    • The password Snowman+under_a_sn0wdrift_forgot_the_Snow_Maiden is stored as an encrypted stack string
    • The salt is stored as the first 16-bytes of the Base64 decoded data
    • The iteration count is hardcoded to 20,000
    • The HMAC hashing algorithm is SHA512
  • An IV is stored as the second 16-bytes of the Base64 decoded data
  • An HMAC hash is stored as the last 32-bytes of the Base64 decoded data
  • Between the IV and the HMAC hash is AES encrypted data
  • The HMAC hash is validated

Once decrypted, an example C2 beacon looks similar to the following:


Each field is pipe delimited and contains the following parameters:

  • Command
  • Campaign name
  • JSON object

In this example the JSON object contains:

  • IDs of browser extension payloads that have been downloaded and executed
  • IDs of hardcoded or retrieved payloads that have been downloaded and executed
  • Location of victim based on GeoIP
  • Location of victim based on system data

The response data depends on the command and can contain a simple status message (e.g. “success”) or a JSON object.

C2 commands may include the following values:

  • GetLinks - get payload URLs
  • GetExtensions - get browser extension payload URLs
  • AddExtensionStat - used to update C2 panel statistics
  • GetIP - used to obtain the victim's external IP address
  • AddLoggerStat - used to update C2 panel statistics
  • SetIncrement|not_elevated - indicates if the malware's process token is not elevated
  • SetIncrement|ww_starts
  • GetCryptoSleeping
  • IsUseDominationProject
  • SetLoaderAnalyze

As an example of the GetLinks command, a listing of payload URLs returned for the analyzed sample’s campaign on 04/14/2022 is available here. Some of the payload URLs are encrypted similarly to how the main component was encrypted, while others are unencrypted PE executable files. 


PrivateLoader is a typical downloader malware family that provides a PPI service that has gained traction as a viable malware distribution method for multiple threat actors. PrivateLoader is currently used to distribute ransomware, stealer, banker, and other commodity malware. The loader will likely continue to be updated with new features and functionality to evade detection and effectively deliver second-stage malware payloads.

Cloud Sandbox Detection


In addition to sandbox detections, Zscaler’s multilayered cloud security platform detects indicators related to the campaign at various levels with the following threat names:



Indicators of Compromise





SHA256 hash of analyzed PrivateLoader loader component


SHA256 hash of analyzed PrivateLoader main component


Loader component dead drop resolver


Loader component dead drop resolver


Loader component dead drop resolver


Primary C2 address


Secondary C2 address


Loader component URI


Encrypted main component


Main component URI

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