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Analysis of APT37 Attack Case Disguised as a Think Tank for National Security Strategy in South Korea (Operation. ToyBox Story)

2025-05-12, Genians
https://www.genians.co.kr/en/blog/threat_intelligence/toybox-story
#APT37 #LNK #ToyBoxStory #RokRAT

Contents

◈ Executive Summary
- Disguised the content as an academic forum invitation from a South Korean national security think tank to attract attention
- Lured targets by referencing an actual event titled “Trump 2.0 Era: Prospects and South Korea’s Response”
- Delivered malicious LNK files via the Dropbox cloud platform
- APT37 used Dropbox as a C2 server, following earlier use of pCloud and Yandex
- EDR-based anomaly hunting required to improve detection of fileless threats
1. Overview
○ In March 2025, the APT37 threat actor launched a spear phishing campaign targeting several activists focused on North Korea. The email contained a Dropbox link leading to a compressed archive that included a malicious shortcut (LNK) file. When extracted and executed, the LNK file activated additional malware containing the keyword “toy.”
○ Based on the characteristics of the threat, Genians Security Center (GSC) named the campaign “Operation: ToyBox Story” and began in-depth analysis.
[Figure 1] Flowchart of the APT37 Attack
2. …

IoC

https://api.pcloud.com/uploadfile?path=%s&filename=%s&nopartial=1
https://content.dropboxapi.com/2/files/upload
https://cloud-api.yandex.net/v1/disk/resources?path=%s&limit=500
https://api.pcloud.com/listfolder?path=%s
http://cloud-api.yandex.net
https://cloud-api.yandex.net/v1/disk/resources/upload?path=%s&overwrite=%s
http://89.147.101.71
http://api.dropboxapi.com
http://37.120.210.2
https://content.dropboxapi.com/2/files/download
http://api.pcloud.com
https://api.dropboxapi.com/2/files/delete
https://api.pcloud.com/getfilelink?path=%s&forcedownload=1&skipfilename=1
https://api.dropboxapi.com/2/files/list_folder
https://cloud-api.yandex.net/v1/disk/resources/download?path=%s
https://api.pcloud.com/deletefile?path=%s
http://89.147.101.65
https://cloud-api.yandex.net/v1/disk/resources?path=%s&permanently=%s
89.147.101.65
37.120.210.2
89.147.101.71
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