Zeus Panda
Zeus Panda is a banking trojan associated with campaigns targeting online retail and banking-related victims. The provided content states that it has been distributed via PowerShell-based download-and-execute chains and, on at least one occasion during the Christmas week, was downloaded by Emotet; that instance primarily targeted online retail sites during the holiday season. The malware has also been associated with SEO poisoning campaigns in which malicious links were promoted in search results to target users with Zeus Panda.
Capabilities directly described in the content include using PowerShell to download and execute its payload; launching remote scripts on a victim machine; taking screenshots; hooking GetClipboardData to monitor clipboard pastes and collect data; decrypting strings at runtime; collecting the current system UTC time and sending it to its C2 server; checking for the existence and contents of Registry keys; deleting files; uninstalling scripts and deleting files to cover its tracks; modifying Registry keys under HKCU\Software\Microsoft\Internet Explorer\PhishingFilter\ to disable phishing filters; and obfuscating macro commands in its initial payload.
The malware also performs language-based execution checks by querying the system keyboard mapping and terminating if it detects LANG_RUSSIAN, LANG_BELARUSIAN, LANG_KAZAK, or LANG_UKRAINIAN, indicating geofencing behavior to avoid systems configured for those languages. High-confidence behaviors and artifacts mentioned in the content therefore include PowerShell-based payload retrieval, Registry checks and modification, phishing filter disabling via Internet Explorer PhishingFilter keys, screenshot capture, clipboard monitoring via GetClipboardData hooking, runtime string decryption, remote script execution, UTC time collection for C2 reporting, macro obfuscation in the initial payload, and file/script deletion for cleanup.
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Groups observed using it
1 distinct threat actor attributed by public researchers. Open in Mallory to see the full evidence chain and overlapping campaigns.
On at least one occasion during the Christmas week, Emotet also downloaded Zeus Panda. This instance of Zeus Panda primarily targeted online retail sites during the holiday season.
Techniques & procedures
21 distinct techniques documented for this family, organized by ATT&CK tactic.
Execution
3 techniquesAPT19 downloaded and launched code within a SCT file; APT32 used COM scriptlets to download Cobalt Strike beacons; APT37 used Ruby scripts to execute payloads; ArcaneDoor included the adversary executing command line interface (CLI) commands.
The content repeatedly describes threat actors and malware using PowerShell scripts/commands for execution, download, staging, reconnaissance, persistence, credential access, lateral movement, and defense evasion; e.g., "Sandworm Team used PowerShell scripts to run a credential harvesting tool in memory to evade defenses."
During the 2016 Ukraine Electric Power Attack, Sandworm Team used the xp_cmdshell command in MS-SQL. During the 2025 Poland Wiper Attacks, the adversaries leveraged PsExec to run cmd.exe commands on multiple victim machines. Numerous malware families and groups are described as using cmd.exe, cmd /c, Windows command shell, or command-line interfaces to execute commands, payloads, reconnaissance, persistence, cleanup, and ransomware actions.
Persistence
2 techniquesAcross the content, malware repeatedly 'adds Registry Run keys', 'creates Registry entries', 'modifies the Windows Registry', or 'overwrites registry keys' to maintain persistence.
The content repeatedly describes malware and threat actors establishing persistence by adding values under HKCU/HKLM\Software\Microsoft\Windows\CurrentVersion\Run or RunOnce, and by placing executables, scripts, or .lnk files in the Startup folder.
Privilege Escalation
1 techniqueThe content repeatedly describes malware and threat actors establishing persistence by adding values under HKCU/HKLM\Software\Microsoft\Windows\CurrentVersion\Run or RunOnce, and by placing executables, scripts, or .lnk files in the Startup folder.
Stealth
5 techniquesThe content repeatedly describes payloads, strings, configuration files, scripts, URLs, and binaries being obfuscated or encoded using Base64, XOR, RC4, AES, RSA, hex encoding, custom algorithms, and other methods across many malware families and threat actors.
Examples throughout the content include 'encrypted payloads decrypted and executed in memory,' 'encrypts its configuration file,' 'AES-encrypted resource,' 'RC4 encrypted embedded scripts,' and 'payload includes an encrypted main component.'
Examples throughout the content include deleting tools, logs, malware-related files, staged archives, screenshots, temporary files, and exfiltrated data 'to cover their tracks,' 'reduce their footprint,' 'remove traces of activity,' or as part of 'post-intrusion cleanup.'
The content repeatedly describes threat actors and malware deleting files, tools, scripts, logs, droppers, staged data, and artifacts from compromised systems to cover tracks, remove evidence, or self-delete.
The content repeatedly describes malware and threat actors decoding, decrypting, or deobfuscating payloads, strings, configuration data, commands, and C2 traffic prior to execution or use, e.g., 'APT28 macro uses the command certutil -decode to decode contents of a .txt file storing the base64 encoded payload' and 'Action RAT can use Base64 to decode actor-controlled C2 server communications.'
Defense Impairment
1 techniqueDiscovery
6 techniquesThe content repeatedly describes malware and threat actors querying, enumerating, searching, reading, or checking Windows Registry keys and values, e.g., "ADVSTORESHELL can enumerate registry keys," "APT41 queried registry values to determine items such as configured RDP ports and network configurations," and "Reg may be used to gather details from the Windows Registry of a local or remote system at the command-line interface."
The content repeatedly describes malware and threat actors obtaining lists of running processes, using utilities such as tasklist, ps, WMI, Get-Process, CreateToolhelp32Snapshot, EnumProcesses, and similar APIs/commands to enumerate active processes on victim systems.
The content repeatedly describes malware and threat actors collecting host details such as OS version, hostname, architecture, CPU, memory, BIOS, domain, language, and other configuration data; e.g., "APT41 uses multiple built-in commands such as systeminfo and net config Workstation to enumerate victim system basic configuration information."
“3PARA RAT has a command to retrieve metadata for files on disk as well as a command to list the current working directory… admin@338 actors used… dir c:\ >> %temp%\download … APT28 has used Forfiles to locate PDF, Excel, and Word documents…”
Multiple malware and threat groups are described as collecting/deriving local system time, date, timestamp, tick count, or time zone (e.g., "used time /t and net time \ip/hostname for system time discovery"; "collects the timestamp from the victim’s machine"; "can collect the time zone information from the system").
Avaddon checks for specific keyboard layouts and OS languages to avoid targeting Commonwealth of Independent States (CIS) entities... Bazar can perform a check to ensure that the operating system's keyboard and language settings are not set to Russian... Clop has checked the keyboard language using the GetKeyboardLayout() function... Ryuk has been observed to query the registry key HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Nls\Language and the value InstallLanguage.
Collection
1 technique"Agent Tesla can capture screenshots of the victim’s desktop"; "AppleSeed can take screenshots on a compromised host"; "APT28 has used tools to take screenshots from victims"; "Cobalt Strike's Beacon payload is capable of capturing screenshots"; "PowerSploit's Get-TimedScreenshot Exfiltration module can take screenshots at regular intervals"; "Hydraq includes a component based on the code of VNC that can stream a live feed of the desktop"
Command and Control
2 techniquesThe content repeatedly describes threat actors, malware, and campaigns using HTTP and/or HTTPS for command and control, including examples such as BlackEnergy communicating with C2 over HTTP POST requests and many other families using HTTP/S for C2.
Representative examples include "APT33 has utilized PowerShell to download files from the C2 server and run various scripts," "QakBot can use PowerShell to download and execute payloads," and "TrickBot has been known to use PowerShell to download new payloads."
Other
2 techniquesBlackByte performed Registry modifications to escalate privileges and disable security tools. Embargo has modified and deleted Registry keys to add services, and to disable Security Solutions such as Windows Defender. TA505 has used malware to disable Windows Defender through modification of the Registry. During SharePoint ToolShell Exploitation, threat actors, including Storm-2603, disabled security services via Registry modifications.
Examples include BlackByte performing Registry modifications to escalate privileges and disable security tools; LockBit 3.0 changing Registry values to disable SmartScreen and Windows Defender; TA505 using malware to disable Windows Defender through Registry modification.
IOCs tracked for this family
8 indicators attributed across vendor reports, sandbox runs, and researcher write-ups. Full values are available in Mallory.
IPs, domains, and DNS infrastructure linked to this family.
File hashes (MD5, SHA-1, SHA-256) from samples and reports.
Other indicator types observed in public reporting.
Recent activity
36 sources tracked across advisories, community write-ups, and news. New activity surfaces here as Mallory finds it.
Software changes: ... Zeus Panda
Malware that checks keyboard mapping for language and terminates on specified CIS languages.
Banking trojan that uses PowerShell to download and execute its payload.
Malware that obfuscates macro commands in its initial payload.
The version that knows your environment.
Match every observed IP, domain, and hash against your live telemetry.
Named campaigns wielding this family, with evidence pinned to each claim.
CVEs this family uses for access and lateral movement.
YARA, Sigma, Snort, and vendor rules, auto-deployed to your SIEM.
Every documented technique, ranked by evidence weight.
Reddit, Mastodon, and CTI community discussion around this family.