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We created an [in-depth malware analysis tutorial](https://github.com/PaloAltoNetworks/Unit42-Threat-Intelligence-Article-Information/blob/main/Mega-Malware-Analysis-Tutorial-Featuring-Donut.pdf) featuring shellcode generated by a tool named Donut. The tutorial walks through a single infection chain from end to end, starting with a sample, and assuming no prior knowledge of the malware in question. By the end of the tutorial, readers will better understand many components of the infection chain and identify the family of the final payload. The tutorial is designed to be a beginner-friendly lesson for those who understand the basics of malware analysis but have yet to analyze many samples in the wild on their own. With the help of this tutorial, we hope that readers will: * Become familiar with common malware analysis tools like *dnSpy* , *IDA Pro* , *x64dbg* and *ProcessHacker* * Learn how to leverage both static and dynamic analysis to form a complete picture of malware behavior * Recognize common techniques used by malware in its natural context, such as: * Dynamic API resolution * Process injection * Bypassing AMSI by using memory patching * Gain insight on how malware analysts at Palo Alto Networks might approach an unknown sample in their daily operations The infection chain in this tutorial is composed of different stages, each playing a different role. These stages include downloading the initial malware, hiding traces of malicious activity and dropping the final payload. Along the way, we record every step in our analysis, and we explain our thought process behind each decision. We explain not only what the malware sample is doing, but also the reasons why a malware sample might do the observed activity. Due to the large size of the tutorial, we have included a small excerpt in this article as a preview. To read the tutorial in its entirety, please view it [on our GitHub page](https://github.com/PaloAltoNetworks/Unit42-Threat-Intelligence-Article-Information/blob/main/Mega-Malware-Analysis-Tutorial-Featuring-Donut.pdf). Palo Alto Networks customers are better protected from the malware reviewed in this tutorial through the following products and services: * [Cortex XDR](https://docs-cortex.paloaltonetworks.com/p/XDR) and [XSIAM](https://docs-cortex.paloaltonetworks.com/p/XSIAM) * Our [Next-Generation Firewall](https://www.paloaltonetworks.com/network-security/next-generation-firewall) with [Cloud-Delivered Security Services](https://www.paloaltonetworks.com/network-security/security-subscriptions), including * [Advanced WildFire](https://docs.paloaltonetworks.com/wildfire) * [Advanced DNS Security](https://docs.paloaltonetworks.com/dns-security) * [Advanced URL Filtering](https://docs.paloaltonetworks.com/advanced-url-filtering/administration) If you think you might have been compromised or have an urgent matter, contact the [Unit 42 Incident Response team](https://start.paloaltonetworks.com/contact-unit42.html). | **Related Unit 42 Topics** | [**Shellcode**](https://unit42.paloaltonetworks.com/tag/shellcode/), **[Static Analysis](https://unit42.paloaltonetworks.com/tag/static-analysis/)** | |----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------| ## Excerpt of Donut Malware Analysis Tutorial *This excerpt features the analysis of an unknown function in the Donut-generated shellcode used during the attack chain. The analysis helps explain some basic techniques using IDA Pro as a disassembler and decompiler and x64dbg as a debugger.* The screenshot below shows the decompiled shellcode in [IDA Pro](https://hex-rays.com/ida-pro). The unknown function is sub\_10A31A, highlighted in a red box in Figure 1. This unknown function does not take any arguments. ![Screenshot of computer code in an IDE, highlighting function definitions and calls, with specific lines marked in red to indicate errors or warnings.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-440245-151292-1.png) Figure 1. Decompiled shellcode viewed in IDA Pro. Using [*x64dbg*](https://x64dbg.com/) as a debugger for this shellcode, we can view the content of the EAX register from the sub\_10A31A function. The EAX register merely returns the address of the function, which is 06CDA31 as Figure 2 shows. ![Text displaying two alphanumeric codes, "EAX" in red and "06CDA31A" in red.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-444240-151292-2.png) Figure 2. The return value of sub\_10A31A. Figure 3 below shows the decompiled code of the sub\_10A31A function. ![Screenshot of a simple C programming code involving a function. The function is defined to return an integer and involves pointer operations.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-447003-151292-3.png) Figure 3. The decompiled code of sub\_10A31A. This function is extremely simple because it just returns the address of the function, so it matches what we just observed in x64dbg. But what is the purpose of returning the address of the function? Let's return to the debugger to find some clues. Stepping through the shellcode in x64dbg, the Extended Instruction Pointer (EIP) is on the first instruction, call 6CDA31A as shown below in Figure 4. The operand of the call instruction, 6CDA31A, is the address of the sub\_10A31A function. ![Screenshot of a computer debug screen highlighting code operations with assembly language, including call and mov instructions, and memory addresses in hexadecimal notation. The first line is highlighted.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-449751-151292-4.png) Figure 4. The call to sub\_10A31A as shown in x64dbg. This function calls the instructions starting at 0x06CDA31A. Figure 5 below shows these instructions. ![Screenshot of a segment of computer code, highlighting various operations and memory addresses in different colors.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-453337-151292-5.png) Figure 5. Instructions at 0x06CDA31A shown in x64dbg. We can find the same instructions for this function by viewing the shellcode in IDA. However, IDA shows the same instruction as call $+5 in the disassembled code as Figure 6 below shows, in the red box. ![Screenshot of computer code in an IDE, highlighting a subroutine call at an address with 'call' command in red text.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-456203-151292-6.png) Figure 6. The assembly instructions of sub\_10A31A in IDA. Let's break down the call $+5 instruction shown in IDA: * $+5 just means "the current address (EIP) plus 5." With a value of E8 00 00 00 00, the full call instruction is 5 bytes, so $+5 effectively refers to the instruction immediately after the call instruction (i.e., the address of the pop eax instruction). * call pushes the return address (i.e., the address right after the call instruction) onto the stack and jumps to the operand of the call instruction. Putting these two facts together, call $+5 means "push the address immediately after the call instruction onto the stack and then jump to that address." This might seem like a very roundabout way of pushing the address of the next instruction onto the stack, but the x86 instruction set does not provide a more straightforward way of doing so. An instruction like push eip+5 is not valid, as EIP cannot be used directly as an operand. Let's turn our attention back to the debugger to observe this in action. The instruction call 6CDA31F pushes 0x06CDA31F onto the stack and then jumps to 0x6CDA31F as shown in Figure 7. ![Image showing a computer screen with hexadecimal code and arrow indicators highlighting specific segments of the code in different colors.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-459181-151292-7.png) Figure 7. The operand of the call instruction is also the address of the next instruction. Now that 0x06CDA31F is on the stack, it gets stored in the EAX register with the pop eax instruction as shown in Figure 8. ![Text displaying "EAX 06CDA31F" in red on a white background.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-462064-151292-8.png) Figure 8. EAX after the pop eax instruction. And then we subtract 5 from 0x06CDA31F with the sub eax, 5 instruction as shown in Figure 9. ![Text displaying two alphanumeric codes, "EAX" in red and "06CDA31A" in red.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-464788-151292-9.png) Figure 9. EAX after the sub eax, 5 instruction. As we observed when we first stepped over sub\_10A31A, the result is that 0x06CDA31A gets stored in EAX. The sequence of instructions inside sub\_10A31A is commonly used to implement [PC-relative addressing](https://www.comp.nus.edu.sg/~adi-yoga/CS2100/ch06c4/) and allows the shellcode to be position-independent. Why is this important? Just like any program, malware may have some resources that it needs to access. Resources can be accessed via absolute addresses or an offset relative to a base address. Regular PE files can access resources using absolute addresses because the PE loader applies relocation adjustments if the program is loaded into a memory region different from its preferred base address. However, shellcode doesn't have this capability and thus must rely on relative addresses. By calling sub\_10A31A, the shellcode can access the resources it needs by using an offset relative to the address of sub\_10A31A in memory. We can then look at the decompiled code in Figure 10 to see how it's used. The address returned by sub\_10A31A (which we'll now call get\_pc) is used in the second argument of memcpy to access the address of the source buffer. ![Screenshot of computer code in an IDE, featuring functions and parameters highlighted in red and blue.](https://unit42.paloaltonetworks.com/wp-content/uploads/2025/08/word-image-467494-151292-10.png) Figure 10. The decompiled code after renaming sub\_10A31A. ## Conclusion Analyzing malware is a very detailed and complex process. Through the full tutorial, we hope to help others improve their skills in malware analysis through a step-by-step analysis of an infection chain. If you found this excerpt interesting, please [read the full tutorial](https://github.com/PaloAltoNetworks/Unit42-Threat-Intelligence-Article-Information/blob/main/Mega-Malware-Analysis-Tutorial-Featuring-Donut.pdf). Happy analyzing! Palo Alto Networks customers are better protected from the shellcode discussed in this article through the following products: * The [Advanced WildFire](https://docs.paloaltonetworks.com/wildfire) machine-learning models and analysis techniques have been reviewed and updated in light of the indicators shared in this research. * [Advanced URL Filtering](https://docs.paloaltonetworks.com/advanced-url-filtering/administration) and [Advanced DNS Security](https://docs.paloaltonetworks.com/dns-security) identify known domains and URLs associated with this activity as malicious. * [Cortex XDR](https://docs-cortex.paloaltonetworks.com/p/XDR) and [XSIAM](https://docs-cortex.paloaltonetworks.com/p/XSIAM) are designed to prevent the execution of known malicious malware, and also prevent the execution of unknown malware using Behavioral Threat Protection and machine learning based on the Local Analysis module. If you think you may have been compromised or have an urgent matter, get in touch with the [Unit 42 Incident Response team](https://start.paloaltonetworks.com/contact-unit42.html) or call: * North America: Toll Free: +1 (866) 486-4842 (866.4.UNIT42) * UK: +44.20.3743.3660 * Europe and Middle East: +31.20.299.3130 * Asia: +65.6983.8730 * Japan: +81.50.1790.0200 * Australia: +61.2.4062.7950 * India: 00080005045107 Palo Alto Networks has shared these findings with our fellow Cyber Threat Alliance (CTA) members. CTA members use this intelligence to rapidly deploy protections to their customers and to systematically disrupt malicious cyber actors. Learn more about the [Cyber Threat Alliance](https://www.cyberthreatalliance.org). ## Indicators of Compromise * SHA256 hash: d2bea59a4fc304fa0249321ccc0667f595f0cfac64fd0d7ac09b297465cda0c4 * File size: 1,092,149 bytes * File type: Data * File description: Decrypted Donut-generated shellcode ## Additional Resources * [Donut - Injecting .NET Assemblies as Shellcode](https://thewover.github.io/Introducing-Donut/) -- The Wover * [Analysis of Native Process CLR Hosting Used by AgentTesla](https://www.sonicwall.com/blog/analysis-of-native-process-clr-hosting-used-by-agenttesla) -- SonicWall * [Bypassing Enterprise EDR to Inject .NET Assemblies Into Remote Processes](https://makosecblog.com/malware-dev/bypassing-enterprise-edr-process-injection/) -- MacoSec Back to top ### Tags * [.NET](https://unit42.paloaltonetworks.com/tag/net/ ".NET") * [IDA Pro](https://unit42.paloaltonetworks.com/tag/ida-pro/ "IDA Pro") * [RemcosRAT](https://unit42.paloaltonetworks.com/tag/remcosrat/ "RemcosRAT") * [Reverse Engineering](https://unit42.paloaltonetworks.com/tag/reverse-engineering/ "Reverse Engineering") * [Shellcode](https://unit42.paloaltonetworks.com/tag/shellcode/ "shellcode") * [Static Analysis](https://unit42.paloaltonetworks.com/tag/static-analysis/ "Static Analysis") * [Technical analysis](https://unit42.paloaltonetworks.com/tag/technical-analysis/ "technical analysis") [Threat Research Center](https://unit42.paloaltonetworks.com "Threat Research") [Next: Muddled Libra's Strike Teams: Amalgamated Evil](https://unit42.paloaltonetworks.com/muddled-libras-strike-teams/ "Muddled Libra’s Strike Teams: Amalgamated Evil") ### Table of Contents * ### Related Articles * [How We Added WebAuthn to a Browser-Based RDP Client](https://unit42.paloaltonetworks.com/webauthn-added-to-browser-based-rdp/ "article - table of contents") * [Analyzing the Current State of AI Use in Malware](https://unit42.paloaltonetworks.com/ai-use-in-malware/ "article - table of contents") * [Suspected Nation-State Threat Actor Uses New Airstalk Malware in a Supply Chain Attack](https://unit42.paloaltonetworks.com/new-windows-based-malware-family-airstalk/ "article - table of contents") ## Related Malware Resources ![Pictorial representation of post-exploitation identity misuse in SPIFFE/SPIRE. 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A vibrant cityscape with silhouettes of numerous people walking along a bustling street. The scene is illuminated by bright urban lights and digital-like particles, creating a dynamic and futuristic atmosphere.](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/09/AdobeStock_768915868-2-1-786x373.jpg) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/06/icon-threat-research.svg)Threat Research](https://unit42.paloaltonetworks.com/category/threat-research/) September 3, 2026 [#### Attackers Expose Ongoing AI Tool Use Targeting Organizations in Latin America](https://unit42.paloaltonetworks.com/ai-tool-use-targeting-latam-orgs/) * [Agentic AI](https://unit42.paloaltonetworks.com/tag/agentic-ai/ "Agentic AI") * [ChatGPT](https://unit42.paloaltonetworks.com/tag/chatgpt/ "ChatGPT") * [CL-CRI-1131](https://unit42.paloaltonetworks.com/tag/cl-cri-1131/ "CL-CRI-1131") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/ai-tool-use-targeting-latam-orgs/ "Attackers Expose Ongoing AI Tool Use Targeting Organizations in Latin America") ![Pictorial representation of vishing campaigns in Microsoft Teams. A digital image of a skull formed by blue binary code on a black background, with scattered ones and zeros and digital noise, symbolizes how stealthy prompt injection attacks can exploit AI logic to bypass security controls.](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/08/01_Malware_Category_1920x900-5-786x368.jpg) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/06/icon-threat-research.svg)Threat Research](https://unit42.paloaltonetworks.com/category/threat-research/) August 31, 2026 [#### Spring Ring: An Inside Look at Voice Phishing Campaigns in Microsoft Teams](https://unit42.paloaltonetworks.com/spring-ring-voice-phishing-campaigns/) * [Cloaked Ursa](https://unit42.paloaltonetworks.com/tag/cloaked-ursa/ "Cloaked Ursa") * [Entra ID](https://unit42.paloaltonetworks.com/tag/entra-id/ "Entra ID") * [Microsoft Teams](https://unit42.paloaltonetworks.com/tag/microsoft-teams/ "Microsoft Teams") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/spring-ring-voice-phishing-campaigns/ "Spring Ring: An Inside Look at Voice Phishing Campaigns in Microsoft Teams") ![Pictorial representation of AI-enabled malware. A vibrant digital interface displaying various icons and graphs, resembling a futuristic network or data analysis dashboard. The scene is illuminated with glowing lights and patterns.](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/08/AdobeStock_1270203474-2-1-786x368.png) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/06/icon-threat-research.svg)Threat Research](https://unit42.paloaltonetworks.com/category/threat-research/) August 25, 2026 [#### The State of AI-Enabled Malware August 2026: From Brand Abuse to Agentic Execution](https://unit42.paloaltonetworks.com/ai-enabled-malware-analysis/) * [Backdoor](https://unit42.paloaltonetworks.com/tag/backdoor/ "backdoor") * [Bitcoin](https://unit42.paloaltonetworks.com/tag/bitcoin/ "Bitcoin") * [DLL hijacking](https://unit42.paloaltonetworks.com/tag/dll-hijacking/ "DLL hijacking") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/ai-enabled-malware-analysis/ "The State of AI-Enabled Malware August 2026: From Brand Abuse to Agentic Execution") ![Pictorial representation of identity abuse through trusted communication channels. Close-up view of a digital screen displaying a glitched and pixelated image of a skull-like shape.](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/08/02_Malware_Category_1920x900-2-786x368.jpg) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/06/icon-threat-research.svg)Threat Research](https://unit42.paloaltonetworks.com/category/threat-research/) August 20, 2026 [#### Identity Abuse Through Trusted Communication Channels](https://unit42.paloaltonetworks.com/communication-channel-identity-risks/) * [Authentication](https://unit42.paloaltonetworks.com/tag/authentication/ "authentication") * [Identity theft](https://unit42.paloaltonetworks.com/tag/identity-theft/ "identity theft") * [Malware](https://unit42.paloaltonetworks.com/tag/malware/ "malware") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/communication-channel-identity-risks/ "Identity Abuse Through Trusted Communication Channels") ![Pictorial representation of Kimwolf botnet malware family. Digital screen with a warning sign reading "Malware." The background features lines of computer code and graphics, creating a sense of cybersecurity threat.](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/08/07_Malware_Category_1920x900-3-786x368.jpg) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/06/icon-threat-research.svg)Threat Research](https://unit42.paloaltonetworks.com/category/threat-research/) August 11, 2026 [#### Kimwolf v7: An Evolution of the Kimwolf Botnet](https://unit42.paloaltonetworks.com/kimwolf-v7-botnet-malware/) * [Android APK](https://unit42.paloaltonetworks.com/tag/android-apk/ "Android APK") * [Ethereum](https://unit42.paloaltonetworks.com/tag/ethereum/ "Ethereum") * [HTTP](https://unit42.paloaltonetworks.com/tag/http/ "HTTP") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/kimwolf-v7-botnet-malware/ "Kimwolf v7: An Evolution of the Kimwolf Botnet") ![Pictorial representatiom pf Aeternum's blockchain C2. A close-up of a computer circuit board with a central microchip is depicted. Red digital data streams in the form of glowing binary numbers and arrows appear to flow in and out of the chip. The scene is illuminated with a futuristic blue and red glow.](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/08/04_Malware_Category_1920x900-4-786x368.jpg) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/06/icon-threat-research.svg)Threat Research](https://unit42.paloaltonetworks.com/category/threat-research/) August 10, 2026 [#### The Permanent Threat: Analyzing Aeternum's Blockchain-Based C2 Operations and Communications](https://unit42.paloaltonetworks.com/aeternum-blockchain-c2-analysis/) * [Aeternum](https://unit42.paloaltonetworks.com/tag/aeternum/ "Aeternum") * [Infection chain](https://unit42.paloaltonetworks.com/tag/infection-chain/ "infection chain") * [JSON](https://unit42.paloaltonetworks.com/tag/json/ "JSON") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/aeternum-blockchain-c2-analysis/ "The Permanent Threat: Analyzing Aeternum’s Blockchain-Based C2 Operations and Communications") ![Pictorial representation of ChainDrop, a self-propagating npm worm. An artistic depiction of a digital workspace featuring an open laptop with a red virus on the screen.](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/08/03_Malware_Category_1920x900-7-786x368.jpg) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/07/top-threats.svg)High Profile Threats](https://unit42.paloaltonetworks.com/category/top-cyberthreats/) August 6, 2026 [#### ChainDrop: Inside a Self-Propagating npm Worm](https://unit42.paloaltonetworks.com/chaindrop-npm-worm-analysis/) * [Blockchain](https://unit42.paloaltonetworks.com/tag/blockchain/ "blockchain") * [ChainDrop](https://unit42.paloaltonetworks.com/tag/chaindrop/ "ChainDrop") * [Claude code](https://unit42.paloaltonetworks.com/tag/claude-code/ "Claude code") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/chaindrop-npm-worm-analysis/ "ChainDrop: Inside a Self-Propagating npm Worm") ![Pictorial representation of Token-jacking. A person types on a laptop with multiple digital interface elements projected, including an "AI" icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/08/AdobeStock_1246251272-2-786x369.jpg) [![category icon](https://unit42.paloaltonetworks.com/wp-content/uploads/2024/06/icon-threat-research.svg)Threat Research](https://unit42.paloaltonetworks.com/category/threat-research/) August 6, 2026 [#### Token Jacking: Cybercriminals Could Be Stealing Your AI Resources](https://unit42.paloaltonetworks.com/ai-token-jacking/) * [AI API](https://unit42.paloaltonetworks.com/tag/ai-api/ "AI API") * [AI gateway](https://unit42.paloaltonetworks.com/tag/ai-gateway/ "AI gateway") * [API keys](https://unit42.paloaltonetworks.com/tag/api-keys/ "API keys") [Read now ![Right arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/icon-right-arrow-withtail.svg)](https://unit42.paloaltonetworks.com/ai-token-jacking/ "Token Jacking: Cybercriminals Could Be Stealing Your AI Resources") * ![Slider arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/slider-arrow-left.svg) * ![Slider arrow](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/slider-arrow-left.svg) ![Close button](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/icons/close-modal.svg) ![Enlarged Image]() ![Newsletter](https://unit42.paloaltonetworks.com/wp-content/uploads/2026/03/unit42-footer-subscribe-desktop.png) ![UNIT 42 Small Logo](https://unit42.paloaltonetworks.com/wp-content/themes/unit42-v6/dist/images/palo-alto-logo-small.svg) Get updates from Unit 42 ## Peace of mind comes from staying ahead of threats. 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