Report
Malware Spotlight: RansomHub Ransomware
Arete Analysis

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Executive Summary
In 2024, Arete’s Incident Response (IR) team responded to dozens of incidents attributed to the RansomHub threat actor group. Engagements attributed to RansomHub increased rapidly since Arete first observed them in May 2024, and the group quickly established itself as one of the top three threat actor groups since
July 2024.
RansomHub has impacted multiple sectors across Arete engagements, including professional services, public services, healthcare, high technology, financial services, and manufacturing. The group has targeted several high-profile targets since its emergence, including telecom giant Frontier and British auction house Christie’s. RansomHub also claimed to possess data stolen from Change Healthcare, which was the victim of an ALPHV/BlackCat ransomware attack in February 2024. RansomHub announced the sale of Change’s data after leaking some of the alleged data a day beforehand.
Advertisements for the RansomHub Ransomware-as-a-Service (RaaS) appeared on cybercriminal forums on February 2, 2024, highlighting an encryptor developed using the C++ and Go programming languages. The use of Go makes it easier for ransomware groups to target a wide variety of operating systems without needing to rewrite significant portions of the malware, as Go allows developers to compile executables for Windows, Linux, and macOS platforms from a single codebase. These advertisements were accompanied by
a new data leak site (DLS) under the RansomHub branding on the dark web.
RansomHub is suspected to be a re-brand of the “Knight” ransomware group, whose source code was listed for sale on the underground RAMP forum on February 18, 2024. From research, Arete can confirm various similarities between RansomHub and Knight’s encryptors.
This spotlight explores the ransomware group’s observed behavior, background information on the threat actor, and statistics from Incident Response engagements, along with a technical analysis of RansomHub’s ransomware executable. Finally, we discuss security recommendations to better defend against this evolving cyber threat and mitigate the risk of financial and reputational losses.
Incident Response Data on the RansomHub Ransomware Group
Background
RansomHub became a notable ransomware operation in 2024, and, alongside Akira, represented a verysignificant percentage of Arete Incident Response engagements in Q3 of 2024.

Source: Arete's Q3 2024 Crimeware Report
The group utilizes both Windows and Linux variants of encryptors, which increases its operational capability to target a wide range of victims of various sectors and sizes. RansomHub operates under a double extortion model, which involves exfiltrating sensitive data and encrypting the victims’ systems to coerce a payment for
a decryptor and data deletion.
Technical Analysis
Malware analysis revealed that RansomHub ransomware:
Supports multiple command-line arguments.
Requires a password to properly execute and encrypt files.
Encrypts files on the system and mounted shares.
Creates a ransom note with the following filename: .README_.txt
Self-identifies the group as RansomHub in the ransom note.
References a data leak site in the ransom note that, when accessed, self-identifies the group as RansomHub.
Kills a list of processes and services.
Maintains a list of whitelisted files and directories to make sure it will not render the system unusable, preventing recovery when running a decryptor.
Attempts to prevent system recovery by deleting the system’s volume shadow copies.
Clears the Windows event logs.
Creates a desktop wallpaper image in the “%temp%\” directory and later modifies a registry key to change desktop wallpaper.
Execution Pattern/Arguments
The RansomHub ransomware needs command line arguments to execute and encrypt files in the system.
Command line arguments supported:
Command line arguments | Description |
|---|---|
-cmd | CMD to be executed before encryption. |
-disable-net | Disable network before running. |
-fast value | Fast encryption mode. |
-file value | Only process file inside defined files. For example, -file C://1.txt, -file D://2.txt. |
-host value | Only process net share inside defined hosts. -host 10.10.10.10 -host 10.10.10.11. |
-only-local | Only encrypt local disks. |
-pass [SHA256 string] | Password needed to execute the ransomware. A 64-character string. |
-path value | Only process files inside defined paths. -path C:// -path D:// -path //10.10.10.10/d/ |
-safeboot | Reboot in Safe Mode before running. |
-safeboot-instance | Run as Safe Mode instance. |
-skip-vm value | Skip shutting down VMs. Example: -skip-vm “Ubuntu 22.04 LTS”, -skip-vm “Windows Server 2012”. |
-sleep [integer value] | Sleep for a period of time to run (minute). |
-verbose | Log to console. |
Ransomware execution with the command line argument –help:

Figure 1. Command line arguments supported by the ransomware
The ransomware will not execute in the system without the “-pass” argument followed by a SHA-256 value that is unique in each engagement. Execution of ransomware to encrypt files:
RansomHub.exe -pass [SHA-256] Example: 7ac8cd689f5d9f4c1ddca14ec84965ed42b17343ebe086076ba0e7a46a80f81f |
|---|
Once the SHA-256 password value is provided, the ransomware will decrypt a JSON based ransomware configuration at the run time.

Decrypted JSON field name and descriptions:
Name | Description |
|---|---|
master_public_key | Curve25519 public key used in the file encryption process. |
extension | Extension added to encrypted files. |
note_file_name | Ransom note file name, default value is .README<encrypted_file_extension>.txt |
note_full_text | Ransom note content. |
settings | Ransomware operation setting. |
credentials | Contains common or locally stolen credentials which are used for propagation and further infection. |
kill_services | Terminates list of services. |
kill_processes | Terminates list of processes. |
white_folders | Excludes listed directories. |
white_files | Excludes listed files. |
white_hosts | Excludes listed hosts. |
Stop Services and Processes
Before file encryption, the ransomware terminates a pre-determined list of processes and services to encrypt as many files as possible.
Process names:
“agntsvc.exe”, “dbeng50.exe”, “dbsnmp.exe”, “encsvc.exe”, “excel.exe”, “firefox.exe”, “infopath.exe”, “isqlplussvc.exe”, | ||
|---|---|---|
Services names:
“mepocs”, “memtas”, “veeam”, “svc$”, “backup”, “sql”, “vss”, “sql$”, “mysql”, “mysql$”, “sophos”, “MSExchange”, | ||
|---|---|---|
The ransomware also tries to list and stop VMs by executing the following PowerShell command.
powershell.exe -Command PowerShell -Command “{ Get-VM | Stop-VM -Force }” | ||
powershell.exe Get-VM | Stop-VM -Force -inputFormat xml -outputFormat text |
File and Directory Exclusions
The ransomware excludes system-related files and folders, ransomware-related files, and whitelisted extensions during encryption.
Excluded file and extensions:
“NTUSER.DAT”, “autorun.inf”, “boot.ini”, “desktop.ini”, “thumbs.db”, “*.deskthemepack”, “*.themepack”, “*.theme”, | ||
|---|---|---|
Excluded directories:
“*\\$windows.~ws*”, “*\\$windows.~bt*”, “*\\windows\\*”, “*\\windows.old*”, “*\\system volume information*”, | ||
|---|---|---|
Inhibit System Recovery
Windows operating systems contain features that can help fix corrupted system files, including shadow copies, which are backups of files created by the Volume Shadow Copy Service (VSS). By deleting shadow copies, the ransomware can prevent victims from restoring files from backups, making it more difficult for them to recover their data without paying the ransom.
The ransomware deletes volume shadow copies before file encryption by starting the following process:
powershell.exe -Command PowerShell -Command “\”Get-CimInstance Win32_ShadowCopy | Remove-CimInstance\”” | ||
|---|---|---|
System Network Connections Discovery
The ransomware can enumerate network-mounted shares by scanning the network interfaces.
Data Encrypted for Impact
The ransomware initially finds available drives, then loads the files one by one using the Windows API “FindFirstFileW“ and “FindNextFileW”. The ransomware generates random keys to encrypt the files, and after encrypting them, the keys are encrypted using a public key. To encrypt files, the ransomware uses a combination of a decrypted Curve 25519 public key and AES algorithms.
The default extension value is the first six characters of the Curve 25519 public key.

Figure 2. Extension added to the encrypted files
Files smaller than 0x100000 bytes are completely encrypted. If the file size is larger than 0x100000 bytes, the ransomware encrypts the file in 0x100000 bytes blocks and skips every 0x200000 bytes of data in between encrypted chunks.

Figure 3. 0x100000 bytes encrypted file.
Upon successful execution, the ransomware creates ransom notes with the file name “README_[encrypted_file_extension].txt”

Figure 4. RansomHub ransom note
Ransom note content:
We are the RansomHub. Your company Servers are locked and Data has been taken to our servers. This is serious. | ||
|---|---|---|
Modify Registry
The ransomware performs a registry key modification to change the desktop wallpaper.
Registry key change:
Registry key | Value name | Value data |
|---|---|---|
Computer\HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows\ CurrentVersion\Explorer\Wallpapers | BackgroundHistory | C:\Users\%USERNAME%\ |
Screenshot showing the registry key modification:

Wallpaper image content from the
C:\Users\%USERNAME%\AppData\Local\Temp\MkgXoB.png file:

Mutex
The mutex is the fundamental tool for managing shared resources between multiple threads or processes. Typically, ransomware uses a mutex to avoid reinfecting the victim system and causing multiple layers of encryption. The ransomware did not create a mutex during execution.
Network Activity
The ransomware did not try to communicate with a remote server other than encrypting data from mounted shares.
Indicator Removal
The ransomware clears Windows Event Logs to hide its malicious activity. Windows Event Logs keep a record of a computer’s alerts and notifications. The ransomware runs the following commands to clear the logs:
cmd.exe /c wevtutil cl security | ||
|---|---|---|
File and Directory Permissions Modification
The ransomware uses the fsutil tool to redirect file system access to a different location after gaining access to a compromised network. The ransomware uses the following command line to redirect file system access, enabling remote to remote and remote to local symbolic links:
fsutil behavior set SymlinkEvaluation R2L:1 | ||
|---|---|---|
Indicators of Compromise
Indicator | Type | Context |
|---|---|---|
de7913504efe4584bdd9dd1ec13c4de4152a84df5e1cb-c31d0dd8fe70c88b5e0 | SHA256 hash | RansomHub ransomware |
README_<encrypted_file_extension>.txt | File name | RansomHub ransom note |
powershell.exe -Command PowerShell -Command “{ Get-VM | Stop-VM -Force }” | Process | Retrieve information about VMs and forces a shutdown |
powershell.exe -Command PowerShell -Command ” | Process | Volume Shadow Copy deletion |
cmd.exe /c wevtutil cl security | Process | Clearing Windows Event Logs |
cmd.exe /c “\\”fsutil behavior set SymlinkEvaluation R2L:1\\”” | Process | Enable remote to remote and remote to local symbolic links |
Key: Computer\HKEY_CURRENT_USER\SOFTWARE\Microsoft\ | Registry | Desktop wallpaper modification |
ransomxifxwc5eteopdobynonjctkxxvap77yqifu2emfbecgbqdw6qd[.] | URL | TA data leak site (DLS) |
Ransomware Configuration
RansomHub decrypted configuration information extracted:
Data Leak Site
The RansomHub ransom note contains a data leak site (DLS) that displayed the following page, self-identifying the group as RansomHub:

Figure 5. TOR DLS
Similarities with Other Ransomware
During our analysis, we observed some similarities between RansomHub, ALPHV/BlackCat, and Knight ransomware executables.
The following table highlights some of the similarities:
Malware Family | Common Arguments | Password | JSON Configuration |
|---|---|---|---|
RansomHub | pass | SHA256 strings value | extension |
ALPHV/BlackCat | –access-token (similar to -pass in RansomHub and Knight) | SHA256 strings value | extension |
Knight | pass | SHA256 strings value | extension |
Detection Mechanisms
Custom Detections and Blocking with Arete Bloktd℠
Note: These threat hunting queries may need to be tuned for your specific network environment. | ||
|---|---|---|
Yara
rule RansomHub_ransomware_executable meta: author = “areteir.com” strings: $s1 = “json:\”local_disks\”” condition: ((uint16(0) == 0x5A4D) and (uint32(uint32(0x3C)) == 0x00004550)) and } | ||
|---|---|---|
Recommended Mitigations
Organizations can find the full list of US government-recommended ransomware prevention and mitigation guidance here: https://www.cisa.gov/stopransomware/ransomware-guide
Arete provides data-driven cybersecurity solutions to transform your response to emerging cyber threats.
References
At Arete, we envision a world without cyber extortion, where people, businesses, and governments can thrive. We are taking all that we know from over 9,000 engagements to inform our solutions and strengthen powerful tools to better prevent, detect, and respond to the cyber extortion threats of tomorrow. Our elite team of experts provides unparalleled capabilities to address the entire cyber threat lifecycle, from incident response and restoration to advisory and managed security services. To learn more about our solutions, visit www.areteir.com.
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What’s Notable and Unique
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Remediation
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Analyst Comments
FortiBleed represents an ongoing access-enablement threat, rather than a one-time credential exposure. The campaign’s ability to harvest, validate, and reuse credentials can provide sustained access to victim environments and create opportunities for downstream ransomware activity. Organizations with suspected FortiGate exposure should treat the activity as a potential active compromise and investigate for persistent access, compromised accounts, and lateral movement.
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What’s Notable and Unique
The vulnerability stems from improper restriction of file paths combined with improper neutralization of NULL byte characters. An unauthenticated attacker can exploit the flaw via specially crafted HTTP or HTTPS requests to write arbitrary files on the underlying operating system.
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Analyst Comments
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Throughout the month, analysts at Arete identified several trends behind the threat actors perpetrating cybercrime activities:
In September 2026, the ShinyHunters threat group escalated its extortion activity by publicly targeting both the Clop ransomware group and the FBI. The group claimed to have breached and defaced Clop’s infrastructure, demanding an eight-figure ransom, while separately alleging the theft of sensitive FBI-related data and demanding the retraction of statements made in a prior public advisory. In both incidents, ShinyHunters employed similar pressure tactics, including website defacements, repeated public postings, and threats of data disclosure.
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Arete’s MDR practice detects Settra’s full attack chain, with special attention to the staging of BYOVD activity for defense evasion. However, for us to detect it, SentinelOne needs to be fully deployed across an environment. To support organizations with full deployment, Arete offers SentinelOne Deployment Assistance. This service is designed to ensure that SentinelOne is deployed across all eligible endpoints, eliminating coverage gaps that could otherwise expose the organization to ransomware, malware, credential theft, and other advanced threats. Through endpoint discovery, inventory reconciliation, and deployment assistance, Arete helps organizations achieve comprehensive protection and maximize the effectiveness of their SentinelOne investment. Contact clientcares@areteir.com to learn more.
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