Emerging Cyber Threats: The Rise of NETXLOADER and Qilin Ransomware in 2025
The cyber threat landscape continues to evolve at an alarming pace, with sophisticated attack chains becoming more prevalent. In a recent campaign observed in November 2024, threat actors linked to the Qilin ransomware family deployed a new multi-stage attack sequence using a stealthy, highly obfuscated loader known as NETXLOADER, in conjunction with the well-known SmokeLoader malware. This newly identified .NET-compiled loader marks a notable shift in ransomware deployment tactics and presents a major concern for sectors vulnerable to targeted cybercrime.
Inside the Threat: NETXLOADER and SmokeLoader
NETXLOADER operates under the radar, evading traditional security tools through advanced obfuscation techniques. Its role is to quietly download and deploy additional payloads - primarily Agenda ransomware (also known as Qilin) and SmokeLoader, a known modular trojan. NETXLOADER is protected using .NET Reactor 6, making it exceptionally resistant to reverse engineering and static analysis. Obfuscated method names, control flow disruption, and just-in-time hooking techniques allow it to mask its true intentions until the moment of execution.
The deployment process often begins with phishing campaigns or exploitation of valid user credentials. Once inside a target network, NETXLOADER is dropped and proceeds to pull malicious binaries from remote servers. SmokeLoader is executed first, which then terminates several running processes to pave the way for further infection. This is followed by reflective DLL loading of the Agenda ransomware, which targets key infrastructure such as mounted devices, storage systems, domain networks, and virtualized environments like VMware ESXi.
The Rise of Qilin Ransomware
Qilin, which first surfaced in 2022, has rapidly evolved into a dominant force in ransomware attacks. Also known as Agenda, the group has ramped up operations significantly since early 2025. According to Group-IB, the number of victim disclosures on Qilin’s leak site more than doubled between February and April 2025, overtaking competitors such as Akira and Play.
Following the sudden disappearance of the RansomHub group, which previously held the second-highest number of victims in the financial sector, Qilin has absorbed many of its affiliates. This shift has bolstered Qilin’s reach across industries and geographies - from the U.S. to Brazil, the Netherlands to India, and the Philippines.
Notably, Qilin ransomware has focused on critical industries including:
Healthcare
Financial Services
Technology
Telecommunications
These sectors possess sensitive data and critical infrastructure, making them high-value targets. The use of modular, stealthy malware like NETXLOADER increases the difficulty of detection and response, escalating the urgency for proactive cybersecurity defenses.
Conclusion: Cybersecurity Must Keep Pace
The use of NETXLOADER underscores a broader trend in cybercrime - attackers are investing in custom-built loaders and evasion techniques that bypass standard defenses. Organizations can no longer rely solely on signature-based detection. Instead, behavioral analysis, proactive threat hunting, and zero-trust strategies must be adopted to detect and mitigate these threats before they lead to major breaches or ransomware lockdowns.
Staying informed and investing in comprehensive, industry-specific security solutions is essential to defend against modern attack vectors like those used by Qilin affiliates.
About COE Security
COE Security partners with organizations in financial services, healthcare, retail, manufacturing, and government to secure AI-powered systems and ensure compliance. Our offerings include:
AI-enhanced threat detection and real-time monitoring
Data governance aligned with GDPR, HIPAA, and PCI DSS
Secure model validation to guard against adversarial attacks
Customized training to embed AI security best practices
Penetration Testing (Mobile, Web, AI, Product, IoT, Network & Cloud)
Secure Software Development Consulting (SSDLC)
Customized CyberSecurity Services
How We Help: Based on the rise of threats like NETXLOADER and Qilin ransomware, we specifically help critical sectors such as financial services, healthcare, telecommunications, and technology by:
Conducting in-depth threat hunting operations and red teaming
Implementing detection logic for obfuscated loaders
Offering secure remote access assessments and phishing simulation programs
Providing zero-trust architecture consulting and incident response preparedness
Supporting cloud and virtualization platform protection including ESXi
Follow COE Security on LinkedIn for expert insights, threat intelligence, and guidance on building a secure, compliant, and AI-resilient enterprise.
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