Researchers identified White Rabbit as a newly observed ransomware family after it was used in a targeted attack against a U.S. bank. The malware employed double extortion, encrypting files while also pressuring victims with data-theft threats, and it traversed fixed, removable, and network drives while avoiding system-critical paths that could destabilize infected hosts. Before encryption, White Rabbit terminated security-related processes to reduce detection and disruption.
Trend Micro reported that the ransomware’s most unusual feature was a payload that required a specific command-line password to decrypt its internal configuration and activate, causing the sample to appear inactive during casual analysis and complicating sandboxing efforts. The intrusion also showed tradecraft associated with FIN8, including telemetry involving Cobalt Strike, a malicious URL reportedly tied to the group, and a previously unseen Badhatch variant, while researchers assessed the malware itself appeared comparatively simple and possibly still under development despite its effective evasion techniques.

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Trend Micro reported that the newly observed White Rabbit ransomware was used in an attack against a local U.S. bank in December 2021. The intrusion involved double-extortion tactics and telemetry that suggested use of Cobalt Strike during the operation.
Trend Micro published an analysis of the White Rabbit ransomware family, describing its password-gated payload behavior, process-killing and encryption logic, and similarities to Egregor. The report also shared indicators of compromise including a SHA-256 hash and a malicious URL, and noted a possible but unconfirmed link to FIN8.
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