Pony, also known as Fareit, is an information stealer and loader – a malware used to collect data from infected machines and install other malicious programs. This particular virus was First Spotted in the wild in 2011. It is known to attack users primarily in Europe and North America.

  • Type
  • Origin
  • First seen
    1 January, 2011
  • Last seen
    21 November, 2019
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What is Pony malware?

Pony, also known as Fareit, is an information stealer and loader – a malware used to collect data from infected machines and install other malicious programs. This particular virus was First Spotted in the wild in 2011. It is known to attack users primarily in Europe and North America.

The earliest discovered version of Pony is 1.7 and the latest updated known version is 2.2. Though, being regularly updated, the malware did not gain groundbreakingly new features since the time of its first discovery by Microsoft. In addition to the core functionality, Pony can also steal cryptocurrency wallets credentials, FTP clients and autofill values from the browsers.

In contrast to the majority of botnets, Pony stealer does not require a centralized C&C server or a group of C&C servers to carry out its attacks. Instead, each attacker can set up their own custom control server or purchase a server which was previously set up by another criminal, instantly gaining access to infrastructure that provides reports about the stolen data. The malware itself can be divided into two modules, the builder which is used to construct clients that are then have to be downloaded on the victim’s machine to collect data and the bot itself – the final payload.

General description of Pony

The robust functionality of Pony helped this malware to keep its position of the most popular password stealer through 5 years. Apart from being able to steal credentials, Pony can disable certain antivirus and windows security features and run in the background completely hidden from the user, who may not have a clue that his or her PC is, in fact, infected. When activated, Pony stealer can use the infected PC to take part in botnet attacks, for example, using a hijacked machine to send spam emails. Pony can also download other malware to the victim’s machine and send harvested personal data to a destination specified by the attacker.

What’s more, Pony has been mentioned by multiple “hacker celebrities” as the backbone of many attack campaigns. For instance, the author of the infamous Andromeda botnet has referred to Pony as “titanic work of the author of miracle (Fareit Bot)”, further stating that Pony was incorporated in the Andromeda botnet attacks as a plug-in.

Part of the malware’s popularity is due to the fact that the source code of multiple Pony versions has been leaked and is available for download in the darknet. Particularly, the source code of Pony builder and loader versions 1.9 and 2.0 are available for download on several underground forums.

The Pony builder is a program which attackers can use to construct custom Pony bots with pre-programmed C&C addresses, where stolen data can be sent. The Pony Bot is the actual program that is used for information stealing. The Bot is written primarily in assembly language. A peculiar feature of this malware that separates it from the rest of the pack is its unique decoding technique. The Bot itself does not come equipped with a decoding algorithm, instead of using just simple functions which are programmed to send encrypted information to the control server, where stolen passwords and other data is decrypted.

Even though the core feature-set of Pony has not changed drastically over the course of its lifespan, newer versions of the malware gained several anti-detection features, designed to prevent research and disassembly of the malware. As such, in addition to standard anti-evasion and debugging techniques, each attacker has the ability to implement various packers, including custom ones, to avoid detection by antivirus software.

With the use of Packers, the malware gains a Russian “matryoshka” nesting-doll like-design. While the payload is inactive when the package containing Pony stealer is analyzed the final payload cannot be detected by antivirus signatures since it is hidden in the innermost and smallest package. However, once activated Pony has to unpack itself, thus revealing its presence.

Pony malware analysis

A video of a simulation recorded in ANY.RUN malware hunting service helps us to examine the behavior of Pony in-depth.

process graph of the pony execution Figure 1: A process graph generated by ANY.RUN enables to examine the lifecycle of Pony in a visual form

text report of a pony analysis Figure 2: Customizable text reports provided by ANY.RUN give more opportunities for research or sharing of study results

Pony execution process

In the case of our simulation, after the malicious file was run by the user the malware launched itself. Next, the malicious executable file connected to the C2 server and started stealing information from the infected system. It should be noted that in some cases Pony is known to download other malware to the victim’s machine.

Distribution of Pony

Pony is distributed in multiple ways, among which are email spam campaigns, exploit kits and DNS poisoning. Also, Pony can be hidden within free downloadable online programs and can mimic legitimate software. Malicious emails usually include either a Microsoft Word, archive or a JavaScript file. As soon as the document is downloaded and opened Pony injects into the victim’s PC and starts execution.

Another attack vector of Pony is through a compromised DNS server which is infected by another malware. In this case, the victim is redirected to a malicious website from where Pony downloads itself onto the users’ PC.

How to get more info from the analysis of Pony malware using ANY.RUN?

Analysts can take a look at what changes malware made in the registry. Just click on the process and then on the button "More Info" in the appeared window. In "Advanced details of process" window switch to the "Registry changes" tab. Note that you can switch between the friendly and raw display of changes.

pony fareit registry changes Figure 3: Registry changes made by Pony


Availability and robust feature set helped make Pony one of the most widely used information stealers. In fact, this malware is regularly being used in attacks targeting Europe and North America. The danger of Pony attacks is further enhanced by its nesting-doll-like design, where the final payload hides within a layered package, allowing to avoid easy detection. Interactive malware hunting service ANY.RUN gives researchers the ability to take a look at how this dangerous malware functions and examine its behavior in action in a safe environment.


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