basically correct.
IPRoyal (pawns.app) is a company based in the UAE that provides a global shared network. Its products aim to build a global sharing network, users join the sharing network, share their idle bandwidth, and then earn income, while IPRoyal makes money by selling these bandwidths to third parties
At least they promise not to use the bandwidth for illegal purposes, but I can't verify this. But according to their website, most of the traffic is sold to small CDN companies
It's also worth mentioning that IPRoyal requires their clients to verify their real identities, which means it's possible that the authors of this malware provided their identities, or fake ones.
Assuming IPRoyal's traffic isn't doing bad things, I think hackers are stupid, they found a bug that could run any program for the router, but they chose this platform and only earn $3 per month, they could have sold the infected routers to more professional hacker networks or the black market for more money.
For most people, I think the most important thing is to find the loopholes for hackers to enter.
Because IPRoyal is legitimate software, it won't automatically install to your router, and if a hacker can run a legitimate tool, they can run any software they want.
And the OP said they didn't have any external services turned on (SSH/web access/openvpn server) which makes investigating this case even more tricky because it shows that there is already a very obvious vulnerability in the firmware and can be exploited by such a rudimentary hacker.
I suggest the OP (
@Swistheater ) provide a list of installed 3rd party scripts for investigation and provide more information about the devices on their network (phone/computer/system version/antimalware version).
Lastly, the OP doesn't seem to be telling us in this thread what firmware version they are using.