First-stage analysis . When the user opens the phishing email, it presents a Spanish social engineering message ("Payment: Find scheduled payment dates attached"). The figure below shows a screenshot of one of the emails we looked at. It decrypts the URL for the second-stage from hardcoded bytes, saves it to the "Templates" folder, and executes it. Second-stage analysis . The second-stage executable is packed with a Delphi-based packer. The DLL sets a timer, as shown below, which will execute the downloader function periodically. The DLL decodes the hex string using the following steps: We have written a small Python script to decrypt the third stage. The same decryption method was also used to decrypt the hardcoded command and control (C2).The resulting file is also a DLL, which the second stage reflectively loads. Injected DLL analysis (UAC bypass using two techniques) . It checks if `C:\Windows\Finex` exists. Decrypting and executing Lokibot . After attempting to bypass the UAC, the third-stage DLL will check if `AutoRunKeyFlag` is set. For this DLL, it is not set. This dropper uses three stages and three layers of encryption to hide its final payload