A malspam campaign delivered a file named MT-209111.DOC that posed as a Word document but was actually an RTF containing four embedded Excel OLE objects. Opening the lure triggered repeated Excel macro prompts, and the embedded spreadsheet used layered obfuscation to decrypt and launch a PowerShell stage, which then decrypted and compiled obfuscated C# code in memory. The chain also attempted an AMSI bypass by patching memory before retrieving the next payload.
The final stage downloaded an executable from 104.244.79.123/As/MT-209111.jpg into the victim's AppData directory as c2ef3.exe and executed it. Although the payload was unavailable during analysis, corroborating data from URLhaus and Any.Run linked the downloaded file to the AZORult infostealer. The infection flow combined Word, Excel, OLE object auto-update behavior, PowerShell, and custom multi-layer encryption to improve the chances of successful macro execution and payload delivery.

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On February 3, 2020, SANS ISC published an analysis of a malspam-delivered attachment named MT-209111.DOC that used embedded Excel OLE objects, VBA, PowerShell, and obfuscated C# to download and execute an AZORult payload. The write-up documented the downloader chain, AMSI bypass attempt, download URL, and associated file hashes.
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