Agent Tesla operators have continued to deliver the long-running information stealer through spearphishing lures and malicious Office documents that exploit Microsoft Equation Editor flaws CVE-2018-0802 and CVE-2017-11882. In one intrusion, attackers posed as a trusted third party in an RFQ-themed email, used a macro-less DDE technique to fetch a second-stage document, and then launched a layered infection chain that concealed payloads inside a PNG image with double steganography before executing the malware from memory. Separate analysis of an RTF-based sample showed similar tradecraft, with shellcode dropping an executable into %APPDATA%, downloading a staged payload, and using reflective .NET loading to continue the compromise.
The campaigns combined older exploit paths with increasingly sophisticated evasion and execution methods. Researchers observed lightly obfuscated loaders, delayed execution through repeated PowerShell connectivity checks, in-memory .NET assemblies, embedded resources for payload staging, and final execution through Frenchy shellcode, process hollowing, and delegation-based injection into RegAsm. Cisco Talos' long-term tracking of Agent Tesla activity and newer incident-response reporting both indicate that the malware family, active for years as a credential and data stealer, remains under active development and is being delivered through adaptable, multi-stage chains designed to bypass defenses and frustrate analysis.

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Tony Lambert published an analysis of a malicious RTF document that exploited Equation Editor and staged multiple .NET payloads culminating in AgentTesla. The chain downloaded try.exe, fetched a fake PNG from 185.222.58[.]56, reversed it into a .NET DLL, and invoked an obfuscated method from memory.
Morphisec Labs reported that it had tracked many Agent Tesla variants using Frenchy shellcode since January 2020. This marks the observed use of that shellcode framework in Agent Tesla delivery chains.
Cisco Talos published "SWEED: Exposing years of Agent Tesla campaigns," documenting Agent Tesla activity across multiple campaigns. The reference establishes public reporting on the malware family by mid-2019.
Agent Tesla, an information-stealing malware family, has been active since 2014. The Morphisec analysis notes its long-running use and later evolution into many modified variants.
The Morphisec-analyzed chain used Frenchy shellcode, delegation-based execution, and process hollowing to inject the final payload into RegAsm. The payload executed from memory as the Agent Tesla Dark Stealer module.
Morphisec's investigation found a lightly DeepSea-obfuscated loader that concealed the next stage inside a PNG image with two layers of steganography. A decrypted in-memory .NET loader then established persistence, removed zone identifiers, and prepared the next payload.
In the same late-October intrusion, the second-stage document exploited Microsoft Equation Editor vulnerabilities CVE-2018-0802 and CVE-2017-11882. After exploitation, it replaced the visible document content and downloaded a first-stage loader from the same C2.
At the end of October, attackers repeatedly targeted a Morphisec customer with spearphishing emails posing as RFQs from a trusted third party. The campaign used a macro-less DDE lure document to fetch a second-stage file from a C2 server.
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