In December 2024, Arctic Wolf Labs observed a mass exploitation campaign involving Cleo Managed File Transfer (MFT) products for initial access. The execution chain involved an obfuscated PowerShell stager, a Java loader, and ultimately a Java-based backdoor, which we will refer to as Cleopatra. In this article we will provide insight into the execution chain in this campaign, obfuscated malicious payloads deployed, and surrounding threat intelligence context around these activities.