Securonix Threat Research has been tracking a stealthy malware campaign that uses an uncommon chain of VHD abuse, script-based execution, self-parsing batch logic, fileless PowerShell injections and ultimately dropping RAT. The attack leverages IPFS-hosted VHD files, extreme script obfuscation, runtime decryption, and in-memory shellcode injection into trusted Windows processes, never dropping a decrypted binary to disk.