A malicious campaign targeting First Ukrainian International Bank has been observed using the Emmenhtal loader to distribute SmokeLoader malware. The infection chain begins with a deceptive email containing a 7z archive, which extracts to reveal a bait PDF and a shortcut file. The shortcut downloads additional files, leading to the execution of PowerShell and Mshta to retrieve the Emmenhtal loader. This loader, disguised as a modified Windows utility, deploys SmokeLoader while maintaining a stealthy execution flow. SmokeLoader, a modular malware, can download additional payloads, steal credentials, and execute remote commands. The campaign demonstrates the evolving tactics of financially motivated threat actors, leveraging LOLBAS techniques and commercial protection tools for obfuscation.