In January, we responded to the Lazarus Group’s novel attack campaign against South Korea, which followed last year’s Operation SyncHole . In this new operation, the group employed an updated malware chain that included both their old and new malware, which we disclosed in full, and used another mandatory South Korean security software program as a part of infection chain using a watering‑hole strategy. Notably, the group targeted victims more selectively, sending spear‑phishing emails with links to fabricated but relevant sites, such as portfolio and résumé pages tailored to each target. We dubbed this activity Operation FlashHole. Operation FlashHole attack flow during initial compromise Our examination reveals that the earliest evidence of this new operation dates back to July 2025.…