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In this screenshot, the botnet master is advertising the obfuscated command and control interface of his commercial malware. In the deobfuscated screnshot, he's demonstrating the dropping of a presumably undetectable piece of malware which botnet masters update on an hourly/daily basis.
This targeted botnet consists of 19,528 infected hosts, the result of a spreading malware campaign across the MSN instant messaging network. The botnet has naturally blurred the exact message of the campaign, but the screenshot demonstrates the disturbing clickability of the campaign.
In this 63 infected hosts botnet, the botnet master is playing around with it by launching another MSN malware spreading campaign, and injecting the malware process within legitimate applications.