Preamble In October 2020 we observed an outbreak of malicious e-mails reaching GRNET employees’ inboxes. Meanwhile, similar campaigns were also targeting several public and private sector organizations in Greece. After acquiring dozens of such e-mails, we started planning our defensive strategy. To do so, we started analyzing the malware that was attached to the emails and realized that were dealing with the infamous Emotet trojan. In this document, we describe the steps of our analysis including the reverse engineering process of the malware executables, how we overcame the binary obfuscation techniques it employed, and how we determined the malware’s internals….