Threat actors from the Blackfly organization have begun targeting entities throughout Asia in a new cyberespionage campaign. The group, commonly tracked as APT41, is a state-sponsored espionage group backed by the Chinese government. These actors have been conducting malicious activity since 2010, often times compromising assets to gain intelligence benefiting China’s geopolitical policies. Earlier Blackfly attacks targeted the gaming industry but over time expanded to targeting a wide umbrella of entities throughout the telecommunications, manufacturing, medical, hospitality, natural resources, and food industries. Recently, the threat actors conducted attacks against Asian materials and composites entities, including two (2) subsidiaries of an Asian conglomerate believed to be in search of intellectual property to exfiltrate. Blackfly has incorporated a variety of malicious programs into their attacks since the latter half of 2022, including variants of the “Winnkit” backdoor, Mimikatz credential dumping, ForkPlayground memory dump, and a basket full of proxy configurations. Despite a significant setback in 2020 after multiple group members were arrested, Blackfly continues to operate with motivation for carrying out cyberespionage operations and is likely to do so in the coming future.