The Caminho Loader, identified by Arctic Wolf, is a sophisticated Brazilian-origin Loader-as-a-Service operation that employs Least Significant Bit (LSB) steganography to conceal malicious .NET payloads within image files hosted on legitimate platforms. Initial infection begins with spear-phishing emails that contain archived JavaScript or VBScript files, often using business-themed social engineering tactics. When executed, these scripts retrieve an obfuscated PowerShell payload that downloads steganographic images from services like archive.org, a digital archive known for its reputation and high availability.