VERY IMPORTANT

Pikabot is a type of loader malware that was actively used in spam campaigns by a threat actor we track under the Intrusion set Water Curupira in the first quarter of 2023, followed by a break at the end of June that lasted until the start of September 2023. Other researchers have previously noted its strong similarities to Qakbot, the latter of which was taken down by law enforcement in August 2023. An increase in the number of phishing campaigns related to Pikabot was recorded in the last quarter of 2023, coinciding with the takedown of Qakbot — hinting at the possibility that Pikabot might be a replacement for the latter (with DarkGate being another temporary replacement in the wake of the takedown).