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The threat actor Dragon Breath, also known as APT-Q-27 and Golden Eye, has been observed using a multi-stage loader called RONINGLOADER to deploy a modified variant of the remote access trojan Gh0st RAT, primarily targeting Chinese-speaking users. The campaign employs trojanized NSIS installers disguised as legitimate applications, such as Google Chrome and Microsoft Teams. The infection chain utilizes various evasion techniques, including a legitimately signed driver, custom Windows Defender Application Control policies, and manipulation of the Microsoft Defender binary. RONINGLOADER's attack chain involves delivering a DLL and an encrypted file labeled "tp.png," which contains shellcode. It attempts to neutralize security products by terminating processes associated with popular antivirus solutions in the region. Specific actions are taken against Qihoo 360 Total Security, including blocking network communication, injecting shellcode into the Volume Shadow Copy service, and restoring firewall settings. For other security processes, RONINGLOADER directly writes a driver to disk to perform process termination. The malware aims to inject a rogue DLL into "regsvr32.exe" to conceal its activities and launch a next-stage payload into high-privilege system processes. The final payload is a modified version of Gh0st RAT, capable of communicating with a remote server, configuring Windows Registry keys, clearing Windows Event logs, and capturing keystrokes and clipboard contents. Additionally, two interconnected malware campaigns identified by Palo Alto Networks Unit 42 employed brand impersonation to deliver Gh0st RAT to Chinese-speaking users. The first campaign, Campaign Trio, occurred between February and March 2025, while the second, Campaign Chorus, detected in May 2025, impersonated over 40 applications. Both campaigns utilized complex infection chains and trojanized installers hosted on domains that circumvented network filters. The second campaign also involved an embedded Visual Basic Script for launching the final payload through DLL side-loading.