In this talk I will be presenting a recent research of Malware which really goes out of its way to disguise its true malevolent intentions, utilizing techniques of masquarding and steganography not commonly seen in the Malware world. In a sense - a true Trojan Horse. I will walk you step by step through the research performed, pealing off a layer of disguise at a time, to reveal the core of the modular and extensible Malware which lays beneath it all. For the grand finale, I will show a demo of how a seamingly innocent picture placed on a web server can contain malicious instructions for this Malware.