This is our first look at SmokeLoader, we begin with analysis of Stage 2 (unpacked automatically). The binary is obfuscated using a mixture of simple opaque predicates, and encrypted functions that are decrypted on the fly.
Honestly, this is a very slow paced stream. We do make progress and end up with a binary that is fully deobfuscated but there are many tricks still before we can extract Stage 3! You can skip ahead about 2h to get to the real deobuscation work.