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Bahamut is a sophisticated cyber-mercenary APT group active since at least 2016, operating across South Asia and the Middle East and offering espionage-for-hire services to a range of clients including suspected state sponsors. The group conducts targeted spear-phishing campaigns, deploys custom malware, and leverages fake applications and websites to compromise both Windows and mobile devices. Their targets span government entities, military personnel, journalists, activists, and private individuals, with operations driven by financial gain and the intelligence requirements of their paying clients.