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They include a fun follow-up with a stronger obfuscator: <a href="https://www.youtube.com/watch?v=3LtwqJM3Qjg" rel="nofollow">https://www.youtube.com/watch?v=3LtwqJM3Qjg</a>
This article demonstrates devirtualization of CodeVirtualizer/Themida protected code, however the techniques described apply to pretty much every virtual machine based obfuscator.