Once dumped, the code is unpacked, but the VM remains. You will see thousands of JMP instructions leading into the virtual machine. This is where most people give up.
The Enigma Protector is a powerful commercial tool designed to protect software modules—including executable files (.exe) and screen savers (.scr)—from hacking, analysis, and unauthorized distribution. A core feature of this software is its , which binds a license to specific hardware components of a user's machine.