If you are writing this for a class or a technical blog, I recommend looking into:
This paper examines how executable files ( .exe ) from non-authoritative sources serve as primary vectors for malware, leveraging social engineering and the circumvention of Digital Rights Management (DRM) to compromise user systems. II. The Anatomy of an Unofficial Executable
The potential for Trojans to establish persistent access to the host machine. IV. The Legal and Ethical Landscape If you are writing this for a class
Mention the use of tools like Any.Run to safely observe what these executables do when run in a controlled environment.
Explaining how these .exe files often act as "installers" that bundle the game with Adware, Browser Hijackers, or more malicious payloads like Ransomware. III. Cybersecurity Risks or more malicious payloads like Ransomware.
The Trojan Horse of Digital Piracy: Analyzing the Security Risks of "The-Games-Download.exe" in Video Game Distribution I. Introduction
How these files may bypass basic antivirus scans. If you are writing this for a class
The impact of piracy on independent and mid-tier developers (like TaleWorlds Entertainment).