I think the Windows Defender issue was mostly the one associated with the launcher infinite loop bug rather than the skin one? At least, that was the impression I got from reading through multiple threads.

After the March 24th 2025 patch, the infamous 'unable to load skin' bug still occurs.

Please developers, do something.

Please ZOS, do something!

This random bug just make the game unplayable at some moments.

Considering when it appears for the first time, it could be related to these events
- the last game patch just before game upddate 45
- the game update 45
- W11 24H2 update

It seems to me that there could be a random issue when the launcher exe try to connect to the ESO server. Note that the bug occurs both for US and EU servers.

Because when the launcher exe is able to start, the game itself runs normally (excepted the random bug 'reload Ui', see my post on this topic). And the game reparation finds no error.
I think there is something with network management, and it could be something related to W11 update.

After many readings on these forums, Steam discussions, reddit, and so on, it seems that the problem comes from power management. Especially a combination between Intel Speedstep and Intel Speedshift, power management by W11, and the current activity of the CPU.
That makes the random occurence of the bug.

Some players overcome the problem by:
- desactivate Intel Speedstep and Intel Speedshif in the BIOS
- modify some voltage for the CPU using Intel XTU
- charging the CPU by multiple tasks including network access, before trying to start ESO launcher. For instance starting a huge download.

The first one is not a very good permanent solution, because it keeps the CPU running permanently at maximum speed with bad side effects:
- more energy expense
- more heat generation, then more noise from the venting
- highest temperatures causing prematurate ageing of the CPU
Moreover modify the BIOS settings or using Intel XTU are not simple tasks for many users.

For me, the laucher worked perfectly without any chnage in my PC until March 2025. Then happened two things: W11 24H2 update and some ESO launcher update. And now I have the problem. I'm pretty sure that the main culprit is W11 24H2.
If you google 'W11 24H2 power management', you will see numerous discussions saying that Microsoft modified the power management in this update compared with 24H3, and that it produces many side effects not only for ESO.
Even some people say that the power management in W11 24H2 is bugged.

The main effect is that if the PC is not charged with multiple tasks and network activity, the CPU goes in some low activity mode, and this has the effect that ESO Launcher doesn't start. There is the same issue with the installer Install_ESO downloaded from the ESO account, it doesn't work as well with the same unable to load skin error.

The bug has nothing to do with launcher or game installation, this help is not useful (I tried everything except step 6).
https://help.elderscrollsonline.com/#en/answer/66127
Even step 5 is very dangerous, because there is a high risk to not be able to reinstall the game.
For step 6, the issue occurs as well for players not using Steam (or by starting the launcher from the game folder instead of Steam)

Currently, besides BIOS or XTU 'solutions', there are two known simple tricks (both are working for me). You will notice that these tricks are related to the activity of the CPU and the network.

First one:

I select 'high performance' instead of 'equilibrate' in W11 24H2 settings, power management
I reboot the PC
Immediately after opening the session, I start the Steam client and press quickly PLAY for ESO game.
The launcher starts perfectly at the first or second try (showing that the the installation is not the culprit).

After that, if I close the launcher after some time, do nothing on the PC, the ESO launcher doesn' start anymore. And the reboot procedure has to be repeated. I guess that during the few seconds after opening the session, many processus and network access are active, and that charges the CPU enough to allow ESO launcher starting.
After that, the CPU goes in some low activity mode, and this prevents the Launcher to start.

Second one, if the first doesn't work ou if you don't use Steam:

Go in the Launcher folder in the game installation folder
Select the exe Bethesda.net_Launcher.exe with one left click (don't double click to start it)
Press the 'enter' key of the keyboard, maintain it, and release it immediately only when you see the launcher window appearing (it takes 1 or 2 seconds). The launcher starts perfectly. Some windows 'unable to load skin' appear as well, but you can just close them once the launcher has started.

I guess that this trick sends many requests to ESO server, and that somehow wakes up the CPU and the network.

Third one:
i guess that going back to W11 23H2 (if you can) could solve the issue, but I didn't try it.


Now, there is apparently some peculiar sensibility of the ESO Launcher and ESO installer to that power management issue.
I have several other games with launchers (Witcher 3, Cyberpunk 2077, Conan Exiles, ...), and their launchers are not affected.
At the contrary, I saw there is the same issue for the Launcher of Jagex games.

Then it seems possible to code a launcher with less sensitivity to this power management issue.
I suggest that ESO developers have a look at this CPU power management hint, and discuss with Microsoft to see what changes in W11 24H2 compared to 23H2 prevents the laucher to work correctly.

The launcher issue 'unable to laod skin' is still there after the update 46 (June 2nd 2025).
However, I didn't see any launcher update associated to the client update.