Ledger to Comment on Vulnerability Found

Don’t worry, your crypto assets are still secure on your Ledger device, - reported by the team
28 December 2018   474

The manufacturer of popular hardware wallets for storing cryptocurrency Ledger responded to the presentation of the team wallet.fail, which announced the identification of several vectors of attacks on its devices.

In particular they did not succeed to extract any seed nor PIN on a stolen device. Every sensitive assets stored on the Secure Element remain secure. Don’t worry, your crypto assets are still secure on your Ledger device.
 

Ledger Team

In particular, the physical modification of the Ledger Nano S wallet followed by the installation of malware on the victim’s computer and the possibility of signing transactions after entering the PIN code are called “impractical”.

It would prove quite unpractical, and a motivated hacker would definitely use more efficient tricks (such as installing a camera to spy on the PIN entry).
 

Ledger Team

According to the company, obtaining physical access to the device and installing malware on the victim's computer is too complicated and requires the hacker to wait for the user to initiate the transaction, so it is unlikely that anyone will undertake its implementation. At the same time, they do not deny that this is possible.

Another scenario, where the researchers installed their own firmware on a microprocessor, really allows you to put the device into debug mode, said Ledger, adding that the capabilities of the alleged attacker are likely to be limited. “They said they had identified a way to bypass the microprocessor check, but they didn’t show how the bug was used.”

Similarly, developers are commenting on how to extract a PIN from a Ledger Blue device using a “controlled machine learning” attack.

This attack is definitely interesting, but does not allow to guess someone’s PIN in real conditions (it requires that you never move your device at all).

For such a scenario, we already implemented a randomized keyboard for the PIN on the Ledger Nano S, and the same improvement is scheduled in the next Ledger Blue Firmware update.

Once again, a better side channel would be to put a camera in the room and record the user entering his/her PIN.
 

Ledger Team

Ledger also criticized the wallet.fail team for deciding to publicly demonstrate the vulnerabilities of their devices at the conference, rather than resorting to the bug trapping program provided for such cases. "We believe that their conclusions do not indicate the presence of any vulnerabilities that can be used in practice," the company adds.

Ledger May Lay Off 10% Staff

Currently, the total staff of the company is 200 people, so 20 people can lose their jobs
12 April 2019   298

Ledger hardware cryptocurrency wallets manufacturer is considering reducing 20 employees. It is reported by CCN with reference to the French edition of Presse Citron.

Currently, the total staff of the company is 200 people. Thus, the state can be reduced by 10%.

In 2017 Ledger’s monthly income from sales was about 10 million euros. The company’s website states that over 1.4 million Nano S devices have been sold so far, which makes Ledger the world leader in its market niche. The price of hardware wallets, depending on the model, is in the range of $ 60-270.

However, despite some deterioration in financial position, Ledger does not stop there, creating new products and services. So, in March, the company announced the launch of the Ledger Vault custodial service, which allows you to manage multi-signature wallets, as well as securely and efficiently store digital assets, including ERC-20 bitcoin and tokens.

In January, the French company introduced the Ledger Nano X - an improved version of the Ledger Nano S, with an enlarged screen, more storage space and Bluetooth support.