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Ledger Donjon reads part of Coldcard Mk4's second secure element by double laser fault

CoinkiteLow

Who is affected

An attacker with a Coldcard Mk4 and a laser lab could read part of the second secure element's contents, including trick-PIN data, but not the seed. Coinkite states the three-chip design keeps the seed protected.

What happened

In September 2023 Ledger Donjon researchers Karim M. Abdellatif and Olivier Hériveaux published a laser fault-injection attack on the Analog Devices DeepCover DS28C36, which the Coldcard Mk4 uses as its second secure element (SE2). Coinkite addressed the presentation in a post on 7 September 2023; the paper appeared on the IACR ePrint archive on 15 September 2023 and at FDTC 2023.

According to the paper, the chip resists single faults, but the researchers used Welch’s t-test leakage analysis to find two moments at which laser pulses extract the protected EEPROM user pages, with a 99% success rate; they state the attack can be reproduced within a day and that it affects users of the DS28C36, including the Coldcard Mk4. Coinkite says the work required removing and decapping the chip and gave access to about half of SE2’s memory slots.

Coinkite states that no seed was extracted: the Mk4 keeps the master seed in its first secure element, encrypted with a key that requires compromising SE1, SE2 and the main microcontroller, and SE2 holds only part of an AES-256 key plus the trick PIN and duress wallet data. It calls the result a validation of its multi-vendor design and says Ledger and the chip vendor coordinated disclosure with it over several months. Its disclosure history lists the status as partial material exposed, with no complete seed recovery demonstrated and no fix stated.

HardwareSecure Element

A secure element is a tamper-resistant chip built to store secrets and resist physical attacks such as side-channel analysis and fault injection.

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HardwareColdcard

Coldcard is an air-gapped hardware wallet for Bitcoin, made by Coinkite, that stores private keys offline and signs transactions without internet exposure.

SecurityPIN Protection

PIN Protection is a security feature that requires a personal identification number (PIN) to access a cryptocurrency wallet or device, preventing unauthorized access.

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SecurityRecovery

Recovery is the process of restoring access to a cryptocurrency wallet using its seed phrase or mnemonic backup if the original wallet is lost or inaccessible.

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Sources

Independent reporting and research this entry was checked against.

  1. IACR ePrint 2023/1375 — DeepCover DS28C36: a hardware vulnerability identification and exploitation using t-test and double laser fault injection (15 Sep 2023)
  2. Coinkite — Donjon faults SE2 on Mk4 (7 Sep 2023)
  3. Hardwear.io — Triple exploit chain with laser fault injection on a secure element, Ledger Donjon (slides, 2023)

Learn more

Guides on protecting yourself against this type of incident (Hardware attack) and the glossary terms that describe it.

Cite this entry

WalletInsights. “Ledger Donjon reads part of Coldcard Mk4's second secure element by double laser fault”. Hardware wallet security incident tracker. Last verified November 4, 2026. https://walletinsights.io/en/security-incidents/ledger-donjon-coldcard-mk4-se2-laser-readout-2023/

Corrections and right of reply

Vendors, researchers and readers can send corrections or statements to security@walletinsights.io. We check them against the sources, update the entry and record the change in its log.