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Ledger Nano S MCU firmware verification bypass

LedgerHigh

Who is affected

An attacker who handled a Nano S on firmware 1.3.1 or earlier, before delivery or after setup, could install firmware that controlled or captured the recovery seed. Devices on firmware 1.4.1 are not affected, according to Ledger.

What happened

The Ledger Nano S has two chips: a Secure Element that holds the keys, and a non-secure STM32 microcontroller (MCU) that runs the display, buttons and USB. The Secure Element checked the MCU firmware by asking the MCU to report back the contents of its flash memory. Security researcher Saleem Rashid showed that this check could be fooled, so a device could pass verification while running modified MCU firmware.

Ledger’s security bulletin LSB-002 states that the verification “was not robust enough”. Rashid’s proof of concept, a supply-chain scenario, made the device show recovery words chosen by the attacker instead of generating a new seed; he also described an evil-maid scenario in which modified firmware captures the PIN, seed and passphrase after setup. Ledger states that the Secure Element itself was not affected.

Rashid reported the issue to Ledger in November 2017. Ledger released a Nano S firmware update on 6 March 2018 and the write-up was published on 20 March 2018. Ledger states that firmware 1.4.1 fully secures the Nano S; at the time it said the Ledger Blue was also affected and a fix was in progress.

What Ledger advises:

  • Buy directly from Ledger or an authorized reseller.
  • Update the firmware before use; Ledger states a successful update proves the device was not compromised.
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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HardwareFirmware

Firmware is the software that runs on a hardware wallet itself: it generates keys, shows transaction details on the screen and signs.

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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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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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SecurityPassphrase

A passphrase is an additional security layer for cryptocurrency wallets, acting as a 25th word in the BIP39 seed phrase, protecting access to hidden wallets.

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HardwareFirmware Update

Firmware Update installs new low-level software on a hardware wallet to fix bugs, enhance security, or add features in cryptocurrency devices.

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Sources

Independent reporting and research this entry was checked against.

  1. Ledger Donjon — Ledger Security Bulletin LSB-002 (20 Mar 2018)
  2. Ledger — Firmware 1.4: deep dive into three vulnerabilities which have been fixed
  3. Saleem Rashid — Breaking the Ledger security model (20 Mar 2018)
  4. KrebsOnSecurity — 15-year-old finds flaw in Ledger crypto wallet (Mar 2018)

Learn more

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

Cite this entry

WalletInsights. “Ledger Nano S MCU firmware verification bypass”. Hardware wallet security incident tracker. Last verified November 3, 2026. https://walletinsights.io/en/security-incidents/ledger-nano-s-mcu-verification-bypass-2018/

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.