Incident Score: Analysis & Impact (ESPLED1776435883)
The details regarding individual company incidents & reports gives you full view from every side.
Rankiteo Score Impact Analysis
Key Highlights From The Incident Analysis
- Timeline of Ledger's Vulnerability and lateral movement inside company's environment.
- Overview of affected data sets, including SSNs and PHI, and why they materially increase incident severity.
- How Rankiteo’s incident engine converts technical details into a normalized incident score.
- How this cyber incident impacts Ledger Rankiteo cyber scoring and cyber rating.
- Rankiteo’s MITRE ATT&CK correlation analysis for this incident, with associated confidence level.
Full Incident Analysis Transcript
In this Rankiteo incident briefing, we review the Ledger breach identified under incident ID ESPLED1776435883.
The analysis begins with a detailed overview of Ledger's information like the linkedin page: https://www.linkedin.com/company/ledgerhq, the number of followers: 87518, the industry type: Computer and Network Security and the number of employees: 777 employees
After the initial compromise, the video explains how Rankiteo's incident engine converts technical details into a normalized incident score. The incident score before the incident was 520 and after the incident was 511 with a difference of -9 which is could be a good indicator of the severity and impact of the incident.
In the next step of the video, we will analyze in more details the incident and the impact it had on Ledger and their customers.
Ledger recently reported "Sophisticated Supply Chain Attack Targets Crypto Users with Counterfeit Ledger Wallets", a noteworthy cybersecurity incident.
A Brazilian cybersecurity researcher uncovered a large-scale supply chain scam involving counterfeit Ledger Nano S Plus hardware wallets sold on a Chinese marketplace.
The disruption is felt across the environment, affecting Ledger Nano S Plus (counterfeit), Ledger Live (trojanized) and Cross-platform malware (Android, Windows, macOS, iOS), and exposing PIN entries, Seed phrases and Wallet data, plus an estimated financial loss of $9.5 million.
Formal response steps have not been shared publicly yet.
The case underscores how Ongoing (technical report submitted to Ledger's security team).
Finally, we try to match the incident with the MITRE ATT&CK framework to see if there is any correlation between the incident and the MITRE ATT&CK framework.
The MITRE ATT&CK framework is a knowledge base of techniques and sub-techniques that are used to describe the tactics and procedures of cyber adversaries. It is a powerful tool for understanding the threat landscape and for developing effective defense strategies.
MITRE ATT&CK® Correlation Analysis
Rankiteo's analysis has identified several MITRE ATT&CK tactics and techniques associated with this incident, each with varying levels of confidence based on available evidence. Under the Initial Access tactic, the analysis identified Supply Chain Compromise (T1195) with high confidence (95%), with evidence including counterfeit Ledger Nano S Plus hardware wallets sold on a Chinese marketplace, and tampered hardware, trojanized software and Phishing: Spearphishing Link (T1566.001) with high confidence (90%), supported by evidence indicating shipped with a QR code directing users to a cloned phishing site. Under the Execution tactic, the analysis identified User Execution: Malicious File (T1204.002) with high confidence (90%), supported by evidence indicating trojanized Ledger Live app downloaded from phishing site and Command and Scripting Interpreter: Python (T1059.006) with moderate to high confidence (70%), supported by evidence indicating fake firmware labeled Nano S+ V2.1 impersonating legitimate update. Under the Persistence tactic, the analysis identified Pre-OS Boot: System Firmware (T1542.001) with moderate to high confidence (85%), supported by evidence indicating original secure element chip replaced with ESP32-S3 microcontroller and Boot or Logon Autostart Execution: Registry Run Keys / Startup Folder (T1547.001) with moderate to high confidence (70%), supported by evidence indicating cross-platform malware distributed across Android, Windows, macOS, iOS. Under the Privilege Escalation tactic, the analysis identified Abuse Elevation Control Mechanism: Setuid and Setgid (T1548.001) with moderate confidence (60%), supported by evidence indicating fake Ledger Live app bypassed security warnings with hardcoded Genuine Check. Under the Defense Evasion tactic, the analysis identified Masquerading: Match Legitimate Name or Location (T1036.005) with high confidence (95%), supported by evidence indicating packaging appeared authentic, same price as official Ledger store, Subvert Trust Controls: Code Signing (T1553.002) with high confidence (90%), supported by evidence indicating iOS variant spread via Apple’s TestFlight to evade App Store reviews, and Indicator Removal: Timestomp (T1070.006) with moderate to high confidence (70%), supported by evidence indicating eSP32-S3 microcontroller markings scraped off to avoid detection. Under the Credential Access tactic, the analysis identified Input Capture: Keylogging (T1056.001) with high confidence (95%), supported by evidence indicating every PIN entry and seed phrase was stored in plaintext and Adversary-in-the-Middle: LLMNR/NBT-NS Poisoning and SMB Relay (T1557.001) with moderate confidence (60%), supported by evidence indicating wiFi/Bluetooth antenna included in counterfeit device. Under the Collection tactic, the analysis identified Data from Local System (T1005) with high confidence (95%), supported by evidence indicating wallet data exfiltrated upon use, seed phrases stored in plaintext. Under the Command and Control tactic, the analysis identified Application Layer Protocol: Web Protocols (T1071.001) with high confidence (90%), supported by evidence indicating data transmitted to attacker-controlled C2 servers (kkkhhhnnn.com) and Non-Application Layer Protocol (T1095) with moderate to high confidence (70%), supported by evidence indicating wiFi/Bluetooth antenna in counterfeit device. Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with high confidence (95%), supported by evidence indicating pIN entries and seed phrases transmitted to C2 servers. Under the Impact tactic, the analysis identified Resource Hijacking (T1496) with high confidence (90%), supported by evidence indicating cryptocurrency drained across 20 blockchains, $9.5M financial loss. These correlations help security teams understand the attack chain and develop appropriate defensive measures based on the observed tactics and techniques.
Sources & References
- Ledger Rankiteo Cyber Incident Details: https://www.rankiteo.com/company/ledgerhq/incident/ESPLED1776435883
- Ledger CyberSecurity Rating page: https://www.rankiteo.com/company/ledgerhq
- Ledger Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/espled1776435883-espressif-systems-ledger-vulnerability-april-2026/
- Ledger CyberSecurity Score History: https://www.rankiteo.com/company/ledgerhq/history
- Ledger CyberSecurity Incident Source: https://cybersecuritynews.com/fake-ledger-hardware-wallets/
- Rankiteo A.I CyberSecurity Rating methodology: https://www.rankiteo.com/Images/rankiteo_algo.pdf
- Rankiteo TPRM Scoring methodology: https://static.rankiteo.com/model/rankiteo_tprm_methodology.pdf