Incident Score: Analysis & Impact (LED1788441237)
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 Breach 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 LED1788441237.
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: 91625, the industry type: Computer and Network Security and the number of employees: 824 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 671 and after the incident was 481 with a difference of -190 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 "Ledger Faces $500M Class Action Over Alleged Security Failures and Crypto Theft", a noteworthy cybersecurity incident.
Ledger, the hardware wallet manufacturer, is facing a proposed class action lawsuit seeking at least $500 million in damages over alleged security and disclosure failures tied to a December 2023 breach.
The disruption is felt across the environment, affecting Ledger Connect Kit (software library), User wallets linked to decentralized applications, and exposing Personally Identifiable Information (PII) including names, emails, phone numbers, and crypto wallet credentials, with nearly 270,000+ (from 2020 breach), Unknown (2023 breach) records at risk, plus an estimated financial loss of $1.95M (plaintiff alone), $480K–$600K (initial Ledger estimate), $500M+ (proposed class action damages).
In response, teams activated the incident response plan, moved swiftly to contain the threat with measures like Removal of malicious Connect Kit version, Investigation into breach, and began remediation that includes Reimbursement for affected users, Phasing out blind signing for Ethereum-based dApps, and stakeholders are being briefed through Public disclosure of breach, Customer advisories (though plaintiff alleges inadequate protection against follow-up phishing).
The case underscores how Ongoing (lawsuit filed, no resolution yet), teams are taking away lessons such as Failure to revoke former employee access can lead to supply chain attacks; Inadequate monitoring of software updates can enable malicious deployments; Exposed PII can be weaponized for follow-up phishing attacks; Public claims about security must align with actual practices to avoid legal liability, and recommending next steps like Implement strict access revocation policies for former employees; Enhance monitoring of third-party software libraries and dependencies; Adopt blind signing protections for decentralized applications; Improve customer education on phishing risks; Conduct regular security audits to prevent repeated breaches, with advisories going out to stakeholders covering Ledger committed to reimbursing affected users; Phasing out blind signing for Ethereum-based dApps.
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 Phishing: Spearphishing Link (T1566.002) with high confidence (90%), supported by evidence indicating attackers compromised a former employee’s NPMJS account via phishing and Supply Chain Compromise: Compromise Software Supply Chain (T1195.002) with high confidence (95%), supported by evidence indicating deployed a malicious version of the Connect Kit software library. Under the Persistence tactic, the analysis identified Valid Accounts: Cloud Accounts (T1078.004) with moderate to high confidence (80%), supported by evidence indicating exploiting Ledger’s failure to revoke access post-employment. Under the Privilege Escalation tactic, the analysis identified Valid Accounts: Cloud Accounts (T1078.004) with moderate to high confidence (80%), supported by evidence indicating compromised former employee’s NPMJS account to deploy malicious code. Under the Defense Evasion tactic, the analysis identified Masquerading: Match Legitimate Name or Location (T1036.005) with high confidence (90%), supported by evidence indicating malicious version of the Connect Kit, tricking users into approving transactions and Impair Defenses: Disable or Modify Tools (T1562.001) with moderate to high confidence (70%), supported by evidence indicating lack of blind signing protection enabled malicious transactions. Under the Credential Access tactic, the analysis identified Unsecured Credentials: Cloud Secrets (T1552.005) with moderate to high confidence (80%), supported by evidence indicating failure to revoke former employee access to NPMJS account. Under the Collection tactic, the analysis identified Data from Local System (T1005) with moderate to high confidence (85%), supported by evidence indicating pII including names, emails, phone numbers exposed in 2020 breach and Data from Information Repositories: Code Repositories (T1213.003) with high confidence (90%), supported by evidence indicating malicious Connect Kit deployed via compromised NPMJS account. Under the Exfiltration tactic, the analysis identified Exfiltration Over C2 Channel (T1041) with moderate to high confidence (80%), supported by evidence indicating pII used for follow-up phishing attacks; crypto wallet credentials stolen and Exfiltration Over Alternative Protocol: Unencrypted/Obfuscated Non-C2 Protocol (T1048.003) with moderate to high confidence (70%), supported by evidence indicating cryptoassets drained via malicious transactions. Under the Impact tactic, the analysis identified Data Encrypted for Impact (T1486) with lower confidence (30%), supported by evidence indicating no evidence of ransomware, but crypto theft implies financial impact and Financial Theft (T1657) with high confidence (95%), supported by evidence indicating $1.95M in cryptoassets stolen from plaintiff; $480K–$600K initial estimate. 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/LED1788441237
- Ledger CyberSecurity Rating page: https://www.rankiteo.com/company/ledgerhq
- Ledger Rankiteo Cyber Incident Blog Article: https://blog.rankiteo.com/led1788441237-ledger-breach-february-2025/
- Ledger CyberSecurity Score History: https://www.rankiteo.com/company/ledgerhq/history
- Ledger CyberSecurity Incident Source: https://crypto.news/ledger-sued-for-500m-over-alleged-data-breach-and-crypto-theft/
- 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