NEW POD | BITCOIN NEWS EXCLUSIVE
We sit down with the man who broke the Ledger supply chain attack wide open.
Mark Karpelès (
@MagicalTux), former CEO of Mt. Gox, and Zach Herbert, CEO of
@FoundationHQ, join us to discuss the largest supply chain attack in crypto history.
🔸 Mark says he found the spy implant 3 weeks before the drain, tagged Ledger, and got no response
🔸 How a hidden cell modem read seed phrases straight off the screen and passed Ledger’s own check
🔸 Why a passphrase didn’t save you, and what actually would have
🔸 Mark says with $5M, he could build an implant you’d need an X-ray to find
🔸 Why the hardware wallet reseller model may be dead
🔸 What the future of self-custody looks like
Watch on YouTube:
piped.video/-j9_EQuHEus
00:00 Ledger Supply Chain Attack Exposed
01:18 How Mark Discovered the Compromised Ledgers 04:29 $100 Million Stolen From Hardware Wallets
05:03 Opening the Ledger to Find the Implant
06:29 The SPI Implant That Reads Your Screen
09:56 How the Implant Steals Your Seed Phrase
13:51 The Hidden LTE Chip Phoning Home
17:00 The Timeline Behind the Attack Going Public
18:31 $86 Million Drained in 24 Hours
20:15 Did Ledger Know About This for Months?
24:00 The Malaysian Reseller Behind the Attack
26:56 How Hardware Wallet Companies Vet Resellers 30:21 Tracking the Stolen Crypto On-Chain
34:20 The Attack Spreads to Europe
36:05 Inside the Criminal Implant Supply Chain
39:10 Why Trezor Wasn't Targeted
42:08 Why Ledger Was the First Target
45:27 The Future of Hardware Wallet Security
50:20 Multi-Party Computation as the Fix
54:30 Making Self-Custody Easy for Newcomers
56:27 Why the Industry Must Professionalize
59:07 Staying Optimistic About Bitcoin's Future