Former CEO of Mt.Gox Questions Ledger's Misleading Marketing: Security Claims Contradict Technical Documentation

Former Mt. Gox CEO Mark Karpelès (@MagicalTux) posted that Ledger Support (@Ledger_Support) stated on August 20 that the Secure Element chip can detect physical tampering; if extra hardware intercepts signals, the device will refuse to execute unsigned code or fail the Genuine Check. Karpelès pointed out that Ledger's own technical documentation explicitly states: if the original Secure Element is intact, the Genuine Check cannot detect unauthorized physical hardware modifications such as spy implants. The two statements contradict each other. He also noted that recent reports show over $90 million in assets were stolen precisely through this method of "extra hardware intercepting signals." Furthermore, in a March 2026 Ledger Academy article, Ledger had already published photos of spy implants installed inside multiple Ledger devices, including mass-produced complex PCBs, indicating they were long aware of this threat. Karpelès believes this conduct constitutes misleading promotion and cited that French law has specific regulations regarding misleading advertising.