Secure elements only sign what the MCU tells them to sign. Kraken Security Labs pulled Trezor seeds via voltage glitching in 2020, Unciphered cracked KeepKey the same way, and Ledger's 2020 Shopify breach leaked 270k customer addresses to phishers — none of those vectors touched the SE. Most hardware wallet losses this cycle came from address poisoning and fake approval UIs, not fab-level tampering.

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