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Today in crypto, hardware wallet manufacturer Trezor and chipmaker Tropic Square disclosed a TROPIC01 chip vulnerability found during a Ledger Donjon audit on Trezor’s Safe 7 wallet, the US Treasury sanctioned four of Iran’s crypto exchanges, and crypto PACs are making media buys in Maryland ahead of this month’s congressional primaries.
Trezor says Safe 7 chip flaw found by Ledger does not put funds at risk
Hardware wallet company Trezor and chipmaker Tropic Square have disclosed a vulnerability in one of the secure elements used in Trezor Safe 7 hardware wallet, saying the flaw does not put user funds at risk because the chip alone cannot expose a wallet.
The vulnerability was identified during an independent security audit conducted by Ledger Donjon, the security research team at rival hardware wallet maker Ledger, according to a Trezor statement.
Tropic Square provided the affected TROPIC01 Secure Element chip to the Ledger Donjon team for an independent audit. The companies said compromising TROPIC01 alone would not be enough to access a user’s wallet, PIN or funds.
The disclosure offers a rare public look at how hardware wallet makers handle chip-level security flaws and highlights the growing role of independent researchers in testing crypto custody devices.
According to Trezor, the vulnerability was discovered during an independent security review initiated by Tropic Square after the launch of its TROPIC01 secure element in early 2025.
Ledger’s Donjon informed Tropic Square in January 2026 that it had successfully carried out a laser fault injection attack against the chip, allowing researchers to extract some chip-held secrets and bypass firmware signature verification under lab conditions.
TROPIC01 is one of two secure elements in Trezor Safe 7, which launched in October 2025. Source: SatoshiLabs
US Treasury sanctions four Iranian crypto exchanges
The US Treasury said on Tuesday that it sanctioned four Iranian crypto exchanges, including the country’s largest, Nobitex, along with Wallex, Bitpin and Ramzinex, marking the latest effort in its campaign called “Economic Fury” that aims to cut Iran off from the financial system.
The Treasury’s efforts to cut financial networks from Iran are at the center of its “Economic Fury” campaign, which commenced on April 14, months into the Iran war that kicked off with joint US-Israeli strikes on the country in February.
Source: Treasury Department
Treasury Secretary Scott Bessent claimed that Iran’s economy “is in free fall” and has used crypto to evade sanctions and transfer “wealth out of the country.”
The sanctions come four days after Bessent revealed that the Treasury had seized nearly $1 billion in crypto from Iranian crypto exchanges and wallets since the Iran war began.
Crypto PACs pour $3 million into Maryland races as California voters head to polls
While residents of California, Iowa, Montana, New Jersey, New Mexico and South Dakota are voting today in Democratic and Republican Congressional primaries, the cryptocurrency industry is more focused on the Maryland primaries later this month.
According to filings with the US Federal Election Commission (FEC) as of Tuesday, the Coinbase- and Ripple-backed political action committee (PAC) Fairshake affiliate Protect Progress spent about $3 million combined to support Democratic candidates in House races across California and New Jersey. Another affiliate, Defend American Jobs, spent more than $411,000 to support Republican Senator Mike Rounds’ reelection bid in South Dakota.
In addition to its activities in California, Protect Progress appeared to be prepared for significant spending in Maryland, where primary elections are scheduled for June 23.
FEC filings showed the crypto-backed PAC spent more than $3.1 million on media to support Democratic candidate Adrian Boafo in Maryland’s 5th district, and about $320,000 on Ritchie Torres’ reelection to New York’s 15th district, which will also hold a primary on June 23.
Source: FEC