Comment The HSM probably wasn't the problem (Score 4, Interesting) 18
You should probably also read the ticket where eMudhra is removed because it clarifies a few things.
They're using Ultimaco HSMs, but it seems likely they weren't willing to pay the HSM vendor to unlock a feature, so they rolled their own and ended up generating the bad keys off-device and then loading them into the HSM externally. So it's less likely that the HSM itself was bad and more likely they did something insecure and dumb to be cheap. There are some pointed questions there which they've just decided not to answer so far, including things they should be able to provide like the key generation script.