Customers of cloud services have to trust the cloud providers, as they control the building blocks that form the cloud. This includes the hypervisor enabling the sharing of a single hardware platform among multiple tenants. AMD Secure Encrypted Virtualization (SEV) claims a new level of protection in cloud scenarios. AMD SEV encrypts the main memory of virtual machines with VM-specific keys, thereby denying the higher-privileged hypervisor access to a guest's memory. To enable the cloud customer to verify the correct deployment of his virtual machine, SEV additionally introduces a remote attestation protocol.This paper analyzes the firmware components that implement the SEV remote attestation protocol on the current AMD Epyc Naples CPU series. We demonstrate that it is possible to extract critical CPU-specific keys that are fundamental for the security of the remote attestation protocol.Building on the extracted keys, we propose attacks that allow a malicious cloud provider a complete circumvention of the SEV protection mechanisms. Although the underlying firmware issues were already fixed by AMD, we show that the current series of AMD Epyc CPUs, i.e., the Naples series, does not prevent the installation of previous firmware versions. We show that the severity of our proposed attacks is very high as no purely software-based mitigations are possible. This effectively renders the SEV technology on current AMD Epyc CPUs useless when confronted with an untrusted cloud provider. To overcome these issues, we also propose robust changes to the SEV design that allow future generations of the SEV technology to mitigate the proposed attacks.