The Ascon authenticated encryption scheme has recently been selected as winner of the NIST Lightweight Cryptography competition. Despite its fame, a comprehensive and self-contained generic security treatment of its mode remains absent. In this work we present a thorough security analysis of the Ascon mode: we consider multi-user and possibly nonce-misuse security by default, but more importantly, we particularly investigate the role of the key blinding. More technically, our analysis includes an authenticity study in various attack settings. This analysis includes a description of a security model of authenticity under state recovery, that captures the idea that the mode aims to still guarantee authenticity and security against key recovery even if an inner state is revealed to the adversary in some way, for instance through leakage. We prove that Ascon satisfies this security property, thanks to its unique key blinding technique.