Source

File: wp-includes/pluggable.php

function wp_verify_nonce( $nonce, $action = -1 ) {
		$nonce = (string) $nonce;
		$user  = wp_get_current_user();
		$uid   = (int) $user->ID;
		if ( ! $uid ) {
			/**
			 * Filters whether the user who generated the nonce is logged out.
			 *
			 * @since 3.5.0
			 *
			 * @param int    $uid    ID of the nonce-owning user.
			 * @param string $action The nonce action.
			 */
			$uid = apply_filters( 'nonce_user_logged_out', $uid, $action );
		}

		if ( empty( $nonce ) ) {
			return false;
		}

		$token = wp_get_session_token();
		$i     = wp_nonce_tick();

		// Nonce generated 0-12 hours ago.
		$expected = substr( wp_hash( $i . '|' . $action . '|' . $uid . '|' . $token, 'nonce' ), -12, 10 );
		if ( hash_equals( $expected, $nonce ) ) {
			return 1;
		}

		// Nonce generated 12-24 hours ago.
		$expected = substr( wp_hash( ( $i - 1 ) . '|' . $action . '|' . $uid . '|' . $token, 'nonce' ), -12, 10 );
		if ( hash_equals( $expected, $nonce ) ) {
			return 2;
		}

		/**
		 * Fires when nonce verification fails.
		 *
		 * @since 4.4.0
		 *
		 * @param string     $nonce  The invalid nonce.
		 * @param string|int $action The nonce action.
		 * @param WP_User    $user   The current user object.
		 * @param string     $token  The user's session token.
		 */
		do_action( 'wp_verify_nonce_failed', $nonce, $action, $user, $token );

		// Invalid nonce.
		return false;
	}