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It didn't, because the encryption keys are in the secure coprocessor.



Your data is protected, but the iCloud activation lock can be bypassed. Hence it no longer being a brick.


What's the market value of a phone that has to be put into firmware upgrade mode every time it restarts?


TBD. Check out eBay in the coming months, I’m sure a value will be determined soon. It’s definitely higher than what it is now (sold as scrap for parts)




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