PS2: Security chip's secret revealed after 26 years

After nearly four years of intensive work, one of the final major mysteries surrounding the PlayStation 2 has finally been solved. User DiscoStarslayer announced via X that the security chip, also known as MechaCon (CXP102064), has been cracked and its firmware dumped for the first time.
The effort, described as a long process involving decapping, optical dumping, and finally a software solution, has led to a complete understanding of the chip's functionality. Libby is credited with initially finding the critical exploit that enabled the software solution, based on optical dumps of the chip.
This achievement brings several significant benefits for both retro gamers and developers. Firstly, the accurate dumps of the security chip, including the MagicGate protection, enable significantly improved and more faithful emulation of the PS2 through software like PCSX2. It also contributes to true hardware preservation of the console, securing its digital legacy for the future. Furthermore, it opens doors for new tools and potential exploits on original consoles, particularly the early "fat" models.
Cracking this chip has been one of the last major unsolved challenges for the PS2 community. With this milestone, the PlayStation 2 can now be considered a largely mapped console.