Nope, OTP can ONLY be flashed one way. Every single byte by default is 0 in OTP. When it is being written, some bytes are changed to 1. It is impossible to change a byte back to 0 once it has been changed to 1. Bytes that are still 0 can be changed to 1, this can theoretically even be done by the system (if someone wanted to really mess up a Wii, they could change a few 0s in OTP to 1s).



You mention flashing NANDs - that has nothing to do with this. If keys are being stored in OTP, as they were on Wii, they cannot be reflashed (well, they can be increased in value by changing some 0s to 1s, but not properly rewritten to any new randomly generated key).

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