[huhtenberg]

Denuvo is based on VMProtect, at least in part, which implements DRM through virtualization and encryption of the original code. Since it takes days to "crack Denuvo", I'm guessing they are cracking the encryption key or doing some sort of statistical reassembly of the raw code from a sample base. In either case it doesn't sound like there are any insiders involved, no.

https://vmpsoft.com/

The back story is that at some point VMPSoft was suing Denovo for buying a single license of VMProtect and then using it to roll out their own DRM system. It was a complete LOL really. They ended up settling out of court.

[the_mitsuhiko]

Is it based on vmprotect? I thought it can just be combined with it. There are games that use both.

[huhtenberg]

From what I remember it used to be just a wrapper around VMProtect. This was a couple of years ago though, so you are most likely right.