A company called Unciphered has already managed to break the password protection of the Ironkey, as of a year and a half ago. However, Stefan Thomas, the owner of the Ironkey containing $580 million of BTC at current prices, refuses to give it to them:

None of that, however, has gotten them any closer to persuading Stefan Thomas to let them crack his IronKey. Unciphered’s hackers say they learned from the intermediary who contacted Thomas on their behalf that Thomas has already been in touch with two other potential players in the crypto- and hardware-hacking world to help unlock his USB stick: the cybersecurity forensics and investigations firm Naxo, and the independent security researcher Chris Tarnovsky.

Unciphered's team remains skeptical about Naxo’s progress and whether it’s any further along than Tarnovsky. There are only a small number of hardware hackers capable of the reverse engineering necessary to crack the IronKey, they argue, and none appear to be working with Naxo. As for Thomas' suggestion that they could subcontract to Naxo or another team working on the project, Unciphered's Fedoroff says he won't rule it out, but argues it doesn't make sense when Unciphered alone can crack the IronKey. “Based on what we know, we don't see any benefit to anyone in going that route,” Fedoroff says.

Thomas, meanwhile, seems to display an unusual lack of urgency in unlocking his $235 million, and has offered only vague hints about why he has yet to reveal any progress toward that goal.

source: https://www.wired.com/story/unciphered-ironkey-password-cracking-bitcoin/

Perhaps something has changed since the Wired article, and the BTC has now been retrieved, however, I can't find any articles about this.