The answer from Payam Toloo, Owner of Payam Data Recovery:
Indeed, the issue appears to be an end-chip error, a problem frequently observed with iPhones and iPads.
While data recovery cannot be guaranteed, there is a reasonable probability of success. In most prior cases, this issue has been linked to an end-chip failure. Our standard procedure involves removing the NAND chip, reballing it, and reinstalling it.
Should this initial attempt prove unsuccessful, we would proceed to create a full memory chip dump using specialized software. This dump would then be decoded using your correct passcode, allowing us to extract all your data.
Therefore, we estimate a 50/50 chance of data recovery in most instances. Provided the correct passcode is known, we are confident in our ability to assist you.
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