The original IronKey (later sold to Kingston) seems to have be cracked. A team / company called Unciphered managed to break a IronKey in a attempt to offer such a decryption to Stefan Thomas who had 7002 bitcoin on this key. This was then worth then 235 million dollar (now >500 million), which is of course a VERY strong motivation. [1]
The Lenovo case of course seems not to be bad implemented security but no security at all, especially if they advertise with encryption, which I found on a Asian Lenovo website where still there are still some specs of the key [2]. A good method if you want to damage your reputation.
[1] https://www.wired.com/story/unciphered-ironkey-password-crac...
For key entry you really want mutual TOTP or a separate ignition key, like a yubikey, that you insert into the drive.
Says a lot about Bit Coin volatility that that didn't really narrow how long ago it was.
2023 for anyone else who wonders (the linked wired article is worth a read though).