For New3DS firmwares (NATIVE_FIRM, TWL_FIRM, ..), the ARM9 FIRM binary has an additional layer of crypto. At the end of each ARM9 binary, there's a plaintext loader. The format of the FIRM header is identical to regular 3DS FIRM(the RSA modulo is the same as regular 3DS too).
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If (u8*)0x10000000 bit 1 is clear (which means that this happens only on hard reboots), it does the following things:
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* Hashes data from the region 0x10012000-0x10012090 using SHA2.
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* Initializes AES keyslot 0x11 keyX, keyY to the lower and higher portion of that hash, respectively.
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* Decrypts arm9_bin_buf+0 using keyslot 0x11, and initialises keyX for keyslot 0x15 with it.
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* Initialises KeyX for keyslots 0x18-0x20 with the output of encrypting a certain binary sequence using keyslot 0x11. These are presumably New3DS-specific keys.
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It sets KeyY for keyslot 0x15 to arm9_bin_buf+16, the IV to arm9_bin_buf+32. It then proceeds to decrypt the binary. When done, it decrypts arm9_bit_buf+64 using a fixed key and makes sure it's all zeroes. It it is, it jumps to the decrypted addr. Otherwise it will just loop forever.