The emulators floating around (often on sketchy forums or GitHub repos with short lifespans) claim to:
: "Emulator 12" is often cited as compatible with Windows 10 and newer, supporting WibuKey/WibuBox dongles with up to 10 entries. usb wibu key dongle emulator 12
: Use a "loader" to import your specific dump file into the emulator. Once loaded, the protected software should recognize the virtual device as the original dongle. Use Cases and Considerations Backup and Mobility USB Wibu Key Dongle Emulator 12 — Essay