Once your date has been set to January 1st, 1970, the bug will prevent your iOS device from booting. Due to the limited scroller, the date needs to be set back multiple times until it reaches the year 1970. Since a DFU or recovery mode restore will not unbrick your device, we strongly recommend that you do not try to test this bug. Users report that while a restore may succeed, the device will still fail to boot after the restore.
So far it seems the only way to fix this issue is through a physical repair by Apple's Genius Bar. In order to reset the date, you must physically disconnect the battery from the logic board and reconnect it back. The bug is suspected to be related to the UNIX timestamp epoch. Due to time-zone settings, the date is causing a bit-underflow, which crashes the kernel.
Hopefully Apple will release a software update that fixes this and unbricks any devices impacted by this bug.
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