Earlier quoted context omitted.
I am assuming they hash the RAW file. Since JPEGs contain less information than RAW I don't think it is possible to get from JPEG to RAW to hash value matching the one from the original RAW.
But a pirate wouldn't need the original raw, just one that happens to produce the same jpeg.
I note they also only display low res until you buy a high quality version. That's what I do too. If someone wants to save/share my low res images its no problem. If they want something magazine or billboard res (ie commercial) they have to come to me.