Huh, very interesting. As mentioned, I assume it's probably making use of the existing exploits against STM32 RDP1 but I'd really like to see some analysis of the device to see for sure.
Yes and why cooling to freezing might help! Slowing the clock presumably?
If it's the attack I believe it to be, basically it:
1. Acts as a debugger (core blocks touching flash) and writes a 2-part payload to SRAM.
2. Detaches the debugger, straps the boot pins to boot from SRAM (payload 1)
3. Resets the board via reset pin (keeping SRAM)
4. SRAM payload 1 runs (core blocks touching flash), configuring the FPB to 'overlay' the reset vector on flash with a pointer to payload 2
5. Flicks off the power just long enough for the hardware to reset, but not long enough for the SRAM to clear (this is where I think being cold helps).
6. Device boots 'unlocked' into 'flash', but the FPB hijacked the vector table and so the CPU immediately jumps to payload 2.
7. Payload 2 can now do whatever with flash (e.g. dump it out over UART or SPI)