It took me a while but here it is:
A fully unlocked Serum Release with a custom installer that does every step needed.

Features:
* No serial key input needed
* No need to mark the user.dat file as read only
* No browser windows opening because of a faulty key
* No need to backup your user.dat file (explained below)
* No need for any internet connection
* Update function disabled
* All plugins unlocked (VST, AAX, 32Bit & 64Bit)

Eastereggs:
Run Serum, go to Serum's Appdata folder and open up
the user.r4e file with a text editor.

Repeat this step after you've saved your first Preset
for another surprise ;)

Mods:
This release uses its own file (user.r4e) to store
activation related data. That way, any previously stored
License data stays untouched and can be used in further
(if it works) or previous versions without problems.
Updates got disabled completely. Try it on your own by
selecting 'Menu' -> 'Check for Updates'.

Additional Info's:
The AAX plugins are unlocked too! To be able to use these,
you need a cracked AAX Host like Pro Tools HD 12.5 by AudioUTOPiA!

Install Notes:
1. Run the setup.
2. Choose the options you want to use & install.
3. Enjoy!

home page: bit.ly/1NJ5ha7

Xfer.Records.Serum.incl.SerumFX.1.33b4.x86.x64.Unlocked-r4e