I'm pretty sure that a firmware flash will not do it. There are folders/files on the Kobo that are outside of the firmware that cannot be updated in this way. Someone with a good handle on linux and the desire to do this sort of thing could, no doubt, figure it out.
From my very narrow minded perspective, that is less than ethical. The person bought a device with ads, and got a reduced price in exchange. If it was a bad decision, the remedy is to exchange the device and pay for the ad free experience.
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