Some cracks "patch" the .exe file to bypass the license check. This is the most dangerous. The software works for months, and you become dependent on it. Then, a Windows Update or a minor version change triggers a silent corruption. You lose your merge history or, worse, corrupt a legal document or codebase without realizing it until it is too late.
The best "papers" or official resources regarding Araxis Merge license keys araxis merge license key