It can be done. The encryption key is stored in a block near the end of the raw disk (raw = not in the enclosure). That key is encrypted, based on your password, or if none is used, on a factory-set key. Here is a paper that describes the setup:
I myself have successfully removed the 4TB drive from a MyBook Essential and installed it into my desktop. I did not reformat. Instead, I set up an encryption layer to simulate the JS528S chip that is on the MyBook’s USB-to-SATA PCB.
I can do this in linux only, so don’t ask how to do it in Windows, please. If I can recover your data for you, it has to be by using one of my computers.
If you want help, see my PDF tutorial at GitHub - themaddoctor/linux-mybook-tools: tools for opening some encrypted WD My Book drives in linux
