1st all credits goes to our dear friend 3dc3dv for unpacking the protection from you know who!

all i did was following his instructions...

1. run vray_adv_32002_max2016_x64.exe
2. on the 2nd screen go to Customize and Turn OFF Install Wibu Keys Drivers!!
3. copy from crk dir everything to 3ds max 16 root and overwrite everyting
4. also copy cgauth.dll to c:\Program Files\Chaos Group\V-Ray\RT for 3ds Max 2016 for x64\bin\ so you can use the RT
5. have fun

P.S.

Files are not protected with any kind of packer so you should not have any kind of warnings from Antivirus.