Controller Board (Probably) Died

I think my controller board is toasted. It refuses to connect, and I’ve tried multiple computers and multiple USB cables.
The blue power light on the board comes on, but no other lights. The chip circled in the image below gets ridiculously hot as soon as power is applied, and I swear I saw some of the magic smoke escaping the Y1 controller.

What is the role of that chip (I couldn’t read the ID on it)?
Is it likely that chip overheating is simply a symptom of another issue? (Is this a common thing?)
Lastly, could a cheapskate who’s pretty good with a soldering iron simply replace a couple components on the PCB to fix it, or would it be too hard to tell exactly where the problem lies?

I’m afraid the boards aren’t really designed for repairability. They’re substantially the same as the Stepoko from Sparkfun which is documented on GitHub:

If you contact us at we have replacement boards on a hidden page in our shop.

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