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Sadly I have the same problem . . . No ABS and no lights.
What if that white wax was lube for the seals? I'd be afraid to mess with it without somebody confirming what it actually is.
It is definitely not supposed to be there. It is an issue that has been recognized by others in the 993 forum- see earlier post in this string for the link. The wax was blocking several holes in the ABS pistons that would otherwise allow the flow of fluid. I believe it is a byproduct of fluid and perhaps a little moisture in an inactive system whose brake fluid was changed less than annually. Some 993ers thought it could be related to the brand of fluid used in the factory.
I'm now convinced the issue is wax build up in the capillaries of the solenoids- I just hope by pumping alcohol in the system that it is able to enter into the fully or partially blocked solenoids to dissolve the wax. If it doesn't work then I'll have to remove the pump, again, and inject the alcohol manually.
Perhaps try doing what the 993 owners did; I don't recall 100%, but I think they used an older DOT fluid to dissolve all the white wax and then flush with new fluid.