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When you removed the lower back panel, what do the silver coils look like behind that panel? Are the packed with frost, lightly frosted from top to bottom, some frost on top but not on bottom, not frost at all, etc... ? Also, is the fan above the coils running?
OK so that means you have a freon leak or the compressor is inefficient. You'd need a technician to tap into the sealed system to see if you have a freon leak or need a new compressor. A freon leak would cost about $450 to have repaired and a new compressor would be about $650 so unfortunately these are very expensive repairs and may not be worth fixing.
You can not bypass it unfortunately, you would need a new compressor or a new freezer I'm sorry to say.
OK well, that's up to you but it doesn't change what has failed on your appliance. Sometimes unplugging the unit for a few hours will let the compressor cool down and start working again, but the issue will come back in a few weeks or days and for a freezer that isn't good.
To call a technician out to tell you the exact same thing would cost you a lot more time and about $100--I'd say you saved yourself a lot of time and money.