The following is a step by step take apart for the M-550 Series Bug Out Frag (Pro, Pro Compact, D, B, and Minis). There is a lot of false claims circulating on various pages where it was incorrectly assumed, pulling the pin deploys the kit. This is not true, the pin is merely an attachment point for the grenade.
On the bottom of the grenade, are two melted ends of cord. Cut or pull them up through the main body to free the upper assembly. Once the two strands are free, you can begin unraveling the main monkey's fist surrounding the survival kit. Once the first side has been unwound, you can slide the case out from the remaining cord.
The M-550 Series Paracord Grenade is a one time only deploy-able survival kit. The grenade design is meant to give the kit a sense of style and discourage opening the kit until an emergency calls for it, this way, the life saving tools within will be there when you need it most.
Once the bottom tabs are either cut, or pushed through the bottom of the monkey fist, remove the top assembly by lifting up from the ball.
Begin unwinding the monkey fist.
You only need to unwind half of one of the three sides in order to access the kit.