I don't think I understand what you mean by "white-box testing" here, but perhaps it's helpful to clarify what I meant by "equivalence" above, and how it relates to testing: what we did here was verify
input/output equivalence between the imperative C code and our functional mathematical spec in Cryptol, for a range of key and input buffer sizes. This corresponds to testing
all inputs of those sizes, which is not possible to do by direct testing: e.g., for a 64 byte key and a 1000 byte message, the equivalence corresponds to checking
8^(64 + 1000) =
772229093352564060021182203061704429810699485400692901921197
543030601797302324658889178066005708227773161814337173682980
065612522479316644103460638515687114933331680544961552375412
914711698479251875125441335427310394080188149008724146221306
402242642191159219745353079189135871713826154087180913177991
135554545843425504232155742364801022614341625532175948198587
539576566458760517446126909555225085347521013376171505426231
008775737688282539095967230536510936329489906183630574979494
541005574981802619546120394597788656899688609063922312837993
473534655739423794995816974687759952971465473538229880976237
137410666755636310464327792929854669852851716265627988045993
010404521026728809660275537200281773360887456757531693050082
473180078568595877659952113273156104380151800825339034988199
020562681928372626978536148813617979584497069978086989075685
756621893032191527888867820144068182725496496585643739551119
7590300209437142003442599950379602277911674788208191414992896
tests, which would take "forever" to verify by direct testing.
We did not prove any properties of our mathematical specification in Cryptol, but the claim is that it's close enough to the official FIPS mathematical specification for HMAC [1] that it's easy to believe that it's correct. However, a group at Princeton has also verified HMAC in the past, and gone further than us by not only proving that the imperative C code is input/output equivalent to their mathematical spec in Coq, but also proving that their mathematical spec has the security properties of a secure hash function [2].
[1] http://csrc.nist.gov/publications/fips/fips198-1/FIPS-198-1_...
[2] https://www.cs.princeton.edu/~appel/papers/verified-hmac.pdf