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Massive news over the weekend as hacker prodigy Geohot, who’s claim to fame is being the first hacker to successful break one of the iPhone’s system. Geohot posted this on his website:

I have read/write access to the entire system memory, and HV level access to the processor. In other words, I have hacked the PS3. The rest is just software. And reversing. I have a lot of reversing ahead of me, as I now have dumps of LV0 and LV1. I've also dumped the NAND without removing it or a modchip.
3 years, 2 months, 11 days...thats a pretty secure system

The reaction from the hacker community is first that of disbelief, as there have been many such claims in the past that turned out to be scams. But Geohot’s reputation as an iPhone hacker made the news very believable although some remain skeptical until hard proof comes out of a successful hack.

The hacker remains cautious not to reveal too much info to Sony although he did state that the theory is unpatchable. If you own a PS3, I suggest not updating it any further in case the hack won’t work with newer firmware. A few other hackers close to Geohot have confirmed his hack on the website leading even more credence to the news.

Geohot’s objective of hacking the PS3 is to unsigned code which makes it possible for the homebrew community to have full access to Sony’s hardware. A side-effect to this would be that it would now be possible to run pirated games on the PS3, provided you have the money to invest in a Blu-ray burner and on the Blu-ray discs, both of which are prohibitively priced at the moment.

Some have expressed hope in having the hack allow running ISO games directly from the PS3’s hard drive, eliminating the need to purchase any expensive equipment. For all intents and purposes, the hack that Geohot will release will not feature any of these illegal copy-protection circumventions, although enterprising Chinese hackers will surely come in to fill this massive void.

Finally, the hack was accomplished without using any modchips. However Geohot did not mention whether the complicated setup he has on his PS3 is necessary to execute the hack, or is merely there to help him find the vulnerability that allowed for the hack to happen.