Read up on it here,
GeoHot Work in Progress Project - http://www.ps3-hacks...-firmware-3-55/
3.55 CFW - http://www.ps3-hacks...kgs-to-the-xmb/
Sony also replied to this...
We are aware of this, and are currently looking into it. We will fix the issues through network updates, but because this is a security issue, we are not able to provide you with any more details.”
but...
Hacking groups don’t believe this will be possible though, telling the BBC: “The complete console is compromised – there is no way back. The only way to fix this is to issue new hardware. Sony will have to accept this.”
...and the one guy already downgraded his PS3 from 3.55 to 3.41, can't wait for this stuff to be public! I'm gonna need to buy a second PS3 so I can play online with the one and hack the other one!
Edited by brarei200, 07 January 2011 - 09:18 PM.