The hackers at PS Jailbreak have been busy. The group has announced a successful exploit of PS3′s latest 3.50 firmware as well as 3.42. The hack is employed by the means of a USB mod that enables the PlayStation 3 to run “unofficial content”, aka pirated games.
PS Jailbreak has also announced its plans to launch a sister (www.psdowngrade.com) site that allows users to downgrade their consoles to any previous version, which makes it even easier to hack it into modified firmware. PS jailbreak is even positive that they can now handle any future updates or protection that Sony can come up with. Prior versions of PS3 firmware were also broken by the same USB mod, but Sony had patched out the exploit with Firmware 3.42.