PS3 - Finally, It's Truly Hacked With its First Custom Firmware

PS3 jailbreaking is all the rage since last year, but it seems hackers has finally see the light as fail0verflow has finally cracked the uncrackable PS3, simply by extracting the system's master key. The master key is used to signed all games and software running in the console to confirm it's all legit and therefore, once the key is known, any kinds of software and games can be signed, which calls for another concern where it enables piracy.

As soon as the PS3 is cracked, KaKaRoTo has managed to create a CFW (Custom Firmware) though due to copyright issues, he didn't release the firmware. No worries though, some tools are available to convert your official firmware to custom firmware. He also mentioned that

"The advantage here is that you can do it for any firmware, if you want to keep version 3.41, then give it the 3.41 update, if you are on 3.55 already and can’t downgrade, then run the script on the official 3.55 firmware and it will create a modified 3.55 firmware. 

You can put the file in a USB drive under the filename “PS3/UPDATE/PS3UPDAT.PUP” and then go to system update in the XMB, and it will allow you to install the update (even if you’re already on 3.55)."

For now, the CFW can't do much. The only change is that you will be able to add 'install package files' to the game section of the Cross Media Bar. But I'm pretty sure more things will be added on in later stages.

Via: BBC News and KaKaRoTo's Blog