Just over 24 hours after www.ps3news.com reported the PS3 $DK leak, resident Dev'er hacked2123 shared with them in iRC EFnet #PS3News the video below... which shows confirmation of the World's first public PS3 XMB Hole (vulnerability) found!! There are MANY details to report, so please bear with them while they address each throughout the night.
For starters, this specific PS3 XMB Hole is currently present in PS3 v1.00-1.11 Firmware. Jumping ahead briefly... it's now believed the reason why the GODS @ Paradox hinted that v1.60+ Firmware was NOT recommended to update to was simply because there is no OtherOS installer present. Also, at this time it's important to NOTE that PS3 Blu-ray Disc back-ups will boot but not run just yet.
www.ps3news.com will cover all of the details on how this is accomplished shortly... until then, you can watch the video below and share your feedback in the Hacked2123's PS3 Back-up Video! Forum thread. w00t!!!