At the end of last year, the PS3 was essentially hacked wide open when a group of hackers known as fail0verflow revealed to the world that there was a way to calculate the private keys on the PS3 used to digitally sign everything from games to firmware updates. This allowed people to create custom firmwares, run homebrew software and, of course, pirate games.
After several lawsuits and a couple of firmware updates from Sony, things seemed to have finally died down for the technology company. The last exploitable firmware was version 3.55 and subsequent versions whitelisted all content so that no "homebrew" would run. Encryption techniques, loading processes were changed and, for the most part, the PS3 was secure once more.
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