The exploit in the boot ROM of iOS devices was first announced by iPhone Dev-Team member pod2g. It was soon confirmed by other hackers, who said that because the exploit targets such a low-level part of the operating system, Apple won't be able to stop jailbreakers without making significant hardware changes.
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exomondo writes: It seems the exploit that could pave the way for an iOS4.1 Jailbreak has been discovered, and it's a low-level bug that — unlike the one used by the jailbreakme website — may be a little more difficult for Apple to patch.