Two years ago, the PlayStation 3 was hacked. After a series of patches, Sony was able to fix the security flaw through which was being exploited by hackers to install custom firmware on the machine. Now, according to Eurogamer, the PlayStation 3 has been hacked once more with a new custom firmware released, with PlayStation Network enabled. The release of the custom firmware was followed by the release of the LV0 decryption keys, which according to some developers, gives complete access of the machine to anyone aiming to tinker with it.

Sony will obviously be plugging the holes in the security of the machine in the upcoming 4.30 update, but the hack poses some serious problems for the company. But the major issues come from the release of the LV0 decryption keys which will allow hackers to break through any new security that Sony will set up through new firmware updates.

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The LV0 key for the PlayStation 3 has been released by hackers

According to Eurogamer, the original hackers who had found the LV0 key were originally planning on keeping it to themselves, but the key got leaked and found its way in the hands of a Chinese hacker group called “BlueDiskCFW”. BlueDiskCFW planned to charge for weekly updates to its custom firmware. To prevent this from happening, the original hackers released the LV0 key and a new custom firmware.

“You can be sure that if it wouldn't have been for this leak, this key would never have seen the light of day, only the fear of our work being used by others to make money out of it has forced us to release this now,” a statement from the hacker group says.

Back in September, some developers had started working on a crack for the PlayStation Vita. Homebrew developer Yifan Lu has started work on a homebrew application loading software called 'Usermode Vita Loader', which will allow homebrew apps and games to run on the system.

The main way to bypass the PS Vita’s tight code is an unnamed exploit. There is no doubt that Sony will work on fixing the exploit as soon as possible, as the company is very much against letting its systems such as the PlayStation 3 and the PlayStation Portable (PSP) get cracked. Players not only run homebrew apps and games with cracked software, but also pirated copies of games. The PSP is one of the most famous handheld systems purely because of homebrew software and piracy. Yifan claims that the exploit isn’t meant to be used for piracy, but what others do with the exploit is up to them.

Indie developer Wolfgang Wozniak has raised concerns over the exploit on Twitter in a conversation with Yifan. “Why would people want to buy games when they can just download my game from the next and load it up. It's not on a cart,” tweeted Wozniak. Yifan revealed in the conversation that the PS Vita would take months – at least half a year – to crack successfully.

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