News is breaking that Sony's PlayStation 3 games console has been hacked using a USB dongle.
Very little technical information is available at the time of writing but three videos have tipped up on Youtube which appear to show the modchip helping to successfully loading the game Ratchet & Clank from a FAT32 external hard drive.
It's not clear whether the USB device is a custom modchip, as some sources are suggesting, or a vanilla memory stick with a modified boot loader. Either way, the video posted by OzModChips - an outfit which supplies legally-dubious hacking hardware for a number of less resistant games consoles including the Wii and the Xbox - appears to be genuine.
The Hong Kong-made dongle also includes the software needed to copy game data onto the external hard drive.
The hack reportedly works with the latest firmware (3.41), has been tested with more than 150 PS3 game titles (but won't work with PS1 or 2 games) and the only problem the people flogging it have encountered thus far is that any game title which uses a single file bigger than 4GB must be installed on the internal drive.
Multiplayer gamers will be pleased to know that the hack currently doesn't disable online gaming but OzModChips warns, "We can't guarantee you will never be banned for using the third party device."
An Australian outfit is currently taking pre-orders on the PS Jailbreak dongle for AUS$170 (£100 give or take) which seems like an awful lot of money for a device which will almost certainly be circumvented as soon as Sony gets wind of its existence.