PlayStation 3 firmware hacks like the PS Jailbreak became popular after Sony decided to remove Linux support from the gaming console via a firmware upgrade. Now a hacking team, Fail0verflow, has come up with a technique that will crack the PS3’s loader, giving users complete control over the system. Another major feat by the team was calculating the private keys to the system, due to some botched security, allowing the hacking community to sign their own code, which will probably lead to an increase in white hair for the folks over at Sony. Due to these developments, it means that Sony’s current v3.55 firmware is already vulnerable and it will be very difficult for Sony to fix these exploits. The tools to take advantage of these latest discoveries should be arriving in the next month, giving us something additional to look forward to in 2011. Video after the jump.