After over three years on the market, the PlayStation 3 has finally been hacked. Famous iPhone hacker George Hotz, aka "GeoHot", has become the first to achieve the feat, though what this means for the PS3 modding community remains to be seen.

"I have read/write access to the entire system memory, and HV level access to the processor," Hotz wrote on his blog. "In other words, I have hacked the PS3. The rest is just software. And reversing. I have a lot of reversing ahead of me, as I now have dumps of LV0 and LV1. I've also dumped the NAND without removing it or a modchip."

"3 years, 2 months, 11 days...thats a pretty secure system," he added.

It took Hotz himself five weeks to crack the PS3, which he documented on his blog. And though he hasn't revealed what the news could mean in terms of exploits, it sounds like there is definitely something that will be announced soon.

"As far as the exploit goes, I'm not revealing it yet," Hotz wrote, before adding that there's "a lot more to come."

You can keep up with the project by following Hotz's blog or Twitter.