As I reported in an earlier article, while the Dev-Team has released Ultrasn0w to unlock the iPhone 3GS, it won’t be able to do a jailbreak. Without a jailbreak, there’s no way to use Ultrasn0w to unlock (Ultrasn0w can unlock the iPhone 3G by using PwnageTool or Redsn0w).
Although the Dev-Team has already identified an exploit [...]
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