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Engagdet is not yet entirely sure how it works, but iPhone hacker Zibri's just released a new app he's calling ZiPhone, which claims to jailbreak any version iPhone -- including new 1.1.3 phones right out of the box -- without messy downgrades and baseband changes.
Source- http://www.engadget.com/2008/02/12/ziphone-jailbreak-any-version-iphone-out-of-the-box-including/
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