The infamous hacker Geohot, famous for his iPhone jailbreaks has struck again in Paris. Geohot was attending Nuit Du Hack conference which is one of the oldest underground hacking conferences. He announced that he had found an exploit in the bootrom which supposedly will pwn or jailbreak iPhones for life, or until Apple figures out how to fix it. So you can expect a jailbreak for iOS4 shortly.
Geohot had previously announced that he could break iOS 3.1.3 with the recent news, many iPhone users will be happy that they wont have to worry about jail-breaking anymore. Keep an eye on Blackra1n.com for the release. Here is a video of the announcement below for your viewing pleasure.