Here's a teaser of the upcoming exploit for version 5.03. A beta tester named Granite has uploaded a video demonstrating the HEN in action.
This is a demo of the 5.03 firmware running the tiff exploit and booting into a HEN environment on a PSP 2003 (3000 Support also) on 5.03 Official Firmware. This proves that the code survives a reboot and the system software and MAC address can be changed. This is something that only can be done with a kernel exploit. A video launching homebrew will be posted later.
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