A group of presumably Russian-based hackers have announced that they have finished their fully software-based exploit for the PS2. The software planned for release can be installed onto one of the recently shipped Memor32 USB memory cards for PS2.
Reportedly, the software will fully unlock any PS2 without the need to install a mod chip, allowing for users to run import games as well as homebrew applications. A final version is due out this week, with an already released beta version available for PAL units.
Memento Hack Team [Memento]