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A couple of weeks ago it was confirmed that the Chronic Dev Team was going to release there program for jailbreaking 4.2.1 untethered with out the need of 4.2b3 SHSH blops. Today members of the Chronic Dev Team released a youtube video showing the jailbreak.
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So soon we might have the jailbreak, hopefully in a week!
<3
Edit, how do I get the video to show up like a box?