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Mathieulh (a famous dude:tits has stated on his Twitter that the guys behind PS Jailbreak used GeoHots exploit and strongly advices us to not update to PS3 Firmware 3.42, as this will probably block the PS Jailbreak Dongle, here are Mathieulh’s tweets.

The psjailbreak guys definitely used Geohot’s exploit, without him it wouldn’t have been possible in the first place.

This is a very clever hack which allows code to run a high privileges on the system. Updating would be a real shame.

You should know by the way that this CAN (and most likely will) be updated/fixed by Sony. Avoid updating to 3.42+ at ALL COSTS.

Credits to Ps3Hax.Net ^^ Awesome Site, Seriusly. (Not trying to advertise)

THIS IS HARD!!!! I can't use LG5Tool because it has a broken file or something!!! Help

Yup it's out mandatory update as-well. If you want to jailbreak i suggest not to update.

had same issue a few min ago, just download the file below and place in windows system32 folder.

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works perfect, bypassed =)

****! Wait when did it come out!? God damn it...I must've updated already.

I still get this error
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If that picture is your error, it's not actually an error. That black spot is the port number (8080)
Just click start proxy, then your proxy IP will pop up, enter it in the proxy on your PS3, as well as 8080, and sign into PSN.

what error are you getting 0_0 looks fine from the pic,

tick firmware bypass
go to ps3 and network settings
go all the way to proxy, select yes
enter IP that the program gives you.
Do not test connection
untick firmware bypass
try to login

ok but then i get this

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Who cares I already updated I don't care much for ps3 piracy as you will get caught for that. I'm more of an apple guy