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From ExtremeTech:
Starting tomorrow, some of the world's most tenacious hackers will begin the tricky task of jailbreaking the iPhone 5. To date, every single iPhone has been cracked wide open by hackers, blazing the trail for tethered and eventually untethered jailbreaks. Every year, Apple releases new products with increasingly complex security measures - and yet, without fail, they fall to the increasingly tenacious attacks of Apple hackers.How does a hacker jailbreak an iPhone or iPad, though? Well, I'm glad you asked, because the answer is rather interesting.
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