First new Jailbreak for 4.31 after lvl0 leak

Update 2:

For the latest jailbreak for OFW 4.60 click here

Update:
Anybody out there who is still running the 4.31 CFW will have noticed that Sony have pushed out a new firmware update. This means that the old PS3 4.31 Jailbreak will no longer be able to access PSN/SEN. And Jailbroken consoles are once again asking to be updated. As always in this situation it is advised not to update the console until the new firmware has been fully examined and a new jailbreak or patch found.

PS3 System Firmware 4.40 features include the usual ‘stability and performance’ enhancements. What this exactly entails is anybody’s guess. But one enhancement they are have not included in the press release is the PSN pass has been changed once more. Simple enough to decode and spoof thanks to the known keys so nothing to worry about there. At this time its unclear if the new firmware has any built in detection methods for users who are needing to spoof or fake their console ID’s to get online. So the PS3 Unban method will remain the same with the unbanner needing to obtain a valid PS3 Console ID from an unbanned console. So If this applys to you then you should proceed with caution when going online. Of course if you hadnt been out there cheating on MW3 and Black Ops II you would not have been console banned in the first instance.

The other declared feature of the update is for compatibility with the Sony RC-S380 card reader. This has caused speculation on some news sites that this may be for future PS4 connectivity. Time will tell but it looks like a possible candidate for a PS4 Jailbreak device.

Other updates see increased compatibility with headsets when playing PS2 games, something which will some no doubt.

If at all possible you should update directly with the latest PS3 Jailbreak download instead of the official update.