Xbox One Hack Exploit Found?

In a chat log saved to Pastebin.com from the #xbonehack IRC chat room, one poster broke the news that there is a working exploit which Microsoft will be unable to stop by firmware alone.

We will see examples within the following months....right now is the discovery phase, development must be done

think of the most radical situation that could have possibly happened. The thing that would most hurt the security

The chat goes on to speculate what exactly this means, but the news breaker was giving nothing definitive away. They did hint that it was related to "keys".

If Microsoft's software keys have been obtained somehow, this means that by flashing a new dashboard to the Xbox One it would be able to process any software you wanted to use on it. This opens the door for homebrew software, including emulation of older consoles, as well as pirated games. With a recent report saying that over 5 million consoles had been sold worldwide, we await Microsoft's word on this.