We don't know a lot at this point, but a group referring to themselves as the Devil360 Team is claiming to have created an Xbox 360 modchip by way of a "small" security hole, one which doesn't have anything to do with the DVD hacks we saw before. Obviously they'd have liked to have launched yesterday (6/6/6, etc.), but apparently they're still working out the kinks in preventing updates from disabling it, allowing it to be programmed from a PC, boot unsigned code (read: homebrew and/or "unauthorized" games), and even utilize a larger hard drive than the somewhat pathetic 20GB part in the Premium edition. Honestly, we'll believe this one when we see it, but we'll be watching closely, whether it be true or some, erm, devilish tomfoolery.

[Via Xbox-Scene]

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Devil360, has an Xbox 360 modchip been created?