"According to internet reports, hackers at 24C4 demoed a full Wii hack that provides native Wii homebrew with full access to the Wii hardware without the Need for GC mode. They were able to find all the encryption and decryption keys by doing full memory dumps at runtime over a custom serial interface. Using the keys it was possible to create a Wii game that ran their own code."
Video: http://youtube.com/watch?v=H5YB1Mmx7E4
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