If you haven’t upgraded already then do so now.  If you’ve been holding off because you are afraid of locking your unlocked iPhone, iPhone 3G or iPhone 3GS then don’t worry thanks to BoyGeniusReport.com it looks like the unlock will work on the new version 3.01 since the update only fixes the patch it doesn’t make any changes to eliminate the unlocking tool.

So what are you waiting for go update you iPhone be safe

There is “one giveaway is if you receive a text message containing a single square character. If that happens, [it's suggested] you immediately turn off your iPhone”.  Turning off the iPhone is currently the only method to stop the hack.  Obviously this isn’t the best option since you can’t do anything else at all.  The people who found the hack even say that someone malicious enough could take over all the iPhones in the worldvery quickly.

The two people have contact Apple about the exploit about a month ago but so far Apple has not issued any patches to fix the problem.

It should be noted that the two guys brought it to Forbes but they didn’t actually show them the exploit.  So until someone can see a real Apple iPhone or 3GS hacked we have to take this as a mild threat.