MuscleNerd released an official statement regarding iPhone unlock. iPhone Dev team postponed the release of ultrasn0w unlock until Apple releases iOS 4.3 or iOS 4.2.5 Sherif Hashim found an exploitable baseband crash that could bring an unlock for basebands 05.14.02 and 02.10.04 back in November. Very little has been heard since then.
Official iPhone unlock statement: no unlock will be released until after 4.2.5 or official 4.3 (whichever is last) is out
For more news on this project or many other stuff Make Sure to subscribe to our free once in a day e-mail news letter to get all the Latest updates on Apple related hacks and news directly in your Inbox. Which will provide you with all the news before anyone else knew about it. You can also join us on Facebook and Twitter.