Gizmodo is reporting that the folks at the iPhone Dev Wiki have managed to partially unlock the Apple iPhone using a new application called iASign. The iPhone hack will allow you to use any existing Cingular/AT&T Pre-paid/MVNA SIM card with the iPhone without needing to sign up to a new two year contract with AT&T. Unfortunately the hack does not fully open the iPhone to other GSM carriers at this time.

You can read more about it here at Gizmodo.com

[Check it out via DailyTech]

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