Gizmodo is reporting a new method to unlock the iPhone using only an $80 blank sim card:
The hackers are claiming that this method doesn’t use card readers and it doesn’t depend on your previous card version either, so it doesn’t matter if it is a V1, V2 or V3. All of them will work fine.
While the Turbo SIM-based method is not software-only, it seems simple and cheap enough for anyone to follow.
The iPhone itself is used to modify the blank card, so no extra hardware is needed.