>>16597763He's not the only one working on cracking the 3DS, but he's certainly the most public about his shenanigans, and has shown to have made the most progress out of anyone.
>>16597839Unless I read his recap wrong, this is purely a software exploit. He states that he was able to dump the RAM because of his ability to run unsigned code, however doesn't go into detail on how he injected the modified RAM back in, so who knows for sure. I wouldn't doubt that he's able to do it through software since he's already cracked the firmware, albeit an old version of it. If I understand his summary correctly, it's the same concept as an action replay. Read this:
http://smealum.net/?page_id=299>>16598068He states that redNAND is functional on a stock 3DS. If you watch some of his videos, you'll see that his 3DS is indeed, not connected to any computer. No guts shown, just all software.
TL;DR: It's a software exploit that can be run on a stock 3DS with v4.5 firmware. "This exploit gives us full run-time control. This means that almost anything can be done from there, including easy piracy."