Heres the info that kid101skater revealed:
Ok we have come up with a name for the project and would like to let you know that it's called Project E Premo ( e = exploit ) ... We have also managed to find a way to crash the PS3. We will keep you updated and release more details in the following days. Also we are not posting videos until it's 100% complete... and we will not just release a video... We will also release the project files when we have completed.
Now for the moment take this as a rumour,most hacks get debunked but its always nice to know that groups are trying their best to get homebrew on the PS3 and more interesting if its via the PSP.