P0sixninja and iOPK took that stage at MyGreatFest earlier today to talk about the Chronic Dev Team and jailbreaking. Chronic Dev frontman Joshua Hill (p0sixninja) had some important announcements to make, including the news that the team has found a record breaking 5 new exploits for an iPhone 5 and iPad 2 jailbreak.

The Chronic Dev Team is ready to jailbreak the iPhone 5 with the new exploits that have been discovered, and the exploits already work on the iPad 2…

The exploits that the Chronic Dev Team have found can be patched by Apple in future iOS updates, as they are not hardware-level exploits. The good news about this type of exploit is that an updated bootrom in the iPhone 5 won’t compromise the jailbreak.

Since it’s a software-level exploit, the iPhone 5 running iOS 5 should be susceptible to what the Chronic Dev Team has cooking in the exploit department. Joshua himself said, “It’s a record breaking number of exploits found.” This news reflects what we’ve already heard that the Chronic Dev Team is actively working” on jailbreaking iOS 5.

Greenpois0n, developed by the Chronic Dev Team, was originally the only tool to provide a completely untethered jailbreak for iOS 4.2.1. Key member of the Chronic Dev Team, P0d2g, has apparently found a new exploit for iDevices running the A4 processor (iPhone 4, iPod touch 4th gen, iPad 1st gen), including multiple exploits for the iPad 2 and presumably the iPhone 5.

Joshua said that the upcoming untethered jailbreak for iOS 5 will be the “most amazing jailbreak yet,” and, assumedly, the Chronic Dev Team will be able to push out an untethered jailbreak for the iOS 5 public launch. The Chronic Dev members will obviously need the iPhone 5 in their hands before they can actually test an untethered jailbreak, but a jailbreak for the iPhone 5 will most likely be released shortly after the device’s unveiling to the public.

When it comes to the Chronic Dev Team itself, Joshua noted that funding is a huge problem. The team is trying to expand, but additional funding will be needed to continue adding more hackers to the roster. At MyGreatFest, Joshua announced “Chronic Dev Team LLC.” The team is looking for more talented hackers, and bright things are definitely in store.

You can learn more about the Chronic Dev Team on the Greenpois0n website. The team’s keynote presentation from MyGreatFest is available to download for free here.

[Images via AppAdvice]