UPDATE: A database security expert, Neil Martin, believes that the PSN will be back up by tomorrow or through the end of the week. His proof is the man hours Sony has put into fixing this problem and how they are near completion on fixing the developer's PSN network access (which the Rebug firmware took advantage of). He also believes the only thing that will change is the way everyone (not just the developers) logs-in on their PS3 and a patch will be released to update all software across the system. Hopefully, Mr. Martin is talking facts and not speculation of his own.

A seemingly knowledgeable individual, who is a moderator over at psx-scene.com, has told the worldwide web what he believes caused the terrible mishap of the PSN going offline for the entire world. I’m sure some of you already doubt this individual and you should seeing as how this is only SPECULATION, but the man makes perfect sense in the point he’s trying to make. Long story short…a 3rd party incorporated a custom firmware to hack into the developer’s PSN network. This 3rd party then found a way to purchase items from the PlayStation Store with fake credit card numbers which forced Sony to pull the plug and protect their assets. Check the full story after the break. But first please realize that this is all SPECULATION and not OFFICIAL.

A certain custom firmware named Rebug can turn anyone’s PS3 console into a developer console; meaning you are given the same options that developers have access too. The 3rd party quickly found out how to manipulate this firmware and use it to their own accord. Eventually, these individual(s) found out that this “Rebug” could provide fake credit card numbers and info. They then implemented a plan where they would buy an “extreme” amount of content illegally that went unchecked by Sony (since they were doing this on the developer PSN network). Eventually Sony realized what was going on and pulled the plug on the PSN altogether to protect their assets and rebuild their network. The goal they now have is protecting the PSN from this custom firmware.

The problem is essentially Sony turning off the Network so they can debug this “Rebug”. Sony has yet to confirm or deny this speculation nor have they stated when the PSN will be back online for good. Let’s just hope it will be soon!

[Reddit]