Chinese hackers crack iTunes gift cards algorithm

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Apple may have a big problem on its hands with iTunes gift cards. According to Chinese record industry consultancy firm, Outdustry, the algorithm behind the cards has been cracked and as a result $200 voucher codes are being sold for as little as $2.60 online. These vouchers have apparently been available for six months on Chinese online store Taobao, a consumer-to-consumer website in which Yahoo holds a 40 percent stake, with prices dropping from around $47 at that time as more sellers came into the market.

Apple has not officially commented on the matter yet but it seems likely that a change will have to be made to the current algorithm. That, however, could potentially invalidate all the legitimate gift cards around the world. With Apple looking to bring its iPhone to the Chinese market it should be interesting to see just how the company responds to this.

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