It was only released last Friday, but hackers have already found a way to get into to iPhone’s master password.

Since the much-hyped release of Apple’s latest gadget, hackers have been trying to understand how to activate the device with any sim card, instead of having to use AT&T, the exclusive carrier for the iPhone.

Nick at explains that the root password for the phone has been discovered, though whether this will have any effect is debatable, as some claim the password is a cunning decoy placed there for hackers.

However, The Register is reporting that Jon Lech Johansen, who has previously decoded iTunes’ DRM encryption, has found a way to activate the iPod and wi-fi features of the device, but not to use it as a phone.

The iPhone was launched last Friday, and by Sunday Apple had sold a whopping 700,000 of the phones, and the iPhone looks like being the fastest selling mobile ever.

It is also being reported today that O2 has won the rights to exclusively sell the iPhone in the UK, though the operator says no such deal with Apple is in place.