Another way that U.K. police may be able to finger LulzSec is through standard police work, added Shulman. "If they think he's part of the group, it's possible members know the real identity of others, and they could use normal investigative measures to get that out of him," Shulman said.

But while it's speculation at this point whether the IRC logs can provide leads for police, Shulman was cautiously optimistic that LulzSec would be tracked down.

"If we look back 20 years at hacking incidents, we find that the high profile attacks or those that involve serious losses to governments or commercial companies have ended up with law enforcement finding the perpetrators..., eventually," said Shulman.

"When you create this kind of visibility in the media, and attack serious industries, like the gaming industries, there will be lots of pressure on law enforcement," he added. "My guess is that if law enforcement puts in the resources, they will catch these people."

Cleary is scheduled to appear in a London court Thursday morning.