Wang said during the panel that the group has a couple of kernel bugs in its back pocket, which could be used to create a jailbreak. The problem is there isn't just one key to Apple's locked door: often, many different exploits are needed in order to create a successful jailbreak.

"We still have a few tricks up our sleeves," Wang said.

After the panel, Musclenerd said the work done on the jailbreak so far is like a delicate house of cards, he said.

"We think we have something that's working under a certain set of conditions." But before the final jailbreak is released, "it's a very technical, very boring set of steps" that need to be taken to make a more refined user experience.

"The overall technique works," he said. "We think we have the flow for it."