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Well this can't be good: Chinese break SHA-1 encryption. The article (expurgated):
THE SHA-1 algorithm, a method of encryption that has been in common use for the last nine years, has been broken, it's claimed.Yeah, there we go again: underestimating the ingenuity of the human mind and "the enemy" -- as usual. Posted by Grayson at February 21, 2005 09:42 AMIn his blog here, world authority on encryption Bruce Schneier, said that a three-person Chinese research team, mostly from Shandong University in China, had been circulating a paper about having broken the algorithm. . . .
He said that the attack pretty much put a bullet into SHA -1 as a hash function for digital signatures, even though it is beyond the scope of most criminals to exploit.