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SHA-1 algorithm encryption cracked!

SHA-1 is a hash function, not an encryption algorithm per say.

I think this isn't as big a deal as it could be. At this point they can find collisions but not good ones.

Edit: and they need a $40M DES cracker to do it in any reasonable amount of time.
 
I read something about this a week or two ago. But the issue is being sensationalized - apparently to break it requires a very sophisticated crack and some precursor information, and I think you have to obtain some of the plaintext of what you're trying to crack in the first place if I'm not mistaken.
 
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