iTunes Store Gift Cards Hacked

We love ourselves some iTunes Store cards, they're the only super legit birthday/holiday gift you can give and not have people think you're lazy or unimaginative. Or maybe people think we're jerks just because we're still giving out Circuit City gift cards. Meh, the company could still rebound, c'mon! Regardless, the popular iTunes cards have now come under a vicious setback in China, where hackers have cracked the algorithm that generates the iTunes Store gift cards, allowing them to produce and sell working cards for literally pennies on the dollar.

First reported by Outdustry, a China-based music industry consultant firm, these hacked iTunes cards are literally flooding the market in China, with $200 gift cards selling for $10 in Taobao, though Outdustry says they've heard prices can go as low as $2.60. Competition between vendors has gotten so fierce because of the insane number of cards available that prices are expected to drop even further.