On the Xbox-scene forums we find a topic about the credibility of the ICE modchip. The general consensus is that the chip is probably a hoax.

Team ICE itself commented on this site that the site will go live tomorrow, but in the Xbox hacking community they have less credibility than they would like. The name LiThIuM is also associated with a fake bootdisc that surfaced in December and was claimed to allow booting any ISO on the Xbox 360. Secondly both involved websites, the chip reseller’s infinitymods.com and the alleged chip team’s icemodchip.com are both registered to Toronto residents using fake addresses: at North York and North Block, neither of which exists according to Toronto residents on the forum. On those same WHOIS-records, one cannot fail but notice the following line in the icemodchip.com entry:

owner-email: orders@infinitymods.com

Now that sure is suspicious I would say?

Everything taken into account the average opinion is a sceptical one. It would be highly improbable that a chip is already out, considering that the main hacker sites claim to be nowhere even near hacking the CPU-level protection in the console. It could be true. But it could also be the best hoax Infinity Mods could ever think of to get thousands of new visitors in their webshop.

All should be clear in two weeks. We will be keeping you informed.