It seems a few servers have been hacked this morning which has allowed for Internet Explorer exploit code to be distributed to possibly millions of clients. One of the main players involved is Falk eSolutions AG. It seems Falk eSolutions AG is a large advertising company that dishes out ads to various sites. Hackers were successful in modifying Javascript code returned to Internet Explorer users that allows the exploit to take place. The user is redirected to a page on http://search.comedycentral.com that hosts the exploit code. From there several downloader trojans are used to finally download a backdoor trojan from http://gamedev.he.net. The backdoor trojan can then be used to gain full control of your PC.
All users of Internet Explorer except for those running Service Pack 2 on Windows XP are vulnerable. Microsoft has yet to release a patch for all other versions. A US CERT warning contains more details. Users of other versions of Internet Explorer should disable scripting immediately. I've contacted Falk eSolutions AG twice by telephone and e-mail. Their only response so far has been "Thank you for this information". Their support staff have been rather clueless. With figures of 12 billion page impressions a month well ... you do the math, it doesn't look good for them.
Hopefully I'll hear more from them soon. In the mean time please everyone update their virus definitions and check you haven't been caught out. One of the sites using ads from Falk eSolutions AG is The Register so any readers there take extra care.