Recently, a supposed cracked version of the Liberty GameBoy emulator was released. Crack 1.1 is actually something of a trojan horse, as it deletes all applications (not data) from any Palm-compatible that runs it.
It turns out that this application was created by someone from Gambit Studios to discourage people from trying to crack Liberty. It wasn't intended to be released "into the wild" and was originally designed to "help clean up any redundant data files."
Click here for the Palmstation article with all of the details. A good rule of thumb is to never run any cracks on your Palm-compatible. Most programs are much cheaper than desktop applications, and registering your applications helps support future updates.