phpass HAVE BEEN CRACKED! What is the solution?

[eluser]WanWizard[/eluser]
For ExiteCMS I even do double hashing:

Code:

// generate a random salt for this password
users->salt = md5(microtime(TRUE));

// create the new password hash
$users->password = md5(md5(set_value('newpassword')).$users->salt);