No, not necessarily a hacked kernel, actually if it checks checksum right after bootloader that is gonna be a bit hard. Provided it doesn't use CRC32 for that.
We're not talking about the average consumer. Or, at least, I am not. I'm talking about a Maemo version of Jon Lech Johansen
Since one can (theoretically) run the whole Maemo 5 OS on SBox, the hacker can indeed use a rootkit for QEMU.