Apple may have fixed the iPhone Password bypass exploit with the iOS 4.2.1 update. However, Fraunhofer Institute Secure Information Technology researchers prove that even Password Protected iPhone can be hacked in 6 minutes after jailbreaking it. Check out this video showing iPhone passcode hacked by simple script post jailbreak. Looks like the researchers have made use of redsn0w tool to jailbreak the iPhone and then sent a custom script to get the log containing all passwords on the device.
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Source: iSpazio