What's being referred to as an exploit, is the fact that I didn't have anything in the script to track if Person A was to /whois you 3 times, then leave the network, and Person B change to Person A's nick, /whois you once, then change back to Person B and get Person A to /whois you again. With the original version of my script, that would make the tracker think that Person A had /whois'd you 5 times, when in fact they only did it 4 times.
My second version of the code resets the counter when Person A disconnects from the network (which you, as an IRCop, can monitor via the client exiting snotice).