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Yes, Apple does not patch old versions of iOS or OSX.

All iPhone 2G, 3G and 4 are all vulnerable to root code execution flaws (some exploitable from the web browser) and do not receive updates.

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Aren't all iPhones that can be jailbroken subject to root code execution flaws?

Yep. The 2G and 3G ones are particularly bad because there's a public toolchain that gets you from web browser to root, for the 4 and later you normally need USB access to some degree.

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