New attacks on Bluetooth encryption - please clarify

In plain english, what the heck does this mean? From what I understand, it means that BT crypto can be concidered "broken", am I correct?
"Our best attack finds the original encryption key for two-level E0 using the first 24 bits of 2^{23.8} frames and with 2^{38} computations. This is clearly the fastest and only practical known-plaintext attack on Bluetooth encryption compared with all existing attacks. Current experiments confirm our analysis."

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