Not exactly. I see this as being more a matter of FastJack building his network, putting in moderator code and restricting it to himself, and then being surprised that someone's hacked a chunk of his code.
Understand that this sort of little tidbit is what keeps our perception of FastJack as being of someone who's (meta)human, who makes mistakes and can be beaten if you focus on the right thing and catch him off-guard. Is he going soft? Is he letting his reputation do some of his work for him? Maybe, maybe not. Most of FastJack's code-concentration undoubtedly went into keeping things private as compared to making sure none of the people he invited could use his moderator toys. Slamm-O! could probably hack that piece of code; Netcat and Bull definitely could.
But here's the reputation coming back in; none of them would think about doing so. It's FastJack, it's his house, you respect the guy, you don't muck around with him. /dev/grrl, on the other hand, is the newbie -- the one who is still learning, who still needs to be taught what you Just Don't Do. FastJack's reaction was, 'Hell, I thought I locked that down tight enough. Good job, girl, but you just don't do that sort of thing to one of your friends in their own house. Do it again and I'll fry your commlink faster than you can imagine.'
Is she being 'set up'? Yes, so to speak; she's getting trained into being a pretty hefty 'runner. That's okay, because in her journey, new players get brought along. And in another three or five years, we'll need someone new to be our /dev/grrl.