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Wordfence Security's Country Blocking Isn't an Effective Measure Against Hackers
(www.pluginvulnerabilities.com)
Discussion about WordPress security without all the falsehoods.
Duh, IP blocks can almost always be circumvented - this is not something exclusive to Wordfence. Using any tool alone will always have drawbacks. That's why you should use more than one tool.
Even better is to use tools that provide effective protection, as multiple tools that don't provide effective protection are still unlikely to provide effective protection when combined.