I am having this problem too, since about 3 days ago. Our other site admin can log in as normal but I can’t, even though nothing obvious has changed. This issue is baffling.
Also, how do you access via FTP?
Identical problem when using this plugin with Google Authenticator. Panic code worked, which is some help, but when you only get three of these, this is a bit worrying. Am I going to have to seek out a different two-factor auth method?