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If you watch the demo video you can see that the transaction specific information ie could be something bitcoin specific is encoded into the challenge alongside the OTP so the user is informed as to what they are authenticating and the MITM fails. They cant switch challenges and they cant remove the transaction information from the challenge. Being a non humanly communicable key (the visual segmented pattern) they cant easily interrogate the user for key information either.
Its not perfect, for that we would need the server to be able to scan your soul however its cheap, convenient and more secure than the alternatives unless you have a better suggestion.