As many as 4.6 million users of Snapchat recently had their usernames and phone numbers hacked, and the company may be out big bucks as a result.
Like really big bucks. The security breach is bad news for founder Evan Spiegel and other investors in the so-called “sexting” app valued in the billions.
Snapchat, for those unfamiliar with it, allows users to send text messages, pictures, and videos that self-destruct just seconds after being received.
The whole company's hook is that messages can’t be stored on incoming phones or devices and are also erased from Snapchat servers immediately.
That means there’s no potentially incriminating or embarrassing evidence left behind anyone you know (or don't know) who's perusing your selfies or texts.
Spiegel and his Stanford fraternity buddies reportedly invented Snapchat as a way to securely “sext” co-eds with impunity but the app has since expanded.