As we told you last month, a company called Gibson Security had been trying to warn Snapchat to close some exploits that they claim could have been closed with just ten lines of code. Snapchat chose to ignore them, and the result was this breach in security. Gibson tweeted out Snapchat's API and a couple of exploits on Christmas Eve. Very quickly, one of the exploits was used for the aforementioned SnapchatDB! website. This comes at a bad time for Snapchat because the app, which allows you to send picture, video and text messages that disappear in ten seconds, just turned down $3 billion and $4 billion dollar offers for the app from Facebook and Google respectively. Those offers came after a round of financing was done for the company last June, that valued Snapchat at $800 million.
Snapchat is responding to this mess, not by ignoring the situation as it did originally, but by announcing that it will offer an updated and more secure app that will allow users to opt out of Find Friends" after verifying their phone number. There also will be things implemented on the app to make it more secure. Snapchat now welcomes your communication with them about security issues. The email address is email@example.com.
source: Snapchat via AndroidAuthority