CNET| A now-defunct Web site that catered to gay youth is now ensnared in a federal bankruptcy proceeding that the founder says could result in as many as 1 million profiles being sold to creditors, putting its former subscribers’ privacy at risk.

XY, which billed itself as a young gay men’s magazine and could be found at XY.com, ceased publishing in 2007. Its founder filed for bankruptcy protection earlier this year, which could put names, addresses, e-mail addresses, unpublished personal stories, and other information about gay minors into creditors’ hands.

The Federal Trade Commission recently expressed its concerns, saying in a letter to creditors and attorneys involved in the case that “any sale, transfer, or use” of XY’s personal information “raises serious privacy issues and could violate” federal law… READ IT