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Its amazing that in all of these posts, I don't think any of the people getting in a frenzy see the real problem. I had heard of this before and didn't think much of it. Pretty sure you can view the table and watch the other guy logged in play, but I don't believe you get to see their hole cards. If this is the case, then really cheating isn't a big concern. Whats worse is that you can be hacked while online at UB. Some people leave pokerstars on 24-7 so that no one can attempt to log in. There have been suggestions that FTP allow the same. Now at UB you can be logged on and playing at a table, while a hacker chipdumps under your username to someone else. You log off the tables, and check your balance and all you have left is what you took off the tables. You email support and suddenly the rest vanishes before your eyes.
If someone has obtained your username/password with malicious intent, i can promise you that leaving your account on overnight wont keep you safe.
This doesnt pose any new security risk. It isn't exploitable. And it doesnt violate their terms of agreement to my knowledge.
It's nothing.
There are so many other better reasons to avoid UB.