MyBlogLog hacked?

A lot of us real estate bloggers have been using the recently launched MyBlogLog as another social networking platform. But there's an apparent flaw in the service which makes it relatively easy for a users domain to be hacked. It seems like there is no verification system on MBL which means that anybody can sign up to the service choosing to use any domain they want without having to prove that they're the ones who own or control it:

in order to claim my piece of the MyBlogLog pie I go to register where I can upload my own photo and hopefully claim my own blog. As an idealist, I’m assuming that MyBlogLog should offer blog owners some kind of code for doing so, in the same tradition of Technorati. You know what though, they do not:
This is a pretty major problem with MyBlogLog, as the owner of a blog, I should be able to claim that blog as my own. But judging from the sign up process, there is not a blog verification system for doing so. For a company which is part of the Yahoo family (or soon going to be), such simple verification measures should be a given.

So far on the MBL blog, there's no mention of the flaw or any attempts to fix it; however this raises an even bigger question for RE bloggers and the importance of trying to create a brand using web 2.0 as a platform . With so many social networking platforms being built and peer pressure to sign up to all of them, the search guru reminds us of two important to consider while building your web 2.0 brand:

1. Are you monitoring everywhere on all the Web 2.0 sites where you could possibly have your own brand "hijacked" ?
2. Are the Web 2.0 services secure enough to prevent this type of identity hacking from happening in the future?

Important questions to ask going into the new year as Time magazine reminds us.