Before CF was CF, they were a group of blackhats running honeypots. I was part of that community. It turned out, building a distributed CDN had potential to make money. And here we are. They built a great CDN. I would use them over Akamai any day. They have very talented hackers. That said, consolidating all DNS lookups to one central company guarantees they will have non stop pressure (if not already) to give warrant-less access to the data. This is very valuable data.

I never take privacy statements on a website seriously. A company can say one thing and do another. HN crowd knows this better than anyone.