there are no backdoors...at least there are no confirmed backdoor reports during the ~10years flashfxp existed. in the interest of full disclosure the only time anybody ever claimed anything nefarious about flashfxp is by some lunatic called "thezelda" in comments on betanews.com..if you read his comments you'll understand why i call him lunatic.
I'm no expert in cryptography, but afaik "masterkey" is the password you provide during encryption. if you lose that password there is no other way/workaround to decrypt sites.dat
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