Elance.com: User Database Compromised
Email I just received:

Dear LoLo,
We recently learned that certain Elance user information was accessed without authorization, including potentially yours. The data accessed was contact information — specifically name, email address, telephone number, city location and Elance login information (passwords were protected with encryption). This incident did NOT involve any credit card, bank account, social security or tax ID numbers.
We have remedied the cause of the breach and are working with appropriate authorities. We have also implemented additional security measures and have strengthened password requirements to protect all of our users.
We sincerely regret any inconvenience or disruption this may cause.
If you have any unanswered questions and for ongoing information about this matter, please visit this page in our Trust & Safety center: http://www.elance.com/p/trust/account_security.html
For information on re-setting your password, visit: http://help.elance.com/forums/30969/entries/47262
Thank you for your understanding,
Michael Culver
Vice President
Elance
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From their page with info on the hack:
“The hackers accessed a user data table that contained contact information including name, email address, telephone number, city location, and log-in information.”
^^ Always use different passwords for every site reason number 10,467.
I imagine someone is working on a little data scraping script to get the demographic information associated with all of those Elance accounts. They will likely break the emails up into niche lists and then sell them off to email spammers. If you see any email lists for say 6,000+ ASP developers you can have one guess on where it came from.
Additional coverage:
TechCrunch: Elance Hit By Security Breach

So, the link ended up pointing to the real PayPal login. Epic fail, indeed.