Yes — when you connect directly to streams (M3U or Xtream APIs), the streaming server sees your public IP. Malicious playlists or poorly secured provider panels can leak metadata or allow indirect exposure. To reduce risk: avoid public/unknown playlists, use tokenized short-lived URLs, enable provider-side IP/user binding, and consider a VPN for extra privacy. For reseller or site owners, Glanfy advises server-side session validation and rate-limiting to avoid IP leakage.