Does HTTP really matter in this particular case though?
HTTPS still typically exchanges the Server Name Identification. So you know somebody is talking to HSBC. And the rest of the URL is just an anonymized tracking ID. So I'm having a hard time seeing what the threat is this particular instance.
Yes it matters. First, there can be much much more metadata in the URI local part than just in the SNI -- just because it looks anonymized doesn't mean that it is. Second, ESNI is a thing and it's going to get more deployment. Third, DNS queries for ESNI can go over HTTPS/TLS/QUIC.
as it's a tracking pixel it's personalized, if you are reading your email in the cafeteria with their wifi, potentially everybody in the cafeteria know more about you than they need
The author put some text in base64 in the URL:s, perhaps the original had information encoded in such a way that might leak something interesting.
"Not the real HSBC", and "Also not real HSBC" respectively.
The article addresses this, actually. Fetching any unsecured content is an attack vector. https://danq.me/2026/01/28/hsbc-dont-understand-email/#footn...