The analysis shows it's spyware, which I don't question. But it's spyware in the bounds of Android security, doesn't hack anything, doesn't have access to anything it shouldn't, and uses normal Android permissions that you have to grant for it to have access to the data.
For example the article mentions it's making screenshots, but doesn't mention that it's only screenshots of itself. It can never see your other apps or access any of your data outside of it that you didn't give it permission to access.
Don't get me wrong, it's very bad and seems to siphon off any data it can get it's hands on. But it doesn't bypass any security, and many claims in the article are sensational and don't appear in the Grizzly report.