Files use plain SHA1 hashes in some cases, and an attack in this form may be possible in some situations now that a SHA1 collision is well-known:
# Construct `evil.exe` and `good.exe`, which have the same SHA1 checksum.
# Upload `evil.exe` first.
# Give another user `good.exe` and convince them to upload it. Then, convince them to download it and execute it.
# If the stars align, they may be served the file data for `evil.exe` instead of the data for `good.exe`.
I believe there are a lot of other intermediate issues and (3) is probably pretty suspicious in most situations, but we should move to a stronger hash in the next iteration on Files.