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Agreed, but $2000 is good incentive for a lot of security testers in third world countries. What I'm expecting to see is a public playground / testing of wildcard unverified php exploits out there being debunked at the very least. Maybe it will ease up the hysteria a little bit. On the flip-side, if the wallet is claimed, more people will address the issue faster than ever. It is a win anyway you look at it.
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Meanwhile the real hacker exploits the vuln for $10m+ before anyone else figures it out.
Cool challenge though. It's still a cool idea.