Since every 3rd message on this thread (at the time I wrote this) is about how Google underpaid for this bug, some quick basic things about vulnerability valuations:
* Valuations for server-side vulnerabilities are low, because vendors don't compete for them. There is effectively no grey market for a server-side vulnerability. It is difficult for a third party to put a price on a bug that Google can kill instantaneously, that has effectively no half-life once discovered, and whose exploitation will generate reliable telemetry from the target.
* Similarly, bugs like full-chain Android/Chrome go for hundreds of thousands of dollars because Google competes with a well-established grey market; a firm can take that bug and sell it to potentially 6 different agencies at a single European country.
* Even then, bounty vs. grey market is an apples-oranges comparison. Google will pay substantially less than the grey market, because Google doesn't need a reliable exploit (just proof that one can be written) and doesn't need to pay maintenance. The rest of the market will pay a total amount that is heavily tranched and subject to risk; Google can offer a lump-sum payment which is attractive even if discounted.
* Threat actors buy vulnerabilities that fit into existing business processes. They do not, as a general rule, speculate on all the cool things they might do with some new kind of vulnerability and all the ways they might make money with it. Collecting payment information? Racking up thousands of machines for a botnet? Existing business processes. Unmasking Google accounts? Could there be a business there? Sure, maybe. Is there one already? Presumably no.
A bounty payout is not generally a referendum on how clever or exciting a bug is. Here, it kind of is, though, because $10,000 feels extraordinarily high for a server-side web bug.
For people who make their nut finding these kinds of bugs, the business strategy is to get good at finding lots of them. It's not like iOS exploit development, where you might sink months into a single reliable exploit.
This is closer to the kind of vulnerability research I've done recently in my career than a lot of other vuln work, so I'm reasonably confident. But there are people on HN who actually full-time do this kind of bounty work, and I'd be thrilled to be corrected by any of them.
Even though I agree with the conclusion with respect to pricing, I don't think this comment is generally accurate.
Most* valuable exploits can be sold on the gray market - not via some bootleg forum with cryptocurrency scammers or in a shadowy back alley for a briefcase full of cash, but for a simple, taxed, legal consulting fee to a forensics or spyware vendor or a government agency in a vendor shaped trenchcoat, just like any other software consulting income.
The risk isn't arrest or scam, it's investment and time-value risk. Getting a bug bounty only requires (generally) that a bug can pass for real; get a crash dump with your magic value in a good looking place, submit, and you're done.
Selling an exploit chain on the gray market generally requires that the exploit chain be reliable, useful, and difficult to detect. This is orders of magnitude more difficult and is extremely high-risk work not because of some "shady" reason, but because there's a nonzero chance that the bug doesn't actually become useful or the vendor patches it before payout.
The things you see people make $500k for on the gray market and the things you see people make $20k for in a bounty program are completely different deliverables even if the root cause / CVE turns out to be the same.
*: For some definition of most, obviously there is an extant "true" crappy cryptocurrency forum black market for exploits but it's not very lucrative or high-skill compared to the "gray market;" these places are a dumping ground for exploits which are useful only for crime and/or for people who have difficulty doing even mildly legitimate business (widely sanctioned, off the grid due to personal history, etc etc.)
I see that someone linked an old tptacek comment about this topic which per the usual explains things more eloquently, so I'll link it again here too: https://news.ycombinator.com/item?id=43025038
Every HN post regarding security exploits inevitably results in some comment saying the bounty is too low. I find it helpful to read previous comments by tptacek regarding bug bounties and market values:
Since every 3rd message on this thread (at the time I wrote this) is about how Google underpaid for this bug, some quick basic things about vulnerability valuations:
* Valuations for server-side vulnerabilities are low, because vendors don't compete for them. There is effectively no grey market for a server-side vulnerability. It is difficult for a third party to put a price on a bug that Google can kill instantaneously, that has effectively no half-life once discovered, and whose exploitation will generate reliable telemetry from the target.
* Similarly, bugs like full-chain Android/Chrome go for hundreds of thousands of dollars because Google competes with a well-established grey market; a firm can take that bug and sell it to potentially 6 different agencies at a single European country.
* Even then, bounty vs. grey market is an apples-oranges comparison. Google will pay substantially less than the grey market, because Google doesn't need a reliable exploit (just proof that one can be written) and doesn't need to pay maintenance. The rest of the market will pay a total amount that is heavily tranched and subject to risk; Google can offer a lump-sum payment which is attractive even if discounted.
* Threat actors buy vulnerabilities that fit into existing business processes. They do not, as a general rule, speculate on all the cool things they might do with some new kind of vulnerability and all the ways they might make money with it. Collecting payment information? Racking up thousands of machines for a botnet? Existing business processes. Unmasking Google accounts? Could there be a business there? Sure, maybe. Is there one already? Presumably no.
A bounty payout is not generally a referendum on how clever or exciting a bug is. Here, it kind of is, though, because $10,000 feels extraordinarily high for a server-side web bug.
For people who make their nut finding these kinds of bugs, the business strategy is to get good at finding lots of them. It's not like iOS exploit development, where you might sink months into a single reliable exploit.
This is closer to the kind of vulnerability research I've done recently in my career than a lot of other vuln work, so I'm reasonably confident. But there are people on HN who actually full-time do this kind of bounty work, and I'd be thrilled to be corrected by any of them.