If I was a white/grey-hat hacker prodding for exploits for lulz and fame, an extra $60k would come in pretty handy for something I would be doing for free anyway.
Also, not to forget is that $60k is a LOT of money to most people that are not .com millionaires.
Maybe I'm mistaken, but my takeaway is that any hacker with the skills necessary to find such an exploit would not bother. It's a lot of money for most of us, but my impression is that these competitions don't target most of us.
Also, not to forget is that $60k is a LOT of money to most people that are not .com millionaires.