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Also mitigated by the concern researchers should probably have for selling exploits to "bad guys", and the associated liabilities, criminal and otherwise

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Exactly. Only one of these paths does not have a hidden/probabilistic cost. Hard to say what's the market rate for exposing yourself to criminal prosecution, it's not like there's a hedging market for such things.

Though if as a corp you cover the black market rate fully then there's really no reason for a researcher to ever sell on the black market.

What's criminal about selling to Zerodium though? I guess a case could be made that selling on the darknet is 'not in good faith'. That is an important criteria for determining if you're aiding and abetting where I'm from.

But this problem is not there with all avenues for grey market transactions.

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