Seems like it would quite easy to game the system. Make contributions with known vulnerabilities and then submit an anonymous bug report when the contribution is approved.
Follow up: This situation is similar to when England wanted Delhi to be rid of cobras so they started offering rewards for dead cobras. The citizens of Delhi responded to this incentive by farming cobras. What's the difference? It's a systemic flaw. If there exists an incentive for finding vulnerabilities, there exists an incentive for introducing vulnerabilities. Bug bounties work great for closed source companies b…
Please don't.