Similar to the Hacker Challenge in 2006, it is being run by a U.S. company performing security testing and security metric research. The purpose of this challenge is to evaluate the effectiveness of software protections. The results of this effort will be used to improve protection measures.
There will be three distinct, yet related, phases to this contest. The first phase will be a hacker challenge, for which anyone can register to participate. The second stage of the contest will be a market (based on the Phase 1 challenge). Participation in this second phase will be by invitation only, based on performance in the first phase. The third phase of the contest will be a more challenging hacker challenge; this phase may or may not be invitation-only. There are opportunities to earn money in all three phases of the contest.
All file downloads and uploads necessary for the contest will be possible after the participant has logged in. The market will also be visible, at the appropriate time, after logging in.
You can read more here.
All payments are in U.S. dollars, and will be made anonymously via PayPal with prizes up to $50,000USD for the three phases.
You can register here.
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