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The highest bidder claims he is willing to go up as high as 10 million.

That doesn't make absolutely any sense. What can he possibly hope to achieve by sharing this information?

Dissuade other people from bidding?

Since Ethereum's price is a moving target that's 1630 Eth.

Does that person even have that amount of money? From looking at his timeline it seems unlikely.

The offer is done through a smart contact and cannot be placed if you don't have the money.

1630 Ethereum isn't that unlikely, Ethereum was worth ~$120 last March so that's only ~$200k. That's probably nothing for the CEO of a cryptocurrency company (https://nitter.dark.fail/sinaEstavi)

Seems like that's an ideal problem to solve using a blockchain/smart contracts (a distributed auction). If they can't verify these bids are real & will be paid out that seems like a complete failure of the technology.

Edit: their website doesn't go into detail much at all, so I don't have high hopes for this

You're required to link your Web3 wallet to use it. I've not inspected their smart contact but it's probably safe to say these bets are real.