For those of you who would like to try and earn bounties like these, I recommend the same books I always do:
1. The Art of Software Security Assessment
2. Gray Hat Python
3. The Web Application Hacker's Handbook
This is your ethical hacker starter kit. The first two are good for foundational knowledge and will show you how to find the bugs worth something. The third book is specialized for web applications, which is still great but not quite as lucrative.
You will also want to check out CTFs, Cryptography Engineering and the Matasano Crypto Challenges.
If you're looking to join a top tier security firm, Matasano is great for those who like offices and Accuvant (my employer) is great for those who like working fully remotely.