Fair enough
I'd say fair enough... Mr. Hax (not real name) found exploitable holes, submitted and was snubbed. Well, at that point, he did the "responsible" thing and Valve claim they are not interested in these exploits since they failed to pay the bounties per their participation in the bounty program. No problem, Mr. Hax is free to disclose them however he wants at that point since Valve have already (by failing to pay) claimed they don't view these exploits as exploits.