closed source. We currently have a limited set of people that have eyes on the code. I know that they were strictly bug hunting a few months ago but it's still a limited set of eyes. When is it safe to release the code for the world to see? Billions at stake may push this answer further down the road
Valid concern, most is open source already. As you say bug hunt brings more eyes as well. The sudden open to all method just makes it easier for malicious actors. The team chose to give first access to white hackers which sounds reasonable to me. Agree it should all be open source, and it will as they have said multiple times.
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