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Explore the ethical implications of zero-day vulnerabilities in modern intelligence, national security, and law enforcement operations. Delve into the challenges surrounding transparency, accountability, and potential human rights breaches in their trade and use. Examine the societal risks posed by over-exploitation and conflicts of interest. Learn about a proposed code of ethics for the vulnerability trade, featuring six guiding principles and eight ethical standards. Gain insights from Alfonso De Gregorio, a renowned security technologist and founder of Zeronomicon, as he discusses the importance of balancing national security needs with responsible vulnerability management. Understand the critical role of the private sector in ensuring the benign and societally beneficial use of these powerful cybersecurity tools.