Using custom modifications is always a security risk!
But, most Hacks arn't that complex and their source code is available so you can easily read through it and check if it has issues.
If there are issues, you should inform the author and make vBulletin.org staff aware of it.
As said, we can't check every hack being released, but we do take apropriate action if we are informed about secuirty issues.
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