Open https://www.topcoder.com/bugs/secure/Dashboard.jspa in your browser.
You will be presented a page like below.
On the top right side of the page, there is a Create Issue link. Click it will pop up a small modal window near the link. Remain all the default values and click the Create button. You will be redirected to a page where you can enter the details of the bug.
Scroll down the page and you will fill or select more items.
Once you have finished and checked you can click the Create button on the bottom of the page. After that the bug race is successfully launched.
You can view all active bug races here.
Clicking on the name of the bug will redirect you to the detail page of the bug.