Posted on December 12, 2014, Stew Shearer Valve Puts Steam Auctions On Hold After Gem Exploit
Valve has shut down Steam’s Holiday Auctions a day after they were launched.
The Holiday Auctions were launched for the first time yesterday and game Steam users the opportunity to trade in their unwanted Inventory items for “Steam Gems.” These Gems could then be used to make bids on a selection of games.
Unfortunately, after the Auctions opened reports began to surface of some Steam user’s Gems randomly disappearing. Some users also found ways to exploit the Auction’s recycling system so that they were receiving a exorbitant number of Gems for ridiculously low prices. This led to a ripple effect that threw off the Auction’s economy.
Valve, in response, has temporarily shut the Auctions down and will refund all the Gems spent in the event to their respective owners. All Gem purchases from the community market are likewise being reimbursed. Valve affirmed that the Auctions will be return again at some point in the near future. Anyone who traded items in exchange for Steam Gems will also be given Counter-Strike: Global Offensive as compensation.