A SnapNames executive was found to be shill bidding on 0.5% of the company’s auctions to artificially inflate the price and build hype, from 2005-2007. Fortunately, SnapNames announced that they will refund winners the difference between the inflated price and what the auctions should have ended at.
Today the largest company conducting these auctions is SnapNames, which was acquired by Oversee.net in 2007 for $25 million or more.
[Source]
November 9, 2009
Posted in: Domain News