Valve was forced to close their annual Holiday Auction event shortly after it went live last night after an exploit was detected.
The event relies on Steam users to earn gems which they can then put towards a chance of winning a bunch of games on the Steam platform. Just after launch it was noticed that some Steam users were earning the gems extremely rapidly in large amounts.
After being taken down, visitors to the site were greeted with the message
Sorry, but there have been some issues with Gems and the Steam Holiday Auction has been temporarily closed. The elves are working frantically to get the issues sorted out, and the auction will start again as soon as they are done.
This has now changed to
The Auction will return shortly!
We apologize for the interruption. The Yeti has been contained. We had an issue with Gems that means we need to reset and start again.
Check out The Steam Holiday Auction website for FAQ and availability.