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Assuming it's not an honest sale, most likely all that will happen is the game gets removed from the account. In such occurrences, Valve will give no reparations, and it's entirely up to you to deal with whomever you bought the key from. They will likely give you the run-around insisting you provide info you can't access and they know Valve won't provide.
While I've never heard of it occurring, it's not impossible for someone to use that key to initiate an account recovery and steal the account if it's from a physical copy. You could then initiate and account recovery of your own and since you (presumably) have the older Proof of Ownership you will win.
Same goes with duplicate keys. That also happens, we've seen threads from people who got a duplicate key and had issues with the shady site getting a refund for it.
A video on the subject: https://www.youtube.com/watch?v=3hBXtrpikqA&t=342s
Purchasing games on 3rd party sites is, simply put, completely at your own risk. Use sites listed on www.isthereanydeal.com, as they're authorised sellers.
But how come there are so many people out there just saying you can get banned?
Where did that come from?
and the shady sites will sell you out of region keys and try to get you to use a vpn to bypass the region restriction
They say they were banned when they really meant that their key was revoked.
I don't think they can actually link keys they are trying to revoke to accounts so they can also issue game bans.
www.isthereanydeal.net
while not 100% exhaustive, lists the major authorized resellers
None of them are. Any that say otherwise are lying to you.
Developers can give Steam Keys to sites they have an agreement with, in order to sell those keys. Valve allows developers to make as many keys as they want and Valve does not take any cut from those sales.
Some shady 3rd party sites are unauthorized key sellers who don't get their keys from the developers, but from unknown sources. Those sources can lead to a key being revoked and the user out the money for the game.