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He spent more than that on event trading cards alone.
His account is not the one that is doing the scams. He has many impersonators, just like all Valve employees. People impersonate famous and notable people all the time. It's a common type of scam predating Steam by millenia.
He originally wanted to just get the highest sales event badge and ended up with one made especially for him by Valve.
Well, I hope it looks good.
They were. The amount of Market purchases he made was unreal. For weeks on end, the only buyer for the sales event cards was him.
Now if people were smart, saw this happening, knew he is wealthy, was willing to pay for all the sales event cards, they could have sold them for more than a measly $0.04-$0.06 a card and actually make stonks. But this was before, "too the moon."