amok: Could they have just blocked gifting while looking into it? maybe. Does it change the outcome? no.
Hmm... True. But it does give an interesting insight into the thought process behind the systems that Valve have in place (or indeed anyone that has a similar policy):
Step 1 - Nuke 'em.
Step 2 - *shrugs* Meh, we'll cross that bridge if anyone whines.
Now, I think everyone (no matter your opinion of Steam/Steamworks and Valve) would agree that when you are dealing with accounts with potentially hundreds of pounds worth of games tied to them, you should start with the bare minimum of sanctions unless something else comes to light.
So, if there's an issue with PayPal, you block access to the game that has the issue, not the entire account. If you suspect someone of acting as an unlicensed reseller, you block the ability to gift, not the entire account.
One last thing, now that I'm thinking about it. A question, and a genuine one at that I hasten to add.
Now (as anecdotal as I accept this is), a while ago I read a forum post from someone who claimed they were one of the 12,000 wrongful MW2 VAC-bans. Apparently, this person never got their account re-instated, and despite many attempts with support, ended up losing their Steam account and the few hundred pounds worth of games tied to it. This person then when on to say that they now had a new account with a few dozen games on it.
So, my question is this: if that happened to you, would you create another account? It's one thing to be untroubled by the possibility when you've had no issues at all. Fair enough. But when the worst case scenario does actually happen to you, I'm genuinely curious as to how many people would try their luck again?
Or, I suppose a better question now that I mull over it some more, if you were in that guy's apparent position, what would you do? Or more to the point what could realistically be done (that didn't involve a trip to certain popular but legally dodgy websites)?