eBay Takes Hit on Auctions Due to Hacking Incident
eBay is taking the unprecedented step of allowing sellers to cancel auction transactions for an 11-day period, a move related to the recent hacking of its customer database. However, if buyers didn't use PayPal to pay for the items, sellers are out of luck. Because eBay detected unauthorized access to its user database in February and March, it began requiring all buyers and sellers to reset their passwords as of May 21. But as it explained in an announcement on Monday afternoon, "the password reset may temporarily interrupt the normal bidding process for buyers."