Steam Holiday Auction Started and Suspended

A new event that gives gamers the chance to recycle Community items in their Steam Inventory for new games
Last night, Valve announced that through next Thursday gamers may recycle unused items - such as Trading Cards, backgrounds, and emoticons - and exchange them for Steam Gems. Then gamers may use those Gems to bid on nearly 200,000 new games.
However, earlier today Valve suspended this event saying they have discovered an issue with Steam Gems.