The economy is already reeling from this. Prices have been artificially inflated when players can do this kind of thing. Kane will hopefully sort it out and nuke a lot of illegal gold.
Oh I agree with you on this point so much! Zap the gold and goodies into the ether!
I went to the auction held at the end of August, my first. It shocked me the amount of gold and EDs people were bidding for items. I had saved up a measly 100 EDs and was hoping to win the "13th"
Talisman and had already typed 10 EDs as my bid when someone else beat me to it by starting the bid at 350 EDs, ouch! lol The final price was much much higher. Even though that talisman is probably considered a "rare" it is a newbie talisman at best but would have offered me a bit more protection and 13 more gold points. As the auction continued, people were casually bidding 1000-10,000 EDs and loads of gold for items.

I realized I was in the wrong place and saw no need to come to any more auctions until my change purse was a bit more full.
In the defense of vet players, I have bought some very nice deco, armor and scrolls from them for very reasonable prices. And for all the people who have outright given me valuable things and shown me, not just told me, how to better play the game you have no idea what your kindness has meant to me. I now follow your lead and try to help new players where I can.