GoDaddy’s Fast Transfer is an automated service that moves a domain from the seller’s GoDaddy account to the buyer’s account once a fixed-price sale is completed through the GoDaddy/Afternic network.
When a domain is opted into Fast Transfer and sells at its BIN price, the transfer is initiated and completed without the need for manual pushes or auth codes from the seller.
This can have dire consequences, however.
A domain investor who decided to build a business on the domain Parlor.co, somehow forgot that the domain was already listed for sale on his Afternic account.
The domain was sold as a 36 month LTO on the Fast Transfer network, a process that GoDaddy says that it cannot be reversed or nullified.
parlor.co — update
Hello Dan,
We are contacting you from the Afternic Transaction Assurance team about the domain parlor.co.
We understand this situation is concerning for you, given your business plans with Parlor, Inc. After thoroughly reviewing your case, we need to provide you with clarity on the status of this transaction and the options available.
The domain parlor.co was listed for sale on your Afternic account on January 16, 2021, and was enrolled in Fast Transfer. When a domain sells through Fast Transfer, it is automatically and immediately transferred to the buyer’s account upon purchase completion. This type of sale constitutes a binding transaction under our Terms of Service, and the sale is considered valid, final, and irreversible.
While this is a legitimate sale, it raises a major concern about how dangerous it can be to list domains via the Fast Transfer network of registrars.
In recent days, attorney John Berryhill indicated that the process can also be abused by cybercriminals who can list a compromised account’s domains on Afternic, enabling Fast Transfer and subsequently selling these domains to themselves or to another party.
This is one of the many issues that Afternic’s new General Manager, Alan Shiflett, will need to address.
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Judging by other Afternic shortcomings, this report leads me to wonder if once a name is listed, and it’s then deleted from my Afternic account, if the Fast Transfer actually has ended. Afternic does not normally supply confirmation of my listings, and my registrar has pledged to transfer on Afternic request. Yikes!
@Poki – that’s a great question. As far as I know, adding and then deleting domains from Afternic does NOT remove the associated registrar from keeping these domains under Fast Transfer.