Succaland: another domain name hijack
"It sounds like Ultimate Search is one of just a number of companies that are using autoamted scripts to query the known domain database (whois) and any time their results show that a domain is free for registration it automatically goes through the registration process. Another company notorious for this is called Mailbank, which owns thousands and thousands of domains. However, since succaland.com was not set to expire until June 1, something obviously went wrong and Ultimate Search was able to register the domain thorugh their automated process. Outright domain stealing has been known to happen. Look up the history of sex.com and you'll find an interesting story involving deceit, lawsuits, etc. I think the best course of action for those of us who still control our domains is to transfer them from registrars who have proven their security/process is lax (i.e., NetSol) and park them with registrars who have a better process for handling domain registrations and changes. You can also go ahead and pay for multiple year's worth of domain registration fees."
Since I have recently registered my own domain, I obviously pay a lot more attention to domain name hijacks than I earlier did. I would write a longer thread on it later. Meanwhile, this is a good document to read if you are interested in finding out why such system failures occur.