Haven't seen this for a while, last i remember there was discussions on G2A i believe and this very problem, and the grey key sites...
starspro: Hello. I bought a key for the game Mount & Blade: With Fire & Sword, I enter the activation code, writes Code not found. What can be done ?
Ice_Mage: Get a refund from whatever key reseller you used.
Yes get a refund. If they won't offer it, a chargeback on credit card may work, or paypal you can request it, include proof of the product failure(s) (
though Paypal may not cover it, as they also have Ebay and refuse digital goods on Ebay).
How can this be? Well long story short, stolen credit cards (
or other payment methods) and thieves buy a bunch of games gift cards and other things as
'gifts', then sell them on sites (
a form of money laundering). When the credit cards are canceled and purchases reversed the keys suddenly are invalidated, and games you may have had redeemed may suddenly be yanked. The result? You lose; The devs lose; And the legit sites lose.
So what do you do? Trust keys from either official key sellers (
Gog games from GoG, steam games from Steam, Humble Bundle, etc), from friends you trust, where the codes are not going to have a chance of being potentially stolen or purchased via stolen assets.
There are devs and companies that say they would rather you download and not pay for it rather than the charges and bad press associated with all of this.
But that should be the whole thing in a nutshell.