After my domain's expiration, it was snapped up for a cool twelve grand at a GoDaddy auction.
Now, I'm scratching my head wondering, What's the deal with registrars having the right to flip expired domains and pocket the cash, instead of either letting the name drop or returning the dough to the original owner?
This whole situation seems sketchy and unfair, with registrars making a quick buck without breaking a sweat.

Registrars like GoDaddy are making bank off expired domains, and it's a sweet deal for them. They get to auction off the domain to the highest bidder, and then pocket the cash. It's not like they're doing anything illegal, but it's definitely a grey area.
The thing is, domain registration is a competitive market, and if you're not on top of your game, you can lose your domain in an instant. It's up to you to keep track of your domain's expiration dates and renew on time. If you don't, you're basically giving the registrar a free pass to flip your domain and make a quick buck.