Riot Games has decided to remove the ability to use League of Legends skin codes in-game as an attempt to stop third-party resellers and scammers from ripping players off. The company made the announcement via an official forum post detailing the changes.
League of Legends characters can be customized with a wide variety of skins, which are commonly purchased directly from the game. Riot also distributed some skins via redeemable codes for events and promotions in the past. But this has led to a third-party market for the codes, with rare skins on sale for as much as $1,000.
It should also be noted that when a third-party sells these skins, Riot receives no money for transactions. But that aside, Riot claims that many of these skin codes were acquired illegitimately and might not function at all, leaving the purchaser with no skin and no recourse for money that has been lost.
Riot deactivated the codes on Friday and told multiple payment processors to not "process fraudulent payments" from the sites selling these skin codes.
On the plus side, no previously activated skins will be removed from player accounts. Players with codes that have not yet been redeemed have until July 23 to send a request to Player Support with proof of ownership in order to activate the skin, after that no codes will be honored. You can find out more about that here.