The game will be revoked. There are rumors that getting a key revoked means your account will become restricted for card drops (that's to say, you'll have to play any game for 2 hours before it starts dropping cards) but I've heard conflicting opinions on this so take it with a grain of salt.
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These rumors are just rumors, alot of people get some keys revoked once in a while, no such account restrictions apply.
Example, Drunk Wizards Revoked Steam Keys.
And yeah, it is true that you have to wait 2 hours before cards begin dropping, as far as I can remember Steam added this after they introduced refund system, you can refund games which you have not played longer than 2 hours, more info about this http://store.steampowered.com/steam_refunds/.
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I still have to wait 2 hours before first card drops, and no, I've never did a refund on my account.
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Well, I'm not really sure about this, as far as I can remember Drunk Wizards was the only game ever revoked from my account, I can't remember any other game being revoked from my account in the past, I'm sure I would remember if it happened.
Anyways, as far as I can remember, back then this 2 hour wait time started right after refund system was introduced, well at least for me.
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2 hour wait for card drops started after refunds; to make sure you don't get your cards and then ask for a refund.
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No, the 2 hour thing is in case you do a refund. It has nothing to do with if you have asked for a refund in the past. It's a quick-and-dirty fix for the "free cards" exploit that was the main complaint about Steam's 2-hour refund policy back when it was introduced.
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I have gefund something and don't have to wait 2h.
on a other alt account for farming i have to wait
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Say I won a giveaway, or took a random key from someone on the forum which gave a giant list of keys, and then turns out it was purchased with a stolen card or something, can I get banned from Steam?
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