Well I currently have a domain for my business however the web developer had control over it, he asked me for my domain key so I gave him the crazy domains domain key which is <<snipped>>, now all he has said is it is released. What do I do now? Thanks.
Sounds like he's unlocked in in preparation for you moving it from his account?
I have no experience with crazydomains, but many registrars allow for "pushing" a domain to a new account. If not, you would need an account at some other registrar, and using that code (we removed it, since it really shouldn't be public), you should be able to transfer it out to your account.
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If you are an owner of the domain, you should never provide your domain control panel details as well as authorization code (EPP code) for your domain. If you domain is transferred away from your account, you may lose your domain or you may need to take legal action (provided you have sufficient proof that you own that domain). There is really no need to provide this details to anyone.
The only reason I see that the developer would need the AUTH key is to transfer the domain away from the current registrar.
The AUTH (EPP) key is basically the ownership, or authorization password for the domain. Anyone with that key can transfer the domain to another registrar. Never give that out.
If one of our customers wants to transfer away, we release the management rights to them, making them a direct customer of the registrar. Then they contact the registrar to get the AUTH key so they can transfer, we never see it.
We do, however, need it to transfer incoming domains through our system, so maybe the developer is moving the domain to another registrar for you. He sounds as like he is keeping you in the loop so you may want to talk to him to see what is going on.