I think stole, while not technically correct, is appropriate. The squatter had no intention of using the domain. They jumped on a domain that had just expired and registered it in the hope that the previous owner had made a mistake and might be willing to pay them an exorbitant amount of money to get it back.
I let a previous, business, domain go a few years ago. 3-4 months later I started getting mail offering to sell it back to me for several thousand dollars from some scumsucking company. Jokes on them, I let it expire because I was done with that property. They mailed me every week or two for several months and it was definitely a "we send thousands of these a day, this is blatantly a form letter that we've copy pasted your semi-nonsensical domain into"
