If you are just entering an activation-code into a legitimate piece of software, there is little chance of anything bad happening (unless the software communicates with a central server which just happens to have been hacked). If anything, I would be more worried about the company behind the product coming after you for using an illegitimate key (though I suppose they would be more likely to just disable it, rendering it useless).

Whether this 'someone' is in general likely also to be the person who generated the illegitimate key would be speculation. That again, requires this 'someone' to have access to the server the software connects to for verification. If the system connects to some central server on a regular basis to verify that the product is legitimate, and that it is unlocked with a legitimate key, then I suppose there is a chance that someone could get compile a list of users using the same key. This obviously depends on what type of software you are talking about, and what position the persons who cracked it are in. Instead of cracked Word, use LibreOffice.

Personally, I would recommend you find free software that allows you to achieve the same aim, instead of using cracked proprietary software. Ultimately, your piracy might drive the authors to other means of making money, such as selling your personal information, which harms everybody, including licit users. What if they abuse that trust? If they delete your entire hard drive when their software recognises an illicit key (regardless of phoning home - software can have an embedded list of known pirated keys), what are you going to do about it? You trust them to leave your computer unharmed when they find you using an illicit key. Morally: The software authors trust you to buy their software legally you abuse that trust. This might be funny (for example, the game Crysis gives pirates a gun that shoots chickens instead of bullets) or it might be serious, like deleting all your personal files. Technically: Some authors have even put in attack code that runs if you use their software with a well-known pirated product key. They may not go after you if you're a poor individual, but they love taking businesses to court, even if it bankrupts a small business.

Software commonly 'phones home', even in the form of checking for new updates. Legally: If the authors of the software find you are using illicit copies of their software, they are at liberty to file a civil copyright infringement claim against you.

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