It's obvious what's happened: Joe introduced the new badges, but didn't realize quite how many silver, gold and platinum badges he'd have to give away. As the new badges turned out to be wildly popular, he had to shut down the business temporarily to avoid a run on his stock of badges and going bust.
Now that the site has reopened, you'll notice the badges aren't real silver, gold or platinum anymore. They're just bits of GIFs that are essentially "promises to pay", that aren't backed by anything of real value. Joe is safe now, and can mint as many as he wants without any consequences, and without the badge holders being any the wiser.