How can a domain name with incredible value like MIT.EDU expire in July of this year? Is an ivy-leage school with a $9 billion endowment renewing their domain n

How can a domain name with incredible value like MIT.EDU expire in July of this year? Is an ivy-leage school with a $9 billion endowment renewing their domain name year by year? It looks like the domain registration is not managed well. My guess is the exploit was guessing a weak password at the registrar.