Walking Dude.. I don't think it is over moderating at all. It is deleting the word C-i-a-l-i-s which is a word that a lot of these spammers use when they come in.
They post links for their drug websites and if some of the letters become an asterisk, it messes up their links so they do not work anymore.
Moderating a forum comes with a price tag.
I am working on trying to make it recognize the actual word but ignore it if it is inside of another word.
Try to be patient as we find these and fix them.. if you see one point it out but try not to be too critical.. it is completely necessary unless we are wanting to invite spammers to have a free hand in our forum.