Bungie won't be doing any banning because players are breaching the Xbox Live and PSN codes of conduct. Microsoft and Sony will be doing the banning and Bungie has zero say in that matter. All Bungie can do is make it so the exploit can no longer be used.
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That's not entirely true. They don't ban the console. They ban that player from playing destiny.
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I never said they'd ban them from the console, I simply said that Microsoft/Sony would be handing out the bans since it was their EULA and not Bungie's that people were breaking.
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Good point.