The crystal cove wand for plat issue wasn't an exploit, but an oversight.
This current issue however is definitely an exploit. Because it involves transactions with the character bank, this exploit is track-able.
This exploit existed before, and was fixed. What probably happened is probably similar to the pale master death ward bug that was re-introduced due to poor software version control. <gives head a shake>
So exploiters beware!
History shows that there will be no (intentional) mass bans. However, it wouldn't surprise me to see some bans just to set an example, and satisfy us plebs. Unfortunately, the bans will probably not be permanent, but a slap on the wrist. Turbine wants to keep its paying customers after all.
Not too worried about it myself, as this is just a game after all. But I do understand that this issue impacts the way some of us enjoy the game.