I voted for a wipe and bans. I have dropped about $500 on the game so far, and want the value I paid for. I would much rather lose my character's progression and have a legit economy. I am willing to lose 20 odd days of play time if that results in a fix and the permanent bans of the exploiters.
I like this idea. It's tough for all the items I bought legit with AD, but I would rather lose that, (it's just time anyways) than the real cash I have spent so far.