Update: As I presumed, Microsoft has indeed been able to track those who used these false MS points codes. It was also revealed that hackers lied about the amount of codes (worth) that was released. The exact amount wasn’t given by Microsoft but they said it was far from 1.2 million. They released the following statement below.
A website, that will remain nameless, found a way to take advantage of Microsoft’s 360 MS points system. The hackers, working for the unnamed site, were able to modify an algorithm involving already used MS points codes and use them to make legit new ones. Microsoft has since then claimed “they’ve stopped the exploit”, but not before the hackers released over 120 million dollars worth of codes.
I can only speculate that Microsoft has easy access to who used and downloaded illegal content. Thus leading to the MS points being revoked and 360 wide bans. The hackers said nothing about being able to hide their console’s IP address and Gamertag. The one thing to take away from this is…Sony isn’t the only one who has to worry about hackers nowadays.