Rockstar is handing out two week bans on mass right now!
There's also some uncomfirmed reports that if you happened to have received $GTA from a modder then you have been banned too, but then some people who did this have been banned, others haven't. Maybe Rockstar is having trouble tracking who did and got what. The problem with this though is that some banned gamers literally walked into the money in-game unintentionally - the hackers were throwing it around! Doesn't seem all that fair to us. In addition to being banned, we've also heard reports of characters being deleted.
LATEST GTA NEWS CLIPS
A lot of people are now crying out for Rockstar to open up private servers for GTA V multiplayer, something that we covered in a recent expose on how hacking is rampant in GTA Online. The biggest problem with this is that it would allow pirates to then play multiplayer, something with Rockstar definitely don't want to enable (and for which we don't blame them!).
Update: we've got a copy of the email Rockstar is sending out to those affected (thanks KR1ST0).
Anyway, be sure to let us know if you've been banned, what you might have been doing (ie running the FOV mod) and if you lost your characters. We'll have more info shortly.