Yeah, I suggest rollback, which unless you can target this specifically, probably rollback to yesterday's maintenance. Which means items will have to be returned to players that got things since probably, many spent all day farming Diamond Ore, bosses, etc. And now GM's will have a lot of work if people have been buying lots of moolah for this, GM's will have to return moolah that was just bought.
Either way not fun.
Of course other option is to just remove bags, but any player who wasn't on or didn't abuse this, would likely quit and anyone who remained would find the economy sucks gold wise, can only trade between items and moolah, and AH would be pretty useless since it's gold based.
Thanks people for who abused the hell out of this.