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Updated at 10:25 a.m. Pacific with new glitch video.

A glitch in Grand Theft Auto Online is blowing a money bin-sized hole into the game’s economy.

According to Eskimo Press, an exploitation video that WikiGameGuides posted enables players to repeatedly resell a motorcycle in GTA online, becoming infinitely rich. Microsoft has begun issuing bans, according to one user on the GTAforums, but a patch fix has not been released yet.

We’ve reached out to RockstarGames for comment and will update this story as it develops.

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 [youtube=http://www.youtube.com/watch?v=HJPYxV9AASY&w=420&h=315]

In case you weren’t making enough money from the aforementioned Grand Theft Auto glitch, WikiGameGuides has posted a new, faster glitch guide, which yields as much as $1 million in 2 minutes.

The exploit, called “Adder LSC Resell Glitch,” involves a multistep process, similar to the motorcycle LCS resell glitch, only this time the results are much more lucrative. The Adder LSC Resell Glitch is possible on both Xbox 360 and PlayStation 3.

Anyone else see the irony in all this?

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