This could better be handled, not by reducing any XPs, but by installing the ability to track User IPs. That way, when you get a bad one, you can delete and ban every user account that uses the bad IP.
Pesonally, I like the point system as is just fine.
Or we could just go all politically correct up in here and make the top 1% of point holders give the rest of us 99%'ers a portion of their points - you know, to help spread the wealth and all :P
You see no problem with it... but you still want to change it?