The best thing for them to do is to stop all voucher codes. People with legitimate vouchers can get a refund by returning their voucher(s) either by store or freepost.
Those affected should be compensated with free tracks etc.
For mobile phones when you redeem a voucher not only is there an algorithm to create the code but the code number is checked off against a central database with the "valid" codes - and it is of course then marked as spent. So if they hacked the algorithm the counterfeit vouchers should only be valid if they replicate an already created voucher and it hasn't already been spent.... so the lesson is don't sit on unspent vouchers - redeem them to your account quickly. A lot of the counterfeit vouchers should not work. Having said that if Apple don't check off against a database they do indeed have a huge hole.
(BTW I am making assumptions how itunes work because I've never used it - so I stand to be corrected!)
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