It's very possible to do that, but as Jeff said you will get a lot more false positives just due to altering latencies rather than real hackers. In theory it is sound but unless you have a decent thresh hold on hacking speeds and just lagging speeds, a better way of doing this without banning non hackers would be to use your eyes. It's not much of an answer but unless you want everyone who plays on your server to be banned because they had a nice little spike in their ping then it's the only real answer.
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