It started after blue_tetris' boredom got the better of him, leading him to chat with Kablizzy. He demoted Keron Cyst to a Metanember and stole the account Administrator Bot, preventing Keron from retaking the forums. He then proceeded to give moderator powers to selected members who wanted it (Animator, BigBlargh, Snuggletummy, Sucker, et al.), and later disabled the forums from being viewable by non-staff.
blue_tetris replaced the board with his own name and emblem on it, claiming the forums for himself and forcing members to either support or oppose his takeover (most supported due to censorship of all negative messages). One of the main opposers of the takeover was RN, also known as runningninja. He attempted in vain to attack Dave, after which he posted three pages worth of "I LOVE BLUE FUCKER". He was then suspended for a few days after the takeover. After sticking around for some time (during which he was actually updating with the staff on the string of events), Keron stormed out of IRC with:
<Keron_Cyst> You're lucky I have to go now, Dave. When I'm back, there will be blood.
The prank then took on another dimension when the forums were shut down. According to the perpetrators, the plan was for Keron Cyst to return and save the forums using yet another preplanned ace in the hole, leaving blue_tetris to be the villain, and leaving everybody on the forums disgruntled and embittered. Apparently, the got out of control when members who believed blue_tetris's takeover was real contacted either Mare and Raigan and/or Forumer (who hosts the forums), one of whom got formally angry and shut down the forums.
It then was revealed, in a dramatic webcam announcement by blue_tetris, that the shut down of the forums was another prank. The forums came back online by daytime with some changes.