Copying the SRD post:

In an interesting development, the mods of /r/drama have attempted a coup against their own top mod (AnnArchist) , but were rejected by the admins

This lead to one of the mods posting a thread entitled "Admins of this site don't give a fricking shit about this site."- http://redd.it/6nez3e

Another user, XxXBussy69SlayerXxX, posts a follow up thread almost instantly- "Is /u/TwasIWhoShotJR attempting a "coo" of /r/drama? /u/delethotheads thinks so."- http://redd.it/6nf79a. Archived here.

Within 5 minutes, the subreddit was made private- http://i.imgur.com/LaC10nA.png

Updates are sure to follow, and I will continue to include them here where relevant.

Update 1: /r/drama has reopened, with only the former head mod still on the most list.

Update 2: 3 new mods have been added in the past 15-20 minutes, and the subreddit is still open.

Update 3: All original mods are back on the /r/drama modlist, it seems we were bamboozled.

Update 4: It seems the reddit admins have stripped AnnArchist of his perms and, themselves, added all of the former mods back. May be a bit of admin trolling going on here in coordination with the drama mods, will keep updating I guess as it may not be a bamboozle after all.

Update 5:

To the best of my understanding this is what happened up until now; the top mod of /r/drama, AnnArchist, had added some new mods as a joke recently which upset other members of the /r/drama modteam as there was doxx in the modmail. The lower ranked /r/drama mods made an appeal to the admins to have their own top mod removed as a result of that behavior and their feeling that AnnArchist was, in general, an absentee top mod. The admins denied their request this morning on the grounds that AnnArachist was actively moderating the subreddit.

Directly after that, the mods who failed to have AnnArchist removed made the subeddit private and began defacing/deleting content (with the intent of purging the entire subreddit). At that point, everyone under AnnArchist was removed from the mod list, new mods were added, and a thread for new moderator nominations was posted.

Within 1 hour, the admins took the unusual step of removing the perms of the top moderator (along with the second top moderator) and reinstated the mod team to what it was this morning.

Apparently, one admin felt that AnnArchist removing the other moderators after they began defacing the subreddit was a form of retaliation for the original request to the admins to have the top moderator removed. As of now, the mods of /r/drama (split into two factions; their top mod, AnnArchist, vs everyone else on the mod list) are in discussions with the admins regarding the situation and a potential resolution. Will update as it becomes more clear.

Update 6: In a strange turn of events, AnnArchist has now had their permissions restored while the second top mod (on both of his accounts) still remains with no permissions. This seems to indicate the admins have handed the subreddit back to AnnArchist.