Lots of speculation on Twitter about this—a failed attempt to re-open all closed subreddits and instate their own moderators. I can't imagine it'd be that, although I do enjoy the conspiracy, and more likely they were using the window of reduced traffic to make some larger changes and they went awry
A meme pointing out that u/spez was a mod of r/jailbait in 2008 was the top post on r/all a few hours ago
That said, that meme is propaganda and defamation. Anyone could add anyone as a mod anywhere for a time, and violentacrez added spez "for the lulz" or however people like that think. I'd be beside myself it there's evidence that he was an active moderator working on that sub. Although, given the prevailing winds of the modern left, in a few years he'll probably be trying to claim that he was.