As someone who left Reddit shortly after they instituted the API changes and then stopped following the fall out, can someone provide a TL;DR of what happened?
I know that reddit pushed back on the protesting subs by saying "revert to what you were or we'll do it for you" and then started asking lower ranked mods to scab.
But beyond that, I don't know if reddit actually reverted the changes, dismissed the mods, or anything else.
API changes happened. Mods protested against those API changes by privating their subs (blackout). Initially the blackout was expected to last two days, but plenty mods kept going indefinitely, because Reddit refused to undo the changes, and because plenty users were also pissed against Huffman smearing a third party app developer. Then Reddit resurrected the u/ModCodeOfConduct account to threaten the mods to go back, while pretending "I dun unrurrstand, u dun liek to mod than u leave lol" (in other words but in the same spirit). Plenty mods refused, so they were removed as mods. Then the same u/ModCodeOfConduct account started recruiting bozos and vultures to moderate the subs where the mods were kicked out.
TL;DR: of the TL;DR: Reddit didn't revert changes. Mods were kicked out. Dumbarses in their place.
Yup. And the karma restriction seems extremely low (probably because no sane person would still be willing to mod Reddit?). It's that sort of thing that you get in a single day, by simply answering stupid r/AskReddit questions with equally stupid jokes.