People have been asking for a tl;dr. It's really hard to explain in one big paragraph, but I'll try:
Players/Groups compete to get the most points by piracy. There are modifiers in place that can effect this. The Player/Group that at the end of the time period that has the most points wins title of Pirateking, they also win all the cash they pirated and all the cash every player/group but 2nd and 3rd pirated. That could be a hell load of credits.
The event will take place after the rollback, of course.