"let me 'splain... no, is too much, let me sum up"
So... basically... a bitcoin millionaire claims to have "bought" freenode back in 2017. He lawyered up on the current staff, which led them to depart en masse and create another network. In the meanwhile, he restaffed with the dregs of IRC opers, and proceeded to do literally everything wrong when it comes to dealing with FOSS projects, thereby driving off every conceivable big name in FOSS - which are basically the reason it existed as a going concern. Since he couldn't be the "savior of foss", he has since done an exceptionally bad job of rebranding it as a "free speech" MAGA-style IRC. For some reason nobody understands.
It's going about as well as you'd expect. He's taken the network from 70-80k users to a couple k in less than a month - and been extremely strange the entire time.