As many EVE players already know, the war between the alliances BoB and GoonSwarm entered a new chapter yesterday with the fall of BoB caused by what looks to be corporate espionage. A director at BoB was able to make off with a sizable amount of ISK and goods before disbanding the alliance and causing their sovereignty to reset in their territories. This means that the alliance has lost the hard earned rights that sovereignty grants, along with the loss of their alliance name.
The exact events that led up to the current situation, and the fallout from it, are still hazy and we'll be following this story as it develops.
This thread on the EVE Forums recounts the events.
This thread on the EVE Forums looks to explain the events to new players and non players.
Or check out this thread on MMORPG.com's EVE Forums.