Yes, He has hella points, but everyone works together to banish him. You get wiped out, only to come back and fight again, and again. Its like Reincarnation.. or something! Everyone fights him and everyone gets goodies...especially the one who hits the final blow...Bonus stuffs!!

This happens every day at 3pm. There are other events like this as well, including Guild WarFare and this thing called..Ragnarok where you have single combat against other players for goodies..and there are no losers... even losers get goodies, though not as much as the winners, obviously.