It seems to be somewhat in the style of Mokuba’s event.
Basically, Arakana spawns occasionally, and the goal is to beat him a certain amount of times to win various prizes.
You get various prizes for beating him:
- Once: Chosen One
- 3 Times: The Stern Mystic
- 7 Times: 50 Gems
- Duel 15 Times: Anti-Magic Arrows
As well, he drops the following cards:
- Dark Magician (Red Artwork) (UR)
- Dark Eradicator Warlock (SR)
- Anti-Magic Arrow (SR)
- Mystic Box (SR)
- Diffusion Wave-Motion (SR)
- The Stern Mystic (R)
- Maniacal Servant (R)
- Witch Doctor of Chaos (R)
- Thousand Knives (R)
- Chosen One (N)