Nahh. They moved the sub to private, because they had a massive influx of new users and the mod team couldn't keep with all the garbage and bot spam in "New".

Here is a text post on their "Hot" page with 21.1k upvotes:

Hello Approved Friends,

The situation here is delicate. Obviously, with the deletion of discord due to ToS violations, the moderators here are dealing with an existential threat to our community.

While in the past, automated moderation using bots has been effective for dealing with human users violating the WSB sub ToS, I think a has been reached where the quantity AND quality of posts, primarily by bot accounts, has likely overwhelmed our moderator resources.

Please remember that moderators on reddit are unpaid volunteers. They are likely working on a way to:

Prevent bots from creating ridiculous quantities of noise. The community up and downvoting system doesn't work when there are endless bots able to downvote posts by non-bot accounts. Similarly, even with eliminating accounts to those registered in the past 45 days, people have been sitting on thousands, potentially millions, of accounts that were registered in the past, purely in case there was a need to obfuscate legitimate content and concerns. This has been a tactic used by nation-states for other websites such as Facebook, Twitter, and more. I don't see why powerful groups wouldn't employ this tactic as well. Refresh the rules surrounding WSB etiquette. I know you all like to say "retarded" and such, but I've seen a huge quantity of copypasting, misinformation, low-effort/quality, and often highly abusive posts in this sub now. These can be grounds for taking down this subreddit, and we need to evolve from that. Work with Reddit to identify how to safely operate and manage this subreddit. The traffic to this sub is creating enormous strain on Reddit itself. As Reddit is a private company, they have to consider the interests of all other communities here in addition to WSB. The influx of bot traffic is causing performance bottlenecks site-wide. So, remain calm. Trust in our moderators. Try not to spout any meme's or offensive material, and check back in later. They will find a solution.

Edit3: I have been advised that content moderation is 100% an unpaid role and reddit moderators are not allowed to solicit donations, updated post to reflect that. Thanks.

EDIT EDIT: Friends, I appreciate your love and I know the moderators do as well. Take care of yourselves and be kind to one another. This community is special.. in several ways, I hope we all reach the moon.

EDIT: To clarify, I am not a moderator, but I empathise for their situation as I work in a cybersecurity and content moderation role for a major website as well.

Also, mods, feel free to take this down if you want to write your own explanation. I understand this situation is quite stressful for you all.