Yes, just like Cache Panda Village from Moon Refuge. You can mind your own business, but people can decide to dive in and kill you anytime.
Since the event has been monopolized by whales today, I doubt they actually killed each other (you know, gilded penta gems), but if you manage to get in, just prepare to see your health bar exploding anytime.
My advice is to ignore the event for this whole week (unless you get to party up with someone really strong and farm in peace) and let whales farm, so they leave the area and lower geared people can come in and grind, hopefully without killing each other for gear progression's sake. I hope NC also takes note of how poorly designed this event is and try to save it somehow (tip: make multiple instances, just like any raid dungeon. Impossible you say? Not my problem, you should have thought of it before a pleb player like myself suggests it to you devs)