Never heard of it. How long has this been going on?
Since it is that short and in the middle of the night I assume it has some nudity involved.
The tradition as I've heard it is that you streak from the steps of Curtis to Beardshear from the first and final bell toll. Its a sizable distance, and I believe the bells only toll for ~30 seconds.
Fairly sure most people are in it for the streaking, though.
Back in my ancient days, they didn't have video cameras all over campus.
See, this was my issue. I didnt trust some dude taking an HD cell phone video and ruining the whole experience.