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The most recent mass extinction, about 63 million years ago, was caused by a bolide colliding in Mexico - the Chixulub Crater.

Before that, the largest event was that that separates the Permian and Triassic in the geological scale, and one possibility for this is also of a bolide, but other causes are suspected. This extinction wiped out 96% of Marine species, and about 70% of terrestrial vertebrate ones.

So pretty disastrous is the simple answer.

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