Google Fred update is the latest update by Google that has to do with penalizing content-driven sites, that are either blog formats or other content like sites who are pretty heavy on their ad placement, motivated for driving revenue rather than solving problems for the users. Content URL's that are placed for generating ad revenue are in jeopardy of being hit with the penalty. Since March 8th the SEO community has seen massive ranking fluctuations and traffic losses are the worst victims. Though each year Google makes changes in search algorithm but most of them have been minor. But the latest of update the "Fred Update" is a super surprise for every SEO community who are witnessing great changes in ranking and organic website traffic loss in search results.
The worst victims who have witnessed this fallout of rankings were the one who had created with the sole aim of generating Adsense or other ad income without much focus on solving the user's problem. Through the reviews I have read it has impacted organic traffic and it was a huge drop, just overnight it has caused 90% traffic loss in most of the sites.
And finally, way to recover your website ranking and traffic loss is by removing ads, creating unique quality, fresh and informative content that help solve user's problem. And time and gain this happen to be a major update, with reports widespread impacts across the SEO community. Google's Gary Illyes jokingly referred to is as "Fred", and the name stuck, but later he made it clear that this was not an official confirmation.