Extinction Events. 1  There were many small-scale, sporadic extinction events during the Cambrian Period. 2  A large-scale mass extinction event occurred approximately 500 million years ago. 3  Scientists believe was caused by a significant decrease in global temperature. A large-scale mass extinction event occurred approximately 500 million years ago. 2  Scientists believe was caused by a significant decrease in global temperature. 3  Decrease in global temperature created an ice age-further eliminated many of the oceanic species.