Rear hub meltdown

My rear hub had a complete meltdown the other day. It started to feel 'sticky' and then all hell broke loose. It started to ride like a fixed gear i.e. the rear wheel going 'round would turn the cranks and then seemed to disengage completely so that now when I turn the cranks the cassette goes 'round without the back wheel moving at all. All this was accompanied by some horrible noises, and it looks like one of the pulleys in my derailleur exploded :-(

Anyone any idea what the hell happened? It is a Powertap GS hub (a DT Swiss 240) that had recently been rebuilt and serviced with a new set of bearings in the freehub - I'd barely used it since then.

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