This bug allows users to delete anyone's posts.
To replicate the issue you need a user that isnt admin. You then like someones elses status and that status then appears on your personal newsfeed i.e profile newsfeed. The user can then delete the status update from there newsfeed which then deletes it from the site.
This should be addressed as soon as possible in my opinion, the fix should be posted publicly so we can all fix it without waiting for an update etc