The hardest event there is I think. Harder than Event 51 as you only have one life. There are ways to beat the hands though.

Always attack Crazy Hand (the left one) first. Anticipate their attack and jump away. If they try to poke or grab you jump then quickly fall.

You can either use Yoshi's midair down+a attack constantly or Pikachu's thunder constantly. Roy/Marth/C.Falcon/Ganon all have Smash Up moves that can hit them from the ground. Kirby is also good with his transform.