Simplify the following text for a Grade 7 native English-speaking person.
Original: As a phylogenetic relict it is the only known surviving member of its order , first described and originally classified as an octopus in 1903 by German teuthologist Carl Chun , but later assigned to a new order together with several extinct taxa .
Simplified: It is the only surviving member of its order . It was first described and mistakenly identified as an octopus in 1903 by German teuthologist Carl Chun .