Can't tell too well with the picture. If it has individual threads then it's a tube worm. Kinda like a feather duster. But instead of having feather-like arms, it uses web-like arms to collect food. It's arms can retract into it's mouth to eat detritus and plankton and other small organisms.
But my first guess is that it may just be a sponge. If you feed your corals and inverts with some type of phytoplankton, these will consume them too. But they are not without benefits. They help filter and clean your tank and offer habitat for your micorscopic organsims.
As for your corals, it is probably unrelated. Unless they have been growing on or very near to your corals. If you have a problem with your corals and you just recently got a bloom in sponges, if you feed your corals phytoplankton or anything else, you are over feeding and your water quality may be down. Check you water, and ask questions.