Didn't the Green Lantern Corps only get wiped out that one time Hal Jordan went nuts.
I believe in the current storyline the Lanterns are basically no more at the moment (again).
Following the Crisis on Infinite Earths
, the Guardians left the universe to make babies with the Zamarons. They left one Guardian behind, the "Old Timer," who had been stripped of his powers and immortality after being "contaminated" following his stint travelling along with Hal Jordan and Oliver Queen.
The Corps went on for a while, with the sectors abolished, allowing the Lanterns to go where they wanted. Eventually, Sinestro popped up again, caused trouble, and was captured. He was brought to Oa where the GLC gathered to decide on a punishment.
They ultimately decided on the death sentence and killed him, or so they thought. Really, due to some past history with the Zamarons, Sinestro's people, the Korugarians could somehow turn to energy or something and this caused the Central Power Battery to explode.
All of the GL's there were left powerless, except the Earth Lanterns. They spent a few years this way, until the Old Timer went nuts, regained his powers, and the Guardians returned to take care of him.
They decided to remain while the Zamarons stayed behind to give birth. They restarted the Corps with the three Earth GL's, giving Guy Earth to watch over, John remained on Oa (to watch over some towns from various planets the Old Timer brought to Oa), and Hal was given the task of restarting the Corps.
It was a much smaller Corps that was active for this period, straight through "Emerald Twilight."