Dear our CREED Community,
We regret to announce that in trying to stop minting today there was a critical technical issue from the smart contract, causing continuous minting of CREED token.
While the ownership was moved from the timelock to deploy the contract for an immediate stop of minting, the ownership was mistakenly moved to an unused address starting 0x000000 due to a critical technical issue. Therefore, no one has control over the CREED owner contract to stop minting or changing pools. This does not mean that the LP token staked to the contract is affected but it’s just that no one has control over the contract to change anymore. Whoever staked their LP token for a mining reward can still unstake their token at any time. We have removed the staking button from UI to prevent further staking to the pools.
Our dev team has worked tirelessly to resolve this issue but due to the nature of the blockchain network, they came to the conclusion that we need to continue to conduct the Swap option we announced earlier.
The swap to the new token, CREEDv2 (the total fixed supply 1M — same as CREED but there will be no additional minting by staking LP token), will start next Wednesday (UTC+0 12:00 am), November 4th through Friday (UTC+0, 01:00 pm), November 6th for 2 days to help all the CREED holders join the swap. Since CREED will mint continuously, we will make sure to take a snapshot of CREED holders at the last minutes when the swap process ends and distribute the new token on Friday, (UTC+0, 01:00 pm). Once CREED is swapped for the new token with a fixed total supply. The new token will replace the CREED token by sending CREED to 0x0000000000000000000. We will announce the detailed guidance of how to swap CREED token to CREEDv2 on Monday, November 2nd.
Once again, we apologize for such a critical development failure. Our CREED team will try our best to end the swap process smoothly and continue to further develop our Defi platform. Also, the advisory team is no longer working with us and this incident has nothing to do with them.