Credence Coin has been hacked around 12 hours ago before their website launch and the next sale. So if you are an investor please re-think your options! I would advice selling a portion and buying back at 1000, 100 and 1 sats and hoping for the best.
Current price on CoinExchange is 3671 sats. This might be a risky investment for those who are thinking even though if it recovers from this as it did have a strong community; this coin could go back up at least 4x.
This coin's price for today's sale was originally around $5.50 USD
I've included the dev's message from Bitcointalk:
link: https://bitcointalk.org/index.php?topic=2254173.msg25774745#msg25774745
Dev Message
- What has happened is one of the devs who has control of part of the pre-mine has either been hacked or is selling.
- We are unable to contact but have left several messages.
- The site is completed and was due to release early in the next few hours we have put a hold on that given what has taken place.
- This is NOT a planned exit or scam, we stood to make a whole lot more money by running the site and having the coin grow naturally it was trading strongly at $4 before this happened and probably would have hit $8-10 when we went live, so if we are doing a planned exit scam it is the most pathetic one in history. Nor would we be bothering to try and explain what has happened.
- Our only hope is 2 of 2 things. 1. The Dev has been hacked and we can recover the majority of coins or 2. We can contact him and have him send the remainder of the pre-mine and personal and still run the site without a massive amount of unaccounted for CRDNC on the market. Should either of these things happen we would be in good shape but I do not hold out much hope at this stage.
- Want to apologize to all investors and believers in this project, this was NEVER MEANT TO HAPPEN and after spending weeks and weeks getting the site ready to have this happen is so wrong it is unfathomable.
- Can only offer sincere apologies and understand your anger and frustration and if there is anyway we can salvage the remaining majority of coins we will get the project running.
So in summary, the following could potentially happen -
A. The Dev with coins was hacked and if that is the case, we will recover all remaining coins and secure them in a public wallet or just burn them.
B. We can still operate the site but with the knowledge that there are around 2.2M of coins not accounted for.
C. Wait to hear what happened if the other Dev replies and what the status is of the coins.
It makes zero sense to just dump some pre-mine just before site launch and potential price gains so like you, are at a total loss as to why and how this has happened, once again apologies and if there is anything positive news wise you will be the first to know. This is not and was never intended to be an exit scam, if it was it is the worst performed one in history. Some of us had family and friends and even workmates invested in this project, not to mention the honest general public and words cannot describe the humiliation and embarrassment and regret felt right now.
If there is anything to update that is positive will do so ASAP.
Judging from this message it does not sound like they have much control at all besides to launch the website and hope for best for their message to be "returned".
