CoinClear

Credits

1.2/10

Dead L1 that claimed million TPS — team gone, development stopped, avoid entirely.

Updated: February 16, 2026AI Model: claude-4-opusVersion 1

Overview

Credits (CS) was a Layer 1 blockchain project founded in 2017 by Igor Chugunov, claiming to achieve up to 1 million transactions per second with near-instant finality. The project raised approximately $15-20 million through an ICO in early 2018, during the peak of the ICO boom, and launched a mainnet in 2019.

Credits is effectively dead. Development activity on GitHub ceased around 2021-2022. The official website is frequently inaccessible or displays outdated information. Team members have largely disappeared from public channels. Social media accounts are inactive. The token trades at a fraction of a penny with negligible volume on minor exchanges.

This report exists as a warning to anyone who may encounter CS tokens or consider them as an investment.

Technology

Original Claims

Credits marketed itself with extraordinary performance claims:

  • Up to 1,000,000 TPS (never independently verified)
  • 0.1 second transaction finality (never demonstrated at scale)
  • Smart contract platform with Java-based execution
  • BFT-based consensus mechanism

Reality

The claimed performance figures were never independently verified or demonstrated under realistic conditions. Benchmarks were likely conducted on a handful of nodes in controlled environments. The actual mainnet, when operational, processed negligible transaction volumes. The technology was not meaningfully different from other BFT-based chains of the era.

Current Status

The GitHub repositories show no meaningful commits since 2021-2022. Documentation is offline or outdated. There is no evidence of ongoing development or maintenance of the network.

Security

Assessment

There is no meaningful security to assess. The network has no active validators, no development team maintaining the code, and no incident response capability. Running nodes or holding tokens on the Credits network carries extreme risk of total loss.

No Audits

There are no known security audits from reputable firms. The codebase was not well-documented or reviewed by the broader development community.

Decentralization

Network Status

Metric Value
Active Validators Unknown / near zero
Development Activity Ceased
Governance Non-existent
Team Status Disappeared

The network may or may not still be technically operational with residual nodes. There is no governance, no community, and no meaningful decentralization to evaluate.

Ecosystem

Status: Dead

There is no ecosystem. There are no dApps, no DeFi protocols, no partnerships, and no active users. Any previously announced partnerships or integrations have been abandoned.

Tokenomics

Token Overview

  • Symbol: CS
  • Supply: ~250 million
  • Current Status: Trades at near-zero on minor exchanges with negligible volume
  • ICO Price: ~$0.15-0.20
  • Current Price: Fraction of a penny (~99%+ loss from ICO)

Warning

The token has lost virtually all value since its ICO. Liquidity is so thin that any buy or sell order of meaningful size would dramatically move the price. The token may be delisted from remaining exchanges at any time. There is no rational basis for purchasing CS tokens.

Risk Factors

  • Project is dead: No development, no team, no community
  • Total loss risk: Token has lost 99%+ of value with no recovery prospect
  • No liquidity: Cannot trade in any meaningful quantity
  • Possible rug pull: Team disappeared with ICO funds — accountability is zero
  • Fraudulent claims: 1M TPS claims were never substantiated
  • No legal recourse: ICO-era project with no regulatory oversight or investor protections

Conclusion

Credits is a dead project. It was part of the 2017-2018 ICO wave that saw hundreds of projects raise millions of dollars on ambitious whitepapers and unsubstantiated performance claims. The promise of 1 million TPS was never delivered, the team has disappeared, and the token has lost virtually all of its value.

This report serves as a warning: Credits tokens should not be purchased under any circumstances. There is no team, no development, no ecosystem, and no prospect of revival. Any remaining tokens on exchanges represent pure loss risk. Credits is a cautionary tale about the importance of due diligence in cryptocurrency investing.

Sources