Unfortunately we can't see current balance with just a view key as it only shows incoming transactions. It doesn't show outgoing transactions. So the balance may be inaccurate for users that have sent coins to other wallets or exchange. This is a Cryptonote coin and that is part of the privacy built into the algo. So yes, you will need to follow the instructions outlined on the post in the announcements sections to prepare for the swap: https://community.kredits.cc/viewtopic.php?f=11&t=1230
Yes, 10:1 isn't fun, but if we were to keep it at 1:1, we would be 89% mined and be back in the same spot we are today with the current coin. You will still get to keep all your Kwagsh coins and have 10% of Kredits. But, the Kwagsh developers have all disappeared and so it is a dying coin that probably won't last much past the swap.