CSGO August 1 patch resets all players' ranks with matchmaking fix
All CS:GO players will undergo a rank reset as part of the August 1 patch after "multiple changes" were made to competitive matchmaking.
Source: dexerto.com
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CS:GO Update: Rank Reset & Patch Notes (August 1)
A new CS:GO update has been released by Valve today, and it makes one major change that fans will notice straight away.
Source: hitc.com