This is how it has been done since the beginning, OP. Verity was an old currency that was being phased out for newer ones (i.e., Creation was becoming the new “Verity” as the uncapped 2,000-limit tomestone; Mendacity is the new 450/week capped tomestone). Again, this is how it has always been done for even number patches—come 4.4 there will be a new tomestone, and Creation will be available for a 4 : 1 exchange rate for Mendacity tomestones.
These changes were mentioned, not only in the patch notes, but also in the Live Letter, translations of which are posted both on here, on the ffxiv subreddit, and in various Discords. No, the 4 : 1 conversion rate was not explicitedly stated, and maybe the developers should include that footnote in Patch Notes from now on, but there is no need to get this upset about it. It’s an in-game currency, and the time you spent gathering the Verity, you will spend about the same about of time gathering Creation now—which offers you better gear for the same amount of effort (which is honestly very little).
The 330 Creation gear is better than the 310 Verity gear. You should have next to no problem managing to get enough to bump your item level up relatively quickly in order to run newer content. Ala Mhigo, Temple of the Fist, and Kugane Castle all three have a low item level requirement (i280), and you can easily get into them wearing the i290 Antiquated Gear. Run those a couple times to get Creation, and then spend it on the better 330 gear. Save up Mendacity and buy yourself a 360 piece of gear once every week/two weeks (depending on what you get—body and pants take 2 weeks worth of Mendacity tomes).
If you really want the Verity gear, you should be able to purchase them at the Centurio Seal vendors in Foundation. You will need to do Hunts in order to get the Centurio Seals though (Heavensward and Stormblood hunts both drop Centurio Seals).
Addition: For the sake of reference—
Originally Posted by Patch 4.2 Notes