Blockchain company LBRY Inc., the creator of LBRY Blockchain, has issued a final message to the cryptocurrency industry, stating that “millions of dollars” of debt have now made it impossible for the company to continue operating.
“This will be our last post,” the LBRY Inc. team said in an Oct. 20 statement on Odysee, a video-sharing site powered by LBRY that is also shared on X.
LBRY Inc. is going out of business.
The LBRY network is not affected.
Odysee and other assets will go through legal proceedings to pay off debt, but Odysee’s future is bright.
Thank you to everyone who joins us in the fight for online freedom.
The final farewell post is the first reply.
— LBRY (@LBRYcom) October 19, 2023
LBRY explain Millions of dollars in debt owed to the SEC, its legal team and private debtors ended up being an obstacle too large to overcome.
“LBRY Inc. must die, there is no escaping it. It has lost a federal judgment, is millions in debt, and committed to closure.”
“Thank you to everyone who joins us in the fight for Internet freedom,” LBRY added in the Oct. 19 post.
LBRY initially declare The lawsuit will be concluded in July following a final ruling in favor of the SEC on July 11. The SEC initially sought a $22 million penalty, but downgraded it to $111,000 when it realized the defunct company could not pay.
In September, the community appealed to the regulator and was pleased to appear to have reversed the decision.
However, the company revealed in its latest statement that it will no longer continue to appeal to the SEC.
The company also noted that LBRY Inc.’s senior executives, employees and board members have resigned and are now solely focused on meeting any outstanding legal requirements.
“It’s not a happy ending, but it’s a happy journey,” now-former CEO Jeremy Kauffman explained in an Oct. 19 post, looking back on LBRY’s time in the cryptocurrency industry. Eight-year term.
It’s not a happy ending, but it’s a happy journey pic.twitter.com/BxLPVdi2DR
— Jeremy Kauffman (@jeremykauffman) October 19, 2023
A tribute from the crypto community
Following the announcement, members of the cryptocurrency community came forward to express their final support for the LBRY team.
An X user “Steve” grateful LBRY had “a good fight” — presumably against the SEC, while the other was “shooting” suggestion LBRY’s network is one of the most useful blockchain-based platforms on the market.
Thank you for creating LBRY. It is one of the most useful blockchain-based applications.
— archerships – e/acc, pronatalists, immortalists (@archerships) October 19, 2023
In the comments section of LBRY’s post about Odysee, community members expressed their willingness to continue supporting Odysee up and running.
related: The aftermath of LBRY: The consequences of the ongoing regulatory process for cryptocurrencies
The team noted on Odysee that because LBRY’s blockchain is open source and decentralized, it will continue to operate as long as blocks continue to be mined.
From January to April this year, Odysee served 5.3 million unique users per month, more than any other decentralized social media platform on the market. according to Go to CoinGecko.
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