“This will be our last post,” : LBRY Ceases Operations And The SEC Battle is Over
The firm behind the LBRY blockchain, LBRY Inc., has released a final statement to the cryptocurrency community, disclosing that they have acquired significant debts totaling “several million dollars,” forcing them to discontinue operations.
This news was made on October 20 by the LBRY Inc. team on Odysee, a video-sharing platform powered by LBRY, and was also shared on other platforms.
“This will be our last post,” the LBRY Inc. team stated.
Due to its significant debts, LBRY Inc. has faced unimaginable hurdles, including money owed to the SEC, its legal team, and a private creditor.
The company has decided to halt operations. In October, LBRY expressed gratitude to its supporters for their work in promoting online freedom.
Earlier, LBRY had announced plans to wind down its operations in July following an SEC judgment against it.
The SEC sought a penalty of $22 million but dropped it to $111,000 when it became evident that the corporation could not pay.
In September, the community appeared to reconsider its judgment by filing an appeal with the SEC. However, in its most recent statement, LBRY stated that it will no longer pursue its appeal against the SEC.
The business also stated that all of LBRY Inc.’s top officials, staff, and board members had stepped down and are currently focused on meeting any remaining legal commitments.
Former CEO Jeremy Kauffman expressed his thoughts on LBRY’s eight-year adventure in the cryptocurrency sector in an October 19 post, calling it as a trip that may not have ended on a high note but was nonetheless a worthwhile experience.
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