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Blockchain firm LBRY Inc. — the developers of the LBRY blockchain — has released its final communication to the cryptocurrency community, citing “several million dollars” in debts that have rendered it impossible for the company to proceed.
“This will be our last post,” stated the LBRY Inc. team in an Oct. 20 announcement on Odysee, a video-sharing platform powered by LBRY, which was also disseminated on X.
LBRY Inc. is concluding operations.
The LBRY network remains unaffected.
Odysee and other assets will undergo a legal process to address debts, but Odysee has a promising future ahead.
Thank you to all who stood with us for online freedom.
A final farewell message is in the first reply.— LBRY (@LBRYcom) October 19, 2023
LBRY indicated that the substantial debts owed to the SEC, its legal representatives, and a private creditor proved to be an insurmountable obstacle.
“LBRY Inc. must cease to exist; there is no way around this. It has lost a ruling against the federal government, carries several million dollars in debts, and has committed to shutting down.”
“Thank you to everyone who fought with us for online freedom,” LBRY added in a post on X dated Oct. 19.
LBRY initially announced its intention to wind down in July following a final ruling in favor of the SEC on July 11. The SEC initially sought a penalty of $22 million but later reduced it to $111,000 upon realizing the insolvent company could not pay.
In September, the community expressed joy when it appeared to reverse its decision by filing a notice of appeal against the regulator.
However, in its most recent statement, the firm disclosed that it will no longer pursue its appeal against the SEC.
LBRY states they will not continue their appeal against the SEC. Source: Odysee
The firm also mentioned that LBRY Inc.’s executives, employees, and board members have resigned and are now solely focused on fulfilling any remaining legal obligations.
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“It wasn’t a happy ending, but it was a fulfilling journey,” the now-former CEO Jeremy Kauffman reflected in an Oct. 19 post on X, looking back on LBRY’s eight-year presence in the cryptocurrency sector.
it wasn’t a happy ending, but it was a fulfilling journey pic.twitter.com/BxLPVdi2DR
— Jeremy Kauffman (@jeremykauffman) October 19, 2023
Crypto community pays tribute
The announcement prompted members of the cryptocurrency community to share their final words of encouragement for the LBRY team.
One X user, “Steve,” expressed gratitude to LBRY for engaging in a “good fight” — likely against the SEC, while another user, “archerships,” remarked that LBRY’s network was among the most valuable blockchain-based platforms available.
Thanks for creating LBRY. It is one of the most useful blockchain-based applications out there.
— archerships – e/acc, pronatalist, immortalist (@archerships) October 19, 2023
In the comments section of LBRY’s post on Odysee, community members expressed their commitment to continue supporting Odysee.
Comments from LBRY’s Oct. 19 post on Odysee. Source: Odysee
Related: The aftermath of LBRY: Consequences of crypto’s ongoing regulatory process
As LBRY’s blockchain is open-source and decentralized, it will persist as long as blocks continue to be mined, the team noted on Odysee.
Odysee attracted 5.3 million unique users monthly from January to April this year, surpassing any other decentralized social media platform in the market, according to CoinGecko.
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