Blockchain company LBRY has issued its final message to the crypto community. In an October 20th statement on its video platform Odysee, LBRY said insurmountable debts have made it impossible to continue operating.
“This will be our last post,” LBRY wrote, explaining millions in debts owed to the SEC, legal fees, and private creditors were too much to overcome. “LBRY Inc. must die, there is no escaping this,” they said.
LBRY announced winding down operations in July after losing an SEC lawsuit. The SEC originally sought a $22 million penalty before lowering it to $111,000 realizing LBRY’s insolvency. In September, LBRY filed a notice of appeal but has now revealed it will cease further legal action.
“Thank you to everyone who fought with us for online freedom,” LBRY added, with executives, employees, and board members resigning to meet final legal requirements. CEO Jeremy Kauffman called it a “happy journey” despite the unhappy ending.
Crypto community members thanked LBRY for its push for decentralization and praised its network as highly useful. As an open-source blockchain, LBRY will continue running as long as blocks are mined. Its Odysee platform served over 5 million monthly users in early 2023, leading decentralized social media.
Despite its efforts, LBRY ultimately lacked the resources to counter SEC enforcement. Its demise illustrates the harsh realities facing crypto firms that resist increasing regulation. However, LBRY’s vision for online freedom will live on through its decentralized community.
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