LBRY Inc. has issued its final message to the crypto community, acknowledging financial difficulties that have led to the company’s closure. This message was shared on Odysee, a video-sharing platform powered by LBRY Inc., and later spread to other platforms.
In the statement posted on October 19, 2023, also shared on platform X, they stated, “This will be our last post.” The company revealed that it had incurred debts in the millions owed to the U.S. Securities and Exchange Commission (SEC), their legal counsel, and private lenders. These debts have made it impossible for the company to continue its operations.
LBRY Inc. is winding down.
The LBRY network is unaffected.
Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has a bright future ahead.
Thank you to everyone who fought with us for online freedom.
A final goodbye post is in the first reply.
— LBRY ???? (@LBRYcom) October 19, 2023
“LBRY Inc. must die, there is no escaping this. It has lost a judgment to the federal government, has several million dollars in debts, and has pledged to shut down,”
the statement read.
LBRY initially announced plans to wind down operations in July after losing a legal battle to the SEC. The initial punitive fine sought by the regulatory body was $22 million, but it was later reduced to $111,000 when it became evident that LBRY couldn’t afford the larger amount.
The final judgement in SEC vs LBRY is out.
In accordance with the court’s order and our promises, we expect to spend the next several months winding LBRY Inc. down entirely.
As to what happens to LBRY from here, well, that’s up to you. pic.twitter.com/cU8O3nATT6
— LBRY ???? (@LBRYcom) July 11, 2023
Millions of dollars spent for a fine of $111,614.00 and a company financially ruined. That helps the world. https://t.co/GhvCS0Az7s
— bill morgan (@Belisarius2020) May 12, 2023
In September, there was a glimmer of hope within the LBRY community when the company filed a notice of appeal against the SEC’s victory.
However, this latest announcement from LBRY Inc. clarified that the appeal would not proceed, and the company’s executives, employees, and board members had resigned to focus on meeting remaining legal obligations.
The former CEO of LBRY, Jeremy Kauffman, shared his thoughts via a comment on the firm’s October 19 tweet, reflecting on the company’s eight-year journey in the crypto industry, saying, “It wasn’t a happy ending, but it was a happy journey.”
The news of LBRY Inc.’s closure has touched many in the crypto community, and members from various platforms have expressed gratitude for the company’s efforts and bid them farewell.
An X user named Steve praised LBRY for “putting up a good fight” against the regulators, while another user, Archership, praised the company’s network as one of the most valuable blockchain-based platforms on the market.
Community members have also voiced their commitment to keeping Odysee operational. Importantly, since LBRY’s blockchain is open-source and decentralized, it will persist as long as mining continues.
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