LBRY, the blockchain company behind the LBRY Blockchain, has delivered its final message to the cryptocurrency community, revealing that it has accrued "millions of dollars" in debt, rendering the company incapable of sustaining its operations. In a statement released on October 20 on Odysee, a video-sharing platform powered by LBRY, the company announced that this message would be its last. It explained that the immense debt owed to the U.S. Securities and Exchange Commission (SEC), its legal team, and private creditors had become an insurmountable obstacle.
The statement expressed gratitude to the supporters who stood alongside LBRY in the fight for online freedom. LBRY initially announced its impending closure back in July, following a final SEC ruling on July 11. The SEC initially sought a $22 million penalty but later reduced it to $111,000 due to the defunct company's inability to pay. In September, the community made an appeal to the regulator and seemingly managed to reverse the decision.
However, LBRY has now revealed that it will not pursue the appeal further with the SEC. The company also stated that its executives, employees, and board members have resigned, focusing solely on fulfilling any remaining legal obligations. Jeremy Kauffman, the former CEO of LBRY, reflected on the company's eight-year journey in an October 19 post, acknowledging that it's not a happy ending but an impactful journey in the cryptocurrency industry.
Following the announcement, members of the cryptocurrency community expressed their final support for the LBRY team. Users on X, like Steve, thanked LBRY for its valiant efforts, presumably in the face of the SEC, while another user, archerships, praised LBRY's network as one of the most useful blockchain-based platforms available. In the comments section of LBRY's post about Odysee, community members expressed their willingness to continue supporting the platform and keep Odysee operational. The team emphasized on Odysee that, as LBRY's blockchain is open-source and decentralized, it will continue to function as long as blocks are being mined. According to CoinGecko, Odysee boasted 5.3 million unique users per month between January and April 2023, surpassing other decentralized social media platforms on the market.
