- LBRY said that the company was unable to pay off its obligation of several million dollars.
- The organization’s executive staff, workers, and board members have resigned.
LBRY, the company behind the LBRY blockchain, has announced its closure to the cryptocurrency world, claiming “several million dollars” in obligations as the reason.
A message from the LBRY team, titled “This will be our last post,” was published on the video-sharing platform Odysee (which is powered by LBRY) on October 20 and posted on Twitter the same day. LBRY said that company was unable to pay off its obligation to the SEC, its legal team, and a private debtor totaling several million dollars.
Eight-year Long Run
On July 11, following a final decision in favor of the U.S SEC, LBRY declared it will cease operations. When it became clear that the defunct business couldn’t pay the SEC’s initial $22 million penalty, it was reduced to the current amount of $111,000. After ostensibly reversing course in September by submitting a notice of appeal against the regulator, the community was ecstatic.
However, in its most recent announcement, the company said it would no longer be appealing the SEC’s decision. The company also said that all of LBRY’s executive staff, workers, and board members had resigned and are focusing only on meeting any remaining legal obligations.
Moreover, former CEO Jeremy Kauffman reflected on LBRY’s eight-year run in the cryptocurrency sector, writing on Twitter on October 19. Many in the crypto community came out to express their gratitude to the LBRY team and express their sadness at the news.
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