LBRY Inc., the company behind the LBRY blockchain, has posted a final message to the cryptocurrency community, revealing that they have accumulated substantial debts, amounting to “several million dollars,” which have forced them to cease their operations.
The team from LBRY Inc. made this announcement on October 20 on Odysee, a video-sharing platform powered by LBRY, and shared it on other platforms as well.
“This will be our last post,” said the LBRY Inc. team.
LBRY Inc. has encountered impossible challenges due to its substantial debts, including owed money to the SEC, its legal team, and a private creditor.
The company has determined that it must cease its operations. In October, LBRY expressed gratitude to its supporters for their efforts in promoting online freedom.
Earlier, LBRY had announced plans to wind down its operations in July following an SEC judgment against it.
The SEC originally sought a penalty of $22 million but reduced it to $111,000 when it became clear that the LBRY could not pay.
In September, the community appeared to reconsider its decision by filing an appeal against the SEC. However, in its most recent statement, LBRY has declared that it will no longer pursue its appeal against the SEC.
The company also mentioned that all the top officials, staff, and board members of LBRY Inc. have stepped down and are currently focused on meeting any remaining legal obligations.
Former CEO Jeremy Kauffman, in a post on October 19, shared his perspective on LBRY’s eight-year journey in the cryptocurrency sector, describing it as a journey that may not have concluded on a high note but was still a meaningful experience.