‘This will be our last post’ – LBRY throws in the towel on the SEC

Blockchain company LBRY – the creators of the LBRY blockchain – has issued a final message to the crypto community, citing “several million dollars” in debts that the company cannot continue.

“This will be our last post,” the LBRY team said in an Oct. 20 statement on Odysee, the LBRY-powered video sharing website shared by X (formerly Twitter).

LBRY Inc. It's twisted.

The LBRY network is not affected.

Odyssey and other properties will go through the legal process to satisfy debts, but Odyssey has a bright future.

Thank you to everyone who fought with us for online freedom.

The final goodbye post is on the first reply.

— LBRY (@LBRYcom) October 19, 2023

LBRY told the SEC, his legal team and the private debtor that the multimillion-dollar debt was too big a hurdle for him to overcome.

“LBRY Inc. He must die, there is no escape. He lost a lawsuit to the federal government, owed several million dollars, and vowed to close.

“Thank you to everyone who fought with us for online freedom,” LBRY added in an Oct. 19 X post.

LBRY announced on July 11th that it will be reduced in July after the final ruling to the SEC. The SEC initially sought a $22 million fine, but reduced that to $111,000 when it learned the defunct firm was unable to pay.

In September, the community filed a notice of appeal against the regulator after the decision appeared to be reversed.

In its latest statement, however, the firm said it would no longer pursue its appeal against the SEC.

The organization stated that LBRY executives, employees and board members have resigned and are now in compliance with any outstanding legal requirements.

Reflecting on LBRY's eight-year tenure in the cryptocurrency industry, now-former CEO Jeremy Kaufman explained in an Oct. 19 X post, “It wasn't a happy ending, but it was a fun ride.”

It wasn't a happy ending, but it was a fun ride pic.twitter.com/BxLPVdi2DR

— Jeremy Kauffman (@jeremykauffman) October 19, 2023

Greetings from the Crypto community

The announcement saw members of the crypto community come out to give their final words of support to the LBRY team.

One X user praised Steve LBRY for putting up a “good fight” – presumably with the SEC, while another, Arrows suggests that the LBRY network is one of the most valuable blockchain-based platforms on the market.

Thanks for creating LBRY. It is one of the blockchain based applications.

— archerships — e/acc, pronatalist, immortal (@archerships) October 19, 2023

In the comments section of LBRY's post on Odyssey, community members expressed their willingness to continue supporting and running Odyssey.

RELATED: LBRY Result: Results of crypto's ongoing regulatory process

As the LBRY blockchain is open-source and decentralized, it will continue to work as long as blocks continue to be produced, the team mentioned in Odyssey.

Odyssey served 5.3 million unique users per month between January and April 2023, more than any other decentralized social media platform in the market, according to CoinGecko.

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