Blockchain Company LBRY Shuts Down Due to Debts
LBRY, the creators of the LBRY blockchain, has announced its closure due to debts amounting to several million dollars. The company issued its final statement on Odysee, a LBRY-powered video-sharing website, and on Twitter.
The Reason Behind the Shutdown
LBRY cited debts owed to the SEC, its legal team, and a private debtor as the main reason for its closure. The company acknowledged that it had lost a judgment to the federal government and pledged to shut down as a result.
Previous Events Leading to the Closure
LBRY initially announced its winding down in July after a judgment in favor of the SEC. Although it filed an appeal against the regulator in September, the firm has now decided not to continue with the appeal.
The Future of LBRY’s Assets
Odysee and other assets will undergo a legal process to satisfy debts. However, LBRY’s blockchain network will remain unaffected and continue operating as it is open-sourced and decentralized.
Reaction from the Crypto Community
The crypto community expressed their support for LBRY and its fight for online freedom. Many users praised LBRY’s network as one of the most useful blockchain-based platforms available.
Odysee’s Success as a Decentralized Social Media Platform
Odysee served 5.3 million unique users per month between January and April 2023, making it the leading decentralized social media platform in terms of user base.
Hot Take: A Farewell to LBRY
LBRY’s closure marks the end of an eight-year journey in the cryptocurrency industry. Despite the challenges and debts faced, LBRY leaves behind a legacy of advocating for online freedom. The crypto community salutes LBRY for its efforts and expresses gratitude for the useful blockchain-based platform it provided.
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