In a poignant and heartfelt message, LBRY, the pioneering blockchain company behind LBRY blockchain, has announced its departure from the cryptocurrency stage. With debts mounting up to several million dollars and a final judgment by the SEC, LBRY has taken the difficult decision to close its chapter. This article delves into the reasons behind this departure and the emotional farewell of LBRY to its ardent supporters.
LBRY’s Last Stand Against the SEC
LBRY, celebrated for its commitment to online freedom, issued a statement on October 20, bidding farewell to its followers. The company’s debt, totaling several million dollars, including obligations to the SEC, its legal team, and a private debtor, has forced it to cease operations. This financial burden became an insurmountable obstacle, leading to LBRY’s final post on Odysee, a LBRY-powered video-sharing platform, as well as on X (formerly Twitter).
The SEC’s Unyielding Judgment
The SEC originally sought $22 million in penalties, but after recognizing the company’s inability to pay, it revised the penalty to $111,000. LBRY initially announced its intention to wind down its operations in July, following the SEC’s final judgment on July 11. The crypto community rejoiced in September when LBRY appeared to reconsider its decision, filing a notice of appeal against the regulator. However, LBRY has now revealed that it will no longer pursue this appeal.
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LBRY’s Leadership Steps Down
The company also disclosed that its executives, employees, and board members have resigned from their roles, and their sole focus is now on fulfilling any remaining legal obligations. Reflecting on LBRY’s eight-year journey in the cryptocurrency industry, former CEO Jeremy Kauffman shared his thoughts, stating, “It wasn’t a happy ending, but it was a happy journey.”
Support from the Crypto Community
LBRY’s announcement triggered an outpouring of support from the crypto community. Members extended their gratitude to LBRY for standing up against the SEC. Many recognized LBRY’s network as one of the most valuable blockchain-based platforms in the industry. In the comments section of LBRY’s post on Odysee, community members expressed their commitment to keeping Odysee operational.
LBRY’s Legacy Lives On
Despite LBRY Inc.’s closure, LBRY’s blockchain remains open-sourced and decentralized. As long as blocks continue to be mined, the blockchain will continue to operate. Odysee, the platform that hosted LBRY’s farewell message, boasted serving 5.3 million unique users monthly between January and April 2023, surpassing all other decentralized social media platforms in the market, according to CoinGecko.
The end of LBRY’s journey marks a poignant moment in the cryptocurrency world. Despite the company’s financial hardships and legal challenges, LBRY’s commitment to online freedom and blockchain technology remains a legacy. The heartfelt support from the crypto community reflects the impact LBRY had in its eight years in the industry. As the blockchain technology lives on, the crypto community remembers and salutes LBRY’s dedication to freedom in the digital age.
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