This is our final article’ — LBRY throws in the towel against the SEC

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With immense gratitude, the LBRY team extends its appreciation to all those who championed the cause of online freedom.

LBRY, the pioneering blockchain firm behind the LBRY blockchain, has released its final missive to the crypto community. This farewell message is prompted by the weight of “several million dollars” in debts, which have regrettably rendered the company’s continuation unfeasible.

In an announcement dated October 20, the LBRY team declared, “This marks the culmination of our journey.” This farewell note found its home on Odysee, a video-sharing platform powered by LBRY, and was simultaneously shared on X (formerly known as Twitter).

LBRY’s path was obstructed by debts amounting to several million dollars, owed to entities including the SEC, their legal counsel, and a private creditor. The company has, with a heavy heart, accepted the inevitability of its dissolution, stating, “LBRY Inc. has reached the end of its road. It has suffered a legal judgment against it by the federal government, bears a substantial debt burden in the millions, and is committed to a cessation of operations.”

Acknowledging the champions of online freedom, LBRY expressed its gratitude in an October 19 post on X.

The journey towards this conclusion was set in motion when LBRY initially disclosed its plans to wind down its operations in July, following an unfavorable ruling by the SEC on July 11. The SEC had initially sought a punitive sum of $22 million, which was later revised to $111,000, recognizing the company’s inability to meet the former obligation.

In a surprising turn of events in September, the community rejoiced as LBRY seemingly reversed its course by filing an appeal against the regulatory body. However, the latest statement from the company indicates a withdrawal of this appeal, signifying the end of the legal battle.

The company also announced the resignation of LBRY’s executives, employees, and board members, who are now solely focused on fulfilling any outstanding legal obligations. Jeremy Kauffman, the now-former CEO, reflected on LBRY’s eight-year voyage in the cryptocurrency sector, saying, “It may not be a happy ending, but it was an enriching journey.”

This announcement stirred members of the crypto community to offer their final words of encouragement to the LBRY team. A user on X, Steve, extended his thanks to LBRY for its valiant efforts, presumably against the SEC. Another user, archerships, lauded LBRY’s network as one of the most valuable blockchain-based platforms available.

In the comment section of LBRY’s post on Odysee, community members expressed their unwavering commitment to the continued support and sustenance of Odysee.

As a testament to LBRY’s resilience, its blockchain, which operates on open-source principles and is decentralized, will persist as long as new blocks continue to be mined. This was communicated by the team on Odysee.

Between January and April 2023, Odysee boasted a user base of 5.3 million unique visitors each month, surpassing any other decentralized social media platform in the market, as reported by CoinGecko.