{"id":177749,"date":"2023-10-20T11:21:20","date_gmt":"2023-10-20T05:51:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177749"},"modified":"2023-10-20T11:21:20","modified_gmt":"2023-10-20T05:51:20","slug":"this-will-be-our-last-post-lbry-throws-in-towel-against-the-sec-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/this-will-be-our-last-post-lbry-throws-in-towel-against-the-sec-crypto-news\/","title":{"rendered":"\u2018This will be our last post\u2019 \u2014 LBRY throws in towel against the SEC – Crypto News"},"content":{"rendered":"

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Blockchain company LBRY Inc. \u2014 the creators of the LBRY blockchain \u2014 has issued its final message to the crypto, citing \u201cseveral million dollars\u201d of debts that have now made it impossible for the firm to continue.<\/p>\n

\u201cThis will be our last post,\u201d said the LBRY Inc. team in an Oct. 20 statement on Odysee, a LBRY-powered video-sharing website, which was also shared on X. <\/p>\n

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LBRY Inc. is winding down.<\/p>\n

The LBRY network is unaffected.<\/p>\n

Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has a bright future ahead.<\/p>\n

Thank you to everyone who fought with us for online freedom.<\/p>\n

A final goodbye post is in the first reply.<\/p>\n

\u2014 LBRY (@LBRYcom) October 19, 2023<\/a><\/p><\/blockquote>\n

LBRY said<\/a> several millions of dollars of debt owed to the SEC, its legal team and a private debtor ended up being too big a barrier to overcome.<\/p>\n

\u201cLBRY Inc. must die, there is no escaping this. It has lost a judgment to the federal government, has several million dollars in debts, and has pledged to shut down.\u201d<\/p><\/blockquote>\n

\u201cThank you to everyone who fought with us for online freedom,\u201d LBRY added in an Oct. 19 X post.<\/p>\n

LBRY originally announced<\/a> it would wind down in July after a final judgment in favor of the SEC on July 11. The SEC originally sought a punishment of $22 million\u00a0but then downgraded that to $111,000<\/a> when it realized the defunct firm couldn\u2019t pay. <\/p>\n

In September, the community was delighted after it seemingly backtracked on the decision by filing a notice of appeal against the regulator<\/a>.<\/p>\n

In its latest statement, however, the firm revealed it will no longer continue its appeal against the SEC. <\/p>\n

LBRY says they won\u2019t pursue their appeal against the SEC. Source: Odysee<\/em><\/figcaption><\/figure>\n

The firm also noted that LBRY Inc.\u2019s executives, employees, and board members have resigned and are now only engaged in satisfying any outstanding legal requirements.<\/p>\n

\u201cIt wasn’t a happy ending, but it was a happy journey,\u201d the now-former CEO Jeremy Kauffman explained in an Oct. 19 X post, reflecting on LBRY\u2019s eight-year tenure in the cryptocurrency industry.<\/p>\n

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it wasn’t a happy ending, but it was a happy journey pic.twitter.com\/BxLPVdi2DR<\/a><\/p>\n

\u2014 Jeremy Kauffman (@jeremykauffman) October 19, 2023<\/a><\/p><\/blockquote>\n

Crypto community salutes<\/h3>\n

The announcement saw members of the crypto community come out to give their final words of support to the LBRY team. <\/p>\n

One X user, \u201cSteve,\u201d thanked<\/a> LBRY for putting up a \u201cgood fight\u201d \u2014 presumably against the SEC, while another, \u201carcherships\u201d suggested<\/a> LBRY\u2019s network was one of the most useful blockchain-based platforms on the market.<\/p>\n

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Thanks for creating LBRY. It is one of the most useful blockchain based apps out there.<\/p>\n

\u2014 archerships – e\/acc, pronatalist, immortalist (@archerships) October 19, 2023<\/a><\/p><\/blockquote>\n

In the comments section of LBRY\u2019s post on Odysee, community members expressed a willingness to keep supporting Odysee up and running.<\/p>\n

Comments from LBRY\u2019s Oct. 19 post on Odysee. Source: Odysee<\/em><\/figcaption><\/figure>\n

Related: <\/em><\/strong>The aftermath of LBRY: Consequences of crypto\u2019s ongoing regulatory process <\/em><\/strong><\/a><\/p>\n

As LBRY\u2019s blockchain is open-sourced and decentralized, it will continue to operate so long as blocks continue to be mined, the team noted on Odysee.<\/p>\n

Odysee served 5.3 million unique users on a monthly basis between January and April this year, more than any other decentralized social media platform in the market, according<\/a> to CoinGecko.<\/p>\n

Magazine: <\/em><\/strong>Crypto regulation \u2014 Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Blockchain company LBRY Inc. \u2014 the creators of the LBRY blockchain \u2014 has issued its final message to the crypto, citing \u201cseveral million dollars\u201d of debts that have now made it impossible for the firm to continue. \u201cThis will be our last post,\u201d said the LBRY Inc. team in an Oct. 20 statement on Odysee, […]<\/p>\n","protected":false},"author":2,"featured_media":177750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-177749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=177749"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177749\/revisions"}],"predecessor-version":[{"id":177752,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177749\/revisions\/177752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177750"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}