{"id":177898,"date":"2023-10-20T16:51:16","date_gmt":"2023-10-20T11:21:16","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177898"},"modified":"2023-10-20T16:51:16","modified_gmt":"2023-10-20T11:21:16","slug":"lbry-shuts-down-operations-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/lbry-shuts-down-operations-crypto-news\/","title":{"rendered":"LBRY shuts down operations &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Blockchain publishing platform LBRY Inc. announced that it is shutting down operations as it is unable to pay its debt to the U.S. Securities and Exchange Commission (SEC), its legal team and private debtors.<\/p>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/binance-freezes-100-accounts-israeli-police-request-financial-times\/\">Binance freezes over 100 accounts on Israeli police request: Financial Times<\/a><\/p>\n<h3 class=\"wp-block-heading\">Fast Facts<\/h3>\n<ul>\n<li>\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 LBRY <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/odysee.com\/@lbry:3f\/theendoflbryinc:d\">said<\/a> Thursday.<\/li>\n<\/ul>\n<ul>\n<li>The team said that there were over 30 million content pieces published on the LBRY blockchain, which will continue to exist as long as the blockchain\u2019s mining continues.<\/li>\n<\/ul>\n<ul>\n<li>However, if the LBRY\u2019s flagship app, Odysee, stops using the blockchain, content that isn\u2019t actively seeded by others will no longer be available.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>The SEC filed a complaint against LBRY in March 2021, alleging it raised US$11 million through the sale of LBC, LBRY\u2019s cryptocurrency, as an \u201cunregistered security.\u201d\u00a0 On Nov. 7 last year, the court issued a summary judgment in favor of the SEC and classified the initial sale of LBC as an investment contract.<\/li>\n<\/ul>\n<ul>\n<li>The SEC initially sought a US$22 million punishment, but downgraded it to US$111,614 in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.courtlistener.com\/docket\/59774584\/107\/us-securities-and-exchange-commission-v-lbry-inc\/\">May<\/a>, after realizing that the company couldn\u2019t pay the fine.<\/li>\n<\/ul>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/blackrock-shares-go-digital-jpmorgans-onyx-blockchain\/\">BlackRock shares go digital on JPMorgan\u2019s Onyx blockchain<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain publishing platform LBRY Inc. announced that it is shutting down operations as it is unable to pay its debt to the U.S. Securities and Exchange Commission (SEC), its legal team and private debtors. See related article: Binance freezes over 100 accounts on Israeli police request: Financial Times Fast Facts \u201cLBRY Inc. must die, there [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":177899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-177898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177898","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=177898"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177898\/revisions"}],"predecessor-version":[{"id":177900,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177898\/revisions\/177900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177899"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}