LBRY Shutters Doors

October 20, 2023 2:02 pm Comments

Yesterday was a bittersweet day in the crypto world.

LBRY Inc., the company behind Odysee and the LBRY coin, has officially shuttered its doors following a lengthy battle with the Securities and Exchange Commission (SEC).

The SEC forced LBRY to shut down, following the loss of the ongoing case and an appeal.

Due to the ongoing battle and normal operations, LBRY Inc. was also deeply indebted.

LBRY announced on Thursday: “LBRY Inc. is winding down. The LBRY network is unaffected. Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has a bright future ahead. Thank you to everyone who fought with us for online freedom. A final goodbye post is in the first reply.”

Former LBRY CEO Jeremy Kauffman had this to say:

“LBRY was one of the few crypto-based products that crossed over into the mainstream and had actual users rather than hodlers.

There was shockingly little interest in this among cryptocurrency VCs, who cared much more about the ability to manipulate and market tokens.”

Crypto Slate reports:

In an Oct. 19 statement, LBRY explained that it owed several million dollars in debt to its legal team, private debtors, and the SEC.

Additionally, the company said its executives, employees, and board members have resigned, while its assets, like Odysee, are being placed in receivership.

Tech journalist Naomi Brockwell also reiterated: “LBRY Inc. provided value to millions by building a fantastic alternative to centrally-controlled media. They were shut down by the SEC, but the decentralized LBRY network will live on as long as we use it. NBTV will continue to deliver content to our wonderful community there.”

LBRY co-founder Jack Robinson also issued this statement:

“Working at LBRY was some of the most fun and fulfilling work I could have dreamed for. Most companies fail to build. Fewer companies build something used by millions of people. Even fewer build something so useful the government has to use its unlimited resources to crush it.”

Coin Telegraph explained:

Odysee served 5.3 million unique users on a monthly basis between January and April 2023, more than any other decentralized social media platform in the market, according to CoinGecko.

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