{"id":62196,"date":"2023-10-20T10:54:49","date_gmt":"2023-10-20T14:54:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62196"},"modified":"2023-10-20T10:54:52","modified_gmt":"2023-10-20T14:54:52","slug":"lbry-inc-shuts-down-after-sec-judgment-and-financial-woes","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/lbry-inc-shuts-down-after-sec-judgment-and-financial-woes\/","title":{"rendered":"LBRY Inc. Shuts Down After SEC Judgment and Financial Woes"},"content":{"rendered":"\n

LBRY Inc., the blockchain company behind the LBRY blockchain<\/a> and Odysee video-sharing platform, has announced the end of its operations, citing insurmountable debts, including a judgment from the SEC. The cryptocurrency community reacts with shock and support.<\/p>\n\n\n\n

\"LBRY<\/figure>\n\n\n\n

The financial world and blockchain industry received a significant shakeup recently with the announcement that LBRY Inc., has declared the end of its operations, leaving the cryptocurrency community in shock. <\/p>\n\n\n\n

Citing insurmountable debts, including a judgment from the U.S. Securities and Exchange Commission (SEC),<\/a> LBRY expressed its inability to continue its operations. <\/p>\n\n\n\n

This announcement marks the culmination of a tumultuous journey that began with legal challenges and ended with financial constraints.<\/p>\n\n\n\n

LBRY\u2019s Financial Predicament<\/h2>\n\n\n\n

LBRY\u2019s decision to cease operations comes as a result of a daunting financial predicament. The company revealed that it owed \u201cseveral million dollars\u201d<\/strong> to various entities, including the SEC, its legal team, and a private debtor. <\/p>\n\n\n\n

These financial obligations have rendered LBRY Inc. financially incapacitated, ultimately leading to the difficult decision to shut down.<\/p>\n\n\n\n

The SEC\u2019s involvement in this ordeal dates back to July when the regulator secured a judgment in its favor against LBRY. <\/p>\n\n\n\n

Originally seeking a penalty of $22 million,<\/strong> the SEC later revised its claim to $111,000<\/strong> after realizing that LBRY Inc. lacked the resources to pay the initial amount. <\/p>\n\n\n\n

Despite initial signs of a potential appeal, LBRY has now decided to abandon its legal battle against the SEC.<\/p>\n\n\n\n

\n

#XRP\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> #XRPCommunity<\/use><\/svg><\/span><\/a>
Whilst we celebrate another massive win for Ripple, let's not forget the damage the SEC has already done to crypto. @LBRYcom<\/use><\/svg><\/span><\/a> has decided not to continue its appeal against the SEC and shut its doors for good today. However, with the rampant censorship on X and\u2026 https:\/\/t.co\/66tOS8L7Z7<\/use><\/svg><\/span><\/a> pic.twitter.com\/6hr3GL6qpi<\/use><\/svg><\/span><\/a><\/p>— Ashley PROSPER (@AshleyPROSPER1) October 20, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

LBRY\u2019s Closure<\/h3>\n\n\n\n

As part of its closure, LBRY Inc. also announced that its executives, employees, and board members have all resigned from their positions. <\/p>\n\n\n\n

Their primary focus is now on fulfilling any remaining legal obligations associated with the company\u2019s operations. This development signifies the end of an era for LBRY, which had been a prominent player in the cryptocurrency industry for eight years.<\/p>\n\n\n\n

Jeremy Kauffman, the former CEO of LBRY, expressed his sentiments on the company\u2019s journey in a recent post, stating, \u201cIt wasn\u2019t a happy ending, but it was a happy journey.\u201d <\/em><\/p>\n\n\n\n

Kauffman\u2019s reflection highlights the significant role LBRY played in the cryptocurrency space during its existence.<\/p>\n\n\n\n

Cryptocurrency Community\u2019s Response<\/h3>\n\n\n\n

The cryptocurrency community responded to LBRY\u2019s farewell announcement with an outpouring of support and gratitude. <\/p>\n\n\n\n

Many users expressed their appreciation for LBRY\u2019s efforts to champion online freedom and its resilience in the face of regulatory challenges.<\/p>\n\n\n\n

One user, identified as \u201cSteve,\u201d commended LBRY for putting up a \u201cgood fight,\u201d<\/em> presumably against the SEC. Another user, \u201carcherships,\u201d lauded LBRY\u2019s network as one of the most valuable blockchain-based platforms available.<\/p>\n\n\n\n

In the comments section of LBRY\u2019s post on Odysee,<\/use><\/svg><\/span><\/a> community members expressed their willingness to continue supporting the Odysee platform, highlighting their commitment to keeping it operational despite the challenges faced by LBRY Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

LBRY Inc., the blockchain company behind the LBRY blockchain and Odysee video-sharing platform, has announced the end of its operations, citing insurmountable debts, including a judgment from the SEC. The cryptocurrency community reacts with shock and support. The financial world and blockchain industry received a significant shakeup recently with the announcement that LBRY Inc., has […]<\/p>\n","protected":false},"author":44,"featured_media":62199,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[16855,12120,884,2259,4288],"class_list":["post-62196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-financial-crisis","tag-lbry","tag-regulations","tag-shut-down","tag-us-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/LBRY-1-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62196"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62199"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}