LBRY Inc. Issues Final Message as Debts Make Continued Operations Impossible

Blockchain Company LBRY Inc. Calls It Quits

LBRY Inc., the creators of the LBRY blockchain, has announced that it will be ceasing operations due to mounting debts. The company issued its final message on the LBRY-powered video-sharing website, Odysee, and shared the statement on other platforms as well.

LBRY Network Unaffected, Odysee's Future Remains Bright

While LBRY Inc. is winding down, the LBRY network itself will continue to function as normal. However, Odysee and other assets will undergo a legal process to settle the company's debts. Despite this setback, Odysee is expected to have a promising future.

SEC Judgment and Debt the Final Blow

LBRY Inc. initially announced its plans to wind down in July following a judgment in favor of the SEC. The company faced several million dollars in debts and was unable to pay the SEC's proposed punishment of $111,000. There were hopes of an appeal, but LBRY Inc. has now decided to discontinue the legal battle.

LBRY Community Shows Support

Members of the crypto community expressed their gratitude to LBRY for their efforts in promoting online freedom. Some users praised LBRY's network as one of the most useful blockchain-based platforms available. The community also expressed a willingness to continue supporting Odysee.

LBRY Blockchain to Remain Operational

Despite LBRY Inc.'s closure, the LBRY blockchain will continue to operate as it is open-sourced and decentralized. As long as mining of new blocks continues, the network will remain active. Odysee, which served over 5.3 million unique users monthly between January and April this year, remains a popular decentralized social media platform.