{"id":449838,"date":"2023-10-20T11:05:53","date_gmt":"2023-10-20T11:05:53","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=449838"},"modified":"2023-10-20T11:50:42","modified_gmt":"2023-10-20T11:50:42","slug":"lbry-shuts-down-after-losing-legal-battle-against-sec","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/lbry-shuts-down-after-losing-legal-battle-against-sec","title":{"rendered":"LBRY Shuts Down After Losing Legal Battle Against SEC"},"content":{"rendered":"

LBRY Inc, the company behind the LBRY blockchain, has shut down operations after accruing millions of dollars in debt fighting a lawsuit by the US Securities and Exchange Commission (SEC).<\/p>\n

“LBRY Inc. has debts to the SEC, its legal team, and a private debtor that it cannot pay,” LBRY said<\/a>. “All LBRY executives, employees, and board members have resigned. All will be doing what is required to satisfy any outstanding legal requirements, but no more.”<\/p>\n

In a message on X, the company thanked those who supported its fight for “online freedom.“ The LBRY open-sourced blockchain network will continue to operate despite this setback, it said.<\/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

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