‘This will be our last post’ — LBRY throws in towel against the SEC

In the comments section of LBRYs post on Odysee, neighborhood members expressed a determination to keep supporting Odysee up and running.Comments from LBRYs Oct. 19 post on Odysee. Source: OdyseeRelated: The after-effects of LBRY: Consequences of cryptos ongoing regulatory procedure As LBRYs blockchain is open-sourced and decentralized, it will continue to run so long as blocks continue to be mined, the group noted on Odysee.Odysee served 5.3 million distinct users on a month-to-month basis in between January and April this year, more than any other decentralized social media platform in the market, according to CoinGecko.Magazine: Crypto guideline– Does SEC Chair Gary Gensler have the last word?

Blockchain business LBRY Inc.– the developers of the LBRY blockchain– has actually issued its last message to the crypto, pointing out “a number of million dollars” of debts that have actually now made it difficult for the company to continue.” This will be our last post,” stated the LBRY Inc. team in an Oct. 20 declaration on Odysee, a LBRY-powered video-sharing website, which was likewise shared on X. LBRY Inc. is winding down.The LBRY network is other and unaffected.odysee assets will go through a legal procedure to please financial obligations, but Odysee has a bright future ahead.Thank you to everybody who fought with us for online freedom.A final farewell post is in the first reply. One X user, “Steve,” thanked LBRY for putting up a “good battle”– presumably versus the SEC, while another, “archerships” suggested LBRYs network was one of the most beneficial blockchain-based platforms on the market.Thanks for producing LBRY.

Blockchain business LBRY Inc.– the creators of the LBRY blockchain– has actually released its last message to the crypto, citing “numerous million dollars” of financial obligations that have now made it impossible for the firm to continue.” This will be our last post,” said the LBRY Inc. group in an Oct. 20 declaration on Odysee, a LBRY-powered video-sharing website, which was likewise shared on X. LBRY Inc. is winding down.The LBRY network is unaffected.Odysee and other properties will go through a legal procedure to satisfy debts, but Odysee has a brilliant future ahead.Thank you to everyone who battled with us for online freedom.A last goodbye post is in the first reply.– LBRY (@LBRYcom) October 19, 2023

LBRY stated numerous countless dollars of debt owed to the SEC, its legal group and a private debtor wound up being too huge a barrier to get rid of.” LBRY Inc. must pass away, there is no escaping this. It has lost a judgment to the federal government, has several million dollars in financial obligations, and has pledged to shut down.”” Thank you to everyone who battled with us for online liberty,” LBRY included an Oct. 19 X post.LBRY initially announced it would wind down in July after a last judgment in favor of the SEC on July 11. The SEC initially looked for a penalty of $22 million however then downgraded that to $111,000 when it recognized the defunct firm could not pay. In September, the neighborhood was pleased after it apparently backtracked on the decision by submitting a notice of appeal versus the regulator.In its latest statement, nevertheless, the firm exposed it will no longer continue its appeal versus the SEC. LBRY states they wont pursue their appeal against the SEC. Source: OdyseeThe firm likewise kept in mind that LBRY Inc.s executives, employees, and board members have actually resigned and are now just participated in satisfying any outstanding legal requirements.” It wasnt a pleased ending, however it was a pleased journey,” the now-former CEO Jeremy Kauffman discussed in an Oct. 19 X post, assessing LBRYs eight-year tenure in the cryptocurrency industry.it wasnt a happy ending, but it was a pleased journey pic.twitter.com/BxLPVdi2DR— Jeremy Kauffman (@jeremykauffman) October 19, 2023

Crypto neighborhood salutesThe announcement saw members of the crypto neighborhood come out to provide their final words of support to the LBRY group. One X user, “Steve,” thanked LBRY for putting up a “excellent battle”– presumably against the SEC, while another, “archerships” suggested LBRYs network was one of the most beneficial blockchain-based platforms on the market.Thanks for developing LBRY.