The team published a farewell message, thanking all project participants who together “fought for freedom in the WEB 3.0 space.” The team cited multimillion-dollar debts that made the project unviable as the reason for its termination.
“LBRY must die. There is no escape from this. We lost a judgment against the federal government and are several million dollars in debt. The LBRY network is not affected. According to the court decision, Odysee and other assets will be used to pay off debts,” the statement says.
LBRY said that all employees, board members, and executives of the company have resigned and will only do what is necessary to satisfy legal requirements and fulfill legal obligations.
LBRY initially announced it would cease operations at the end of 2022 after the US Securities and Exchange Commission (SEC) ruled against the decentralized platform with a fine of more than $11 million.
In September 2023, LBRY abandoned its intention to close the project, deciding to continue litigation with the SEC, and filed an appeal. However, the new filing shows that the firm failed to defend its interests in court and lost its appeal against the Securities and Exchange Commission.
Source: Bits
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