LBRY Inc. Ceases Operations Due to Debt
Blockchain company LBRY Inc., the creators of the LBRY blockchain, has announced that it is unable to continue operating due to mounting debt. In a final statement to the crypto community, the LBRY Inc. team revealed that the firm owes several million dollars, making it impossible to sustain its operations.
The announcement, shared on Odysee, a LBRY-powered video-sharing website, marks the end of LBRY Inc.’s journey in the crypto industry. The team expressed their gratitude and bid farewell to their supporters.
Community Pays Tribute
Following the news, members of the crypto community expressed their respect and admiration for LBRY Inc. on Odysee, acknowledging the company’s contributions and impact in the industry.
While LBRY Inc. had been in a legal battle with the U.S. Securities and Exchange Commission (SEC), the team stated that they will not pursue their appeal against the regulatory body.
This unfortunate turn of events serves as a reminder of the challenges faced by blockchain companies and the importance of financial sustainability in the industry. It is a bittersweet farewell to LBRY Inc., and the crypto community reflects on the company’s journey with both admiration and sadness.