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The LBRY blockchain project announced its closure by publishing a farewell message on its social networks. 
The project team cited “several million dollars” of debts, making the firm’s continued existence impossible. 
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 LBRY Inc. is winding down. The LBRY network is unaffected. Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has a bright future ahead. Thank you to everyone who fought with us for online freedom. A final goodbye post is in the first reply.— LBRY 🚀 (@LBRYcom) <a href="https://twitter.com/LBRYcom/status/1715108834950123929?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 19, 2023</a>
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The project team <a href="https://odysee.com/@lbry:3f/theendoflbryinc:d" target="_blank" rel="noopener">said</a> multimillion-dollar debt to the U.S. Securities and Exchange Commission (SEC), its legal team, and a private debtor proved too much of a hurdle to overcome. 
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 “LBRY Inc. must die, there is no escaping this. It has lost a judgment to the federal government, has several million dollars in debts, and has pledged to shut down.” <cite>LBRY team</cite>
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The LBRY team first announced the closure of the project in July after the court ruled in favor of the SEC. The Commission initially <a href="https://crypto.news/us-judges-ruling-on-lbry-may-set-precedence-for-the-sec-versus-ripple-case/">sought</a> recovery of $22 million&nbsp;but then reduced it to $111,000 when it realized the defunct firm could not pay. 
The firm then filed an appeal against the court’s decision in September. However, in its latest announcement, the firm said it does not intend to continue filing an appeal against the SEC. 
The firm also noted that LBRY Inc.’s directors, employees, and board members. have resigned and are now solely concerned with satisfying any outstanding legal requirements. 
Members of the crypto community supported the project, saying that the LBRY team did a great job, and that they were very sorry about the closure. 
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 <img decoding="async" loading="lazy" width="1794" height="1076" src="https://crypto.news/app/uploads/2023/10/Screenshot-2023-10-20-at-09.59.43.png" alt="LBRY announced closure due to debts to SEC - 22" class="wp-image-14206494">
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 Source: <a href="https://odysee.com/@lbry:3f/theendoflbryinc:d" target="_blank" rel="noopener">Odysee</a>
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Amid news of the closure of LBRY, the naive token of the LBC project <a href="https://coinmarketcap.com/currencies/library-credits/" target="_blank" rel="noopener">showed</a> a significant decline, falling by 21% to $0.008938 at the time of writing. 
 Read more: <a href="https://crypto.news/lbry-to-challenge-secs-accusation-of-securities-law-violation/"> LBRY to challenge SEC’s accusation of securities law violation </a>

LBRY announced closure due to debts to SEC

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