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April

As the cryptocurrency begins to evolve, several hurdles arise, whether from regulators or exploiters. It has also been observed that in the United States, several companies in this industry are either leaving or shutting down due to regulatory uncertainty. Massive debt on LBRY forces closure 
Recently, a blockchain firm, LBRY Inc., a file-sharing and payment network that powers decentralized platforms, has announced that it is discontinuing its services due to several million dollars in debt. On October 20, 2023, the LBRY Inc. team made a statement on Odysee (an LBRY-powered video-sharing website) that said, “This will be our last post,” and it was also shared on X.
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) 
As per the firm, the LBRY network will remain unaffected, and other assets, including Odysee, will undergo a legal process to satisfy debts, as per the post on X.&nbsp;
LBRY also clarified and mentioned that itowed several million dollars in debt to different organizations, including the government (the SEC). This debt was too significant to overcome, and it became a significant barrier. Also, on October 19, 2023, it made a post on X, mentioning, 
“Thank you to everyone who fought with us for online freedom.”&nbsp; Court order and SEC involvement 
However, on July 12, 2023, LBRY originally announced itswind-down after a court order favored the SEC. The SEC initially sought a penalty of $22 million, but later, when they realized that the firm couldn’t pay the money, they lowered it to $111,000. 
The firm also revealed that, as it goes through these tough phases, its executives, employees, and board members have resigned. Despite this miserable ending, the former CEO of LBRY Inc., Jeremy Kauffman, made a statement on X: “It wasn’t a happy ending, but it was a happy journey.” Source: ‘X’ (Twitter) LBRY’s end, but its decentralized legacy lives 
Also, community members came forward to show support for LBRY, appreciating their efforts in advocating for online freedom. While firm. has discontinued its operations, LBRY’s blockchain, which is open-sourced and decentralized, will continue to function as long as blocks are mined. This closure does not affect LBRY’s users, as the platform will persist, thanks to its decentralized nature.
Odysee, an LBRY-powered platform, notably served 5.3 million unique users monthly between January and April 2023, making it one of the most widely used decentralized social media platforms in the market, according to CoinGecko. Looking at this closure, a similar closure happened on August 15, 2023, when a <a href="https://news.todayq.com/regulatory-and-market-turmoil-force-dutch-crypto-exchange-txbit-to-cease-operations/" rel="noopener noreferrer nofollow">Dutch crypto exchange</a>, Txbit, ceased its operations. This closure was due to regulatory uncertainty.
© Todayq News

LBRY Inc., a blockchain firm, announces closure amid debt challenges

Todayq News

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