Blockchain Company LBRY Inc. Issues Final Message Citing Millions in Debt, Will Wind Down
LBRY Inc., the company behind the LBRY blockchain, has announced that it will be winding down due to several million dollars of debt owed to the SEC, its legal team, and a private debtor. The LBRY network itself is unaffected, but assets such as Odysee will undergo a legal process to satisfy debts. LBRY had previously announced its intention to wind down in July after a judgment in favor of the SEC, but had filed a notice of appeal against the regulator in September. However, in its latest statement, the firm revealed that it will no longer continue its appeal against the SEC.
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