LBRY: LBRY Inc. is about to shut down, and all executives, employees, and board members have resigned

ChainCatcher news, the decentralized file-sharing network LBRY announced that LBRY Inc. is about to shut down, but the LBRY network remains unaffected. LBRY Inc. has unpayable debts to the SEC, its legal team, and private creditors. Its assets, including Odysee, are undergoing bankruptcy management. The lbry.com domain, LBRY social media handles, GitHub, and all other assets will be used to repay debts. All LBRY executives, employees, and board members have resigned.

ChainCatcher previously reported that in October 2022, a judge in New Hampshire ruled that LBRY violated securities laws by selling its native LBC tokens without registering with the U.S. Securities and Exchange Commission (SEC). The SEC initially imposed a $22 million fine, which was later reduced to $111,000.