LBRY Inc, a blockchain company that developed the LBRY blockchain, has announced its intention to wind down its operations due to a significant amount of debt, making it financially unviable for the company to sustain its operations.
In a final statement on Odysee, a video sharing platform powered by LBRY, the company expressed its gratitude towards those who offered their support.
The debt are primarily consisting of obligations owed to the US Securities and Exchange Commission (SEC), LBRY's own legal team, and a private creditor.
Although LBRY initially announced in July that it would wind down its operations following a final ruling in favor of the SEC, the decision seemed to have taken a reverse the following month when LBRY filed a notice of appeal against the regulatory body.
Despite LBRY's decision to its operations, its blockchain will continue to function as it is open-source and decentralized, remaining operational as long as new blocks are mined.
The Odysee video platform, which boasts over five million unique users each month, has committed to maintaining its services.