Coinspeaker
LBRY Bids Farewell, Shutting Down after Losing SEC Case
Cryptocurrency firm LBRY has announced that it will cease operations and shut down following a legal battle with the Securities and Exchange Commission (SEC).
LBRY was sued by the SEC in 2021 for allegedly conducting an unregistered securities offering by selling its LBRY Credits (LBC) cryptocurrency. The final ruling was in SEC’s favor as a US judge required LBRY to pay over $111,000 in fines for violating securities laws.
Following this judgment, the blockchain company initially decided to appeal the ruling, as reported in a letter to Coindesk. They argued that the court ruling was incorrect and unjust and could potentially harm the cryptocurrency industry. However, the most recent announcement signals the company’s official conclusion of the case with the SEC after choosing not to pursue the appeal, ultimately leading to the company’s shutdown.
LBRY Inc. is winding down.
The LBRY network is unaffected.
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