lbry

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.

ChainCatcher news, according to a legal document shared by former U.S. federal prosecutor James K. Filan on the X platform, the blockchain-based file-sharing network LBRY has issued a notice of appeal and plans to appeal to the U.S. Court of Appeals for the First Circuit regarding the SEC's allegations of violating securities laws.Previously, 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 fine of $22 million, which was later reduced to $111,000.

ChainCatcher news, according to Cointelegraph, the U.S. SEC has reduced the $22 million fine against the decentralized content platform LBRY to $111,000. The SEC believes that LBRY has ceased operations and has no funds to pay a higher fine, hence the reduction in the penalty amount.It is reported that the U.S. SEC filed a lawsuit against LBRY for violating securities laws in March 2021 and won the case in November 2022. ChainCatcher reported in December last year that LBRY tweeted that it "has been suffocated by U.S. law and debt," and may shut down in the near future. (Source link)

ChainCatcher news, the multi-chain routing protocol pNetwork tweeted that the Raven, Lbry, and Safemoon cross-chain bridges will be offline within two weeks starting today. Currently, pegins have been disabled, and pegout will be disabled starting December 19.pNetwork reminded in the tweet that each pSFM, pRVN, and pLBC token holder should redeem their native tokens as soon as possible to avoid asset loss. (source link)

ChainCatcher news, the decentralized content platform LBRY tweeted that the company "has been choked by U.S. laws and debts," and may go bankrupt in the near future, but the LBRY protocol and blockchain will continue to exist. Additionally, LBRY Inc. CEO Jeremy Kauffman stated that they have not yet received a specific fine amount from the SEC, but it is estimated to be $20 million.The SEC sued LBRY in March 2021, accusing the LBC token of being a security and that the company sold them without registering with the agency, violating securities laws. LBRY subsequently countered that the LBC token is not a security; in November of this year, a judge in New Hampshire ruled that LBRY violated securities laws. (source link)