Sadly the cryptocurrency platform LBRY has announced it is ceasing operations following a legal defeat to the U.S. Securities and Exchange Commission (SEC). The regulator accused LBRY of selling its native LBC tokens in an unregistered securities offering.
Keypoints
- LBRY Inc. announced it is shutting down after losing a lawsuit filed by the SEC last year alleging illegal securities sales.
- The company owes millions in legal fees and debts, including to the SEC which was awarded a $111k fine. LBRY had tried appealing but is now halting efforts.
- The SEC accused LBRY of selling LBC tokens in an unregistered securities offering. A judge ruled LBC could be a security based on how it was sold.
- LBRY created the decentralized LBRY network and Odysee video platform. It says the network may continue since it is open source, but could falter without company support.
- The news comes as Ripple scored a big win with the SEC agreeing…
