LBRY Shuts Down

Reading Time: < 1 minute

LBRY, the developer of the decentralized media platform Odysee, has announced that it will be shutting down, citing debts amounting to several million dollars.

This situation has been likened to that of Ripple by users.

The LBRY network itself will not be affected, and Odysee and other assets will go through legal proceedings to pay off creditors, but the team remains optimistic about the future of the platform.

The shutdown comes after the startup was sued by the US Securities and Exchange Commission for selling unregistered securities, and subsequent rulings and penalties have put the project in financial distress.

However, the LBRY blockchain, as a decentralized open source product, will remain unaffected.

Despite the legal battles, Odysee continued to operate and gained a significant user base, making it one of the most popular decentralized social media platforms with over 5.3 million unique monthly users.