LBRY says he'll 'probably be dead' after SEC loss

LBRY Inc noted that while the company is on its last legs, the underlying protocol and blockchain behind the platform content will continue.

The company behind decentralized content platform LBRY says its days are likely numbered following its recent court loss to the U.S. Securities and Exchange Commission (SEC).

It is precisely LBRY Inc that must die, the LBRY protocol and the blockchain will continue. pic.twitter.com/SWwbqTq9In

The SEC originally sued LBRY Inc in March 2021 over its LBRY Credit (LBC) tokens, alleging the company had been making unregistered securities offerings since 2016.

The SEC finally won this battle last month, on November 7, after a judge ruled the tokens were securities, dealing a major blow to the industry.

Providing an update on the status of the company via Twitter on November 30, LBRY Inc explained that the company "will likely be dead in the near future", but that the underlying protocol and blockchain will continue:

"We would like to be upfront that LBRY Inc. will likely be dead in the near future. We expect LBRY's mission to continue, but the company itself has been killed by legal and debt of the SEC."

LBRY Inc essentially provides a blockchain-based alternative to YouTube that offers less stringent censorship policies on its hosted content. The platform also facilitates direct tipping in LBC to content creators, as opposed to the standard ad revenue sharing model.

In the SEC v. LBRY case, it alleged that LBC was designed for pure speculation, while LBRY argued that the tokens served ke...