The cryptocurrency startup LBRY announced on social media that LBRY Inc. is about to close, but the LBRY network will not be affected. LBRY stated that the company's debt to the US Securities and Exchange Commission, its legal team, and some private creditors has become impossible to repay.

The company's assets, including Odysee, are being taken over. As of the time of publication, all executives, employees, and board members of LBRY have resigned. Everyone will do their best to meet any outstanding legal requirements, but that's all.