LBRY announced that all of its executives, staff members, and board directors had resigned. According to LBRY’s statement, the company will now focus on addressing any remaining legal obligations before completely ceasing operations.
Identifying the platform’s inability to pay a massive sum of $22 million as penalty in violations of the securities laws, the SEC has revised the penalty to $111,000.
According to the LBRY vs SEC ruling, the crypto company marketed its digital token through its development plan, thus classified as a security.