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The Guardian - US
The Guardian - US
Technology
Jason Wilson

Extremist-friendly tech company closes after legal fine

SEC Twitter Inc. Megan Squire LBC New Hampshire
cables in the dark
LBRY’s video-sharing technology and bespoke cryptocurrency LBC powered the video platform Odysee, popular with far-right extremists. Photograph: AnuchaCheechang/Getty Images/iStockphoto

LBRY, the company whose video-sharing technology and bespoke cryptocurrency once powered the extremist-friendly video platform Odysee, announced on Twitter this week that it would close its doors after a federal judge in New Hampshire fined the firm more than $111,000 for violating registration provision in securities laws.

The announcement saw the value of its LBRY Credit (LBC) cryptocurrency – which was at the center of the Security and Exchange Commission’s (SEC’s) two-year prosecution of the company – sink to around 1/3000th of a cent by Thursday night.

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