The SEC has reduced the $22 million fine on the decentralized content platform LBRY to $111,000

ChainCatcher news, according to Cointelegraph, the U.S. SEC has reduced the $22 million fine against the decentralized content platform LBRY to $111,000. The SEC believes that LBRY has ceased operations and has no funds to pay a higher fine, hence the reduction in the penalty amount.

It is reported that the U.S. SEC filed a lawsuit against LBRY for violating securities laws in March 2021 and won the case in November 2022. ChainCatcher reported in December last year that LBRY tweeted that it "has been suffocated by U.S. law and debt," and may shut down in the near future. (Source link)