LostCarrier started as two separate entities for TechCentric and BSoD.  After realizing that they had many things in common, the two groups decided to pool their resources.

The name actually comes from the name of the primary server.  The former server that had been hosting TechCentric's IRC services was PhreakBox; due to technical difficulties, this box was taken offline and LostCarrier sprang up to take its place.  (PhreakBox has since been restored and now functions as a leaf server on the network.)