Xbox360 unable to find TVersity Media Server - Solution

Recently, i ran into an issue where my Xbox 360 (and PS3) would not find TVersity running on Windows 8 Pro 64-bit
*I had a working setup since Windows 8 was released on Oct, 2012 using TVersity v2.3

As i checked the forums, i found many other users experiencing similar issues but non of the suggested solution fixed my problem and i wanted to post my solution for any other users that may experience a similar issue.

Symptoms:

  1. devices on the wireless or wired LAN would not detect TVersity Media Server
  2. I could browse to "http://192.168.1.2:41952/medialib/browse" [IP address of the PC where TVersity is installed) from all my devices without an issue

Solution;
Disable IGMP Proxy on your router, for the Verizon Fios MI424WR-GEN2:
Go to: Advance - IGMP Proxy - IGMP Proxy (Enable/Disable): Disable

*In my case, even though i had firmware auto update disabled on the router, Verizon forced an update that re-enabled IGMP Proxy