On August 20th, Cory Klippsten, CEO of Swan Bitcoin, explained the reasons for the suspension of the IPO and the large-scale layoffs. Cory Klippsten said: "The IPO plan was put on hold due to disagreements with the large financing partner hosting the mining business, resulting in the inability to achieve the expected cash flow in the short term. Swan increased marketing expenses and hired more staff in anticipation of the plan to file IPO documents to seek SEC approval, but we had to cut marketing and personnel as the reason for the heavy spending and funding disappeared." Previously, it was reported that bitcoin financial services company Swan Bitcoin has abandoned its plans to go public, shut down the mining division it manages, and made layoffs in several departments.