Swan Bitcoin has shocked the crypto community by canceling its flagship Pacific Bitcoin Festival, initially planned for October in Santa Monica, California. The decision follows significant internal restructuring, including staff layoffs and the closure of its mining operations.

On August 5, Swan Bitcoin CEO Cory Klippsten announced on X that the event, set for October 18-19, would not take place. Klippsten explained that the company is prioritizing its core business and that recent staff reductions made it an unsuitable time for hosting a large-scale festival.

In July, Klippsten revealed that Swan Bitcoin had abandoned plans for an initial public offering and shut down its mining arm, launched in 2023. These moves came with "staff cuts across many functions," indicating a period of significant restructuring for the company.

Although the Pacific Bitcoin Festival is canceled, Klippsten mentioned that a smaller, one-day event would still be held on October 17, with plans to resume the full conference in 2025. This announcement follows the recent Bitcoin 2024 conference in Nashville, a major event in the cryptocurrency calendar.

The Pacific Bitcoin Festival was slated to feature prominent speakers like Max Keiser, a major advocate for Bitcoin adoption in El Salvador, and Fred Thiel, CEO of Marathon.

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