Thor, a blockchain-based firm that aimed to connect gig economy workers with companies, has folded, according to an announcement posted online on April 9. The San Francisco-based company said it had raised $1.9 million in an initial coin offering, but did not reach the success it hoped.

CEO David Chin said Thor ran into regulatory challenges and sales difficulties.

“We have been working behind the scenes to explore all possible options, including finding a way to raise enough capital to face the lack of sales or finding the company a new home where our technology could benefit from more resources,” Chin wrote. “During this process, we were unable to share Thor’s status publicly for business and legal constraints. Ultimately, it has become clear that the only course of action for Thor is to shutter its doors.”

The letter also addressed rumors including one that the company had actually raised $21 million; Chin wrote the company raised just $1.9 million.

Thor’s update follows an announcement in February that it was laying off 50% of its staff.