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You can cancel cloning process from the cloning progress page by pressing Cancel link.
Issues that have already been created by the cloning process will be assembled into a special structure marked "_\[Cancelled Cloning Result]_" in the structure name. You can use [Bulk Change] to quickly delete the unwanted issues. Wiki Markup
Cloning Queue
Cloning issues can place considerable load on JIRA server. To avoid overloading server with cloning jobs, there is a limit to the number of cloning processes that can happen simultaneously. If this limit is exceeded, your cloning process will initially be in "waiting" state, pending for other cloning processes to finish.