Bitfarms Fires its CEO

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Mining company Bitfarms has expedited the termination of CEO Geoffrey Morphy following his decision to sue the company, according to a recent press release.

Originally in March 2024, Bitfarms announced a forthcoming change in leadership. Morphy, who had been CEO since December 2022, was expected to continue in his role to facilitate a smooth transition while the search for a new leader was conducted.

However, developments took a turn on May 10 when Morphy initiated a lawsuit in the Ontario Superior Court, claiming $27 million in damages from Bitfarms.

His claims include breach of contract, wrongful termination, and punitive damages.

Bitfarms responded in a statement, asserting that the claims are unfounded and expressing its determination to robustly defend itself.