Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Bitcoin mining firm Bitfarms fires CEO amid $27 million damages lawsuit

Bitcoin mining firm Bitfarms fires CEO amid $27 million damages lawsuit

The BlockThe Block2024/05/13 14:28
By:The Block

Quick Take Bitfarms has sacked its CEO Geoffrey Morphy after he filed a lawsuit against the bitcoin miner claiming $27 million in damages for breach of contract. The company announced in March that Morphy would depart as CEO upon completion of its executive search but has now accelerated the termination.

Bitcoin mining firm Bitfarms fires CEO amid $27 million damages lawsuit image 0

Toronto-based Bitcoin mining firm Bitfarms fired CEO Geoffrey Morphy on Monday, effective immediately, after he filed a lawsuit against the company claiming $27 million in damages for breach of contract.

Previously President and COO, Morphy was promoted to CEO in December 2022. However, in March this year, Bitfarms announced Morphy would be departing the company upon completing its executive search, though he would continue to lead the mining firm in the interim to ensure a “smooth transition.”

“It has been the greatest privilege of my career to serve Bitfarms, our shareholders, and our employees. I am extremely proud of what we’ve accomplished as a team,” Morphy said at the time.

Yet, relations seem to have soured since. On Friday, Morphy filed a Statement of Claim in the Superior Court of Ontario against Bitfarms, claiming damages for breach of contract, wrongful dismissal and aggravated and punitive damages totaling $27 million, the firm said in a statement today.

Bitfarms believes the claims are without merit and intends to defend itself "vigorously," adding that Morphy no longer serves as a company director.

Chairman and co-founder of Bitfarms, Nicolas Bonta, has been appointed interim President and CEO. Bonta will lead the company until its executive search is completed and a successor appointed, expected in the next several weeks.

RELATED INDICES

See crypto indices

Bitfarms’ Q1 conference call rescheduled

Bitfarms also announced that its first-quarter conference call, originally scheduled for today, would now be rescheduled to May 15 at 8 a.m. ET.

Bitfarms’ stock is currently trading for $1.55, according to TradingView. The firm’s share price has fallen over 10% following the news, compounding losses of more than 50% year-to-date.

BITF/CAD price chart. Image: TradingView .

Morphy did not immediately respond to a request for comment from The Block.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Whale Sells $5.48M in TRUMP Token, Gains $483K

A crypto whale offloaded 630,339 TRUMP tokens for $5.48M, pocketing nearly $483K in profit at $8.70 per token.Whale Exits TRUMP Token with Nearly Half a Million in ProfitSmart Profit-Taking or Early Exit?Whale Moves as a Market Signal

Coinomedia2025/04/23 23:44
Whale Sells $5.48M in TRUMP Token, Gains $483K

Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries

Explore Arctic Pablo Coin's presale, Pudgy Penguins' gaming expansion, and Fwog's market trends. Discover the Top New Meme Coins to Invest in April 2025.Arctic Pablo Coin (APC): Staking and RewardsArctic Pablo Coin (APC): Presale Reaches Frostbite CityPudgy Penguins: Expanding into Mobile GamingFwog: Gaining Momentum in the Meme Coin MarketWrapping Up: Arctic Pablo Coin (APC) Stands OutFor More Information:

Coinomedia2025/04/23 23:44
Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries