Bitfarms CEO Fired After Filing A $27M Lawsuit Against The Company

Key Points:

• Bitfarms terminated its interim president and CEO, Geoffrey Morphy, who had filed a $27 million lawsuit against the company.
• The company’s co-founder, Nicolas Bonta, has stepped in as interim president and CEO.
• Despite rising Bitcoin prices, Bitfarms’ shares have declined by approximately 40% this year amid industry challenges.

According to BBG, Bitfarms CEO fired after filing a $27M lawsuit. Nicolas Bonta has taken over as the new interim CEO. Bitfarms’ shares have dropped by 40% this year.

Crypto miner Bitfarms has terminated its interim president and CEO, Geoffrey Morphy, who recently filed a $27 million lawsuit against the company for alleged breach of contract and wrongful dismissal, among other claims.

Bitfarms CEO Fired Following Legal Action

Morphy, appointed to the roles in late 2022, was slated to leave the Toronto-based company as they searched for his successor.

However, following his legal action, Bitfarms has promptly dismissed him and removed him from the company’s board. The company rejects Morphy’s claims, vowing to defend itself vigorously.

Meanwhile, Bitfarms’s chairman and co-founder, Nicolas Bonta, steps in as interim president and CEO, with the company expecting to appoint a new CEO within the next few weeks.

Readmore: Ripple CEO Warns Of A Legal Battle Between Tether And US Regulators

Bitfarms’ Shares Decline Despite Surge in Bitcoin Prices

The Bitcoin mining industry, including Bitfarms, is grappling with challenges such as rising energy costs, increased competition, and revenue decline due to an April software-code update, known as the “halving”.

Despite a surge in Bitcoin prices, Bitfarms’ shares have taken a hit amidst these developments, declining by approximately 40% this year and trading at around $1.6.