Geoffrey Morphy, formerly the President and CEO of crypto mining company Bitfarms, has immediately vacated his position following a lawsuit he filed against the company in Canada.
On May 13, Bitfarms announced the termination of Morphy’s roles as CEO and president, deviating from an initial plan to keep him in leadership until a suitable replacement was found.
The company disclosed that Morphy had instituted a $27 million lawsuit against Bitfarms on May 10 in the Superior Court of Ontario, citing “breach of contract, wrongful dismissal, and aggravated and punitive damages.”
Bitfarms responded to the claims, stating:
“The Company believes the claims are without merit and intends to defend itself vigorously.”
Nicolas Bonta, the Chairman and Co-Founder of Bitfarms, has been appointed as the interim President and CEO. He will oversee the company’s operations until a new CEO is selected following an executive search due to complete in the coming weeks.
