Bitfarms said it had accelerated the termination of President and CEO Geoffrey Morphy after he filed a $27 million lawsuit against the Bitcoin mining firm.
Nicolas Bonta, Bitfarms co-founder and chair, will take over as interim president and CEO after Geoffrey Morphy filed a lawsuit for $27 million in damages against the mining firm.
Geoffrey Morphy, the now former President and CEO of cryptocurrency mining firm Bitfarms, will be stepping down immediately after filing a lawsuit against the company in Canada.it had terminated Morphy as CEO and president ahead of a previously announced plan to have him continue leading the company until a replacement could be found.
“The Company believes the claims are without merit and intends to defend itself vigorously,” said Bitfarms. “Nicolas Bonta, Chairman and Co-Founder of the Company, has been appointed interim President and Chief Executive Officer, and will lead the Company until the executive search is completed and successor is appointed.”
Bitfarms announced in March that it planned to seek a replacement for Morphy, who had been with the company since 2020. According to the mining firm, it will appoint a new CEO “in the next several weeks.” Cointelegraph reached out to Morphy for comment but did not receive a response at the time of publication.) mining facilities in the United States, Canada, Paraguay and Argentina.
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