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.
In a May 13 notice, Bitfarms said 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. According to the mining firm, Morphy filed a $27 million lawsuit against Bitfarms on May 10 in the Superior Court of Ontario, claiming “breach of contract, wrongful dismissal and aggravated and punitive damages.”
“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 [Morphy’s] successor is appointed.”
