Company press releases, official Bitfarms announcements

Bitfarms Accelerates CEO Termination Amid $27M Lawsuit

May 13, 2024, 02:21 PM

Bitfarms, a prominent Bitcoin mining company, has accelerated the termination of its CEO, Geoffrey Morphy, following his initiation of a $27 million lawsuit against the firm. The lawsuit alleges breach of contract and wrongful dismissal. This decision to fire Morphy comes ahead of a planned transition to a new CEO, marking a significant escalation in internal conflicts within the company. The legal dispute and the abrupt termination suggest deep managerial issues and have raised concerns about the company's governance.