Bitfarms Fires its CEO

Toronto-based Bitcoin mining company Bitfarms terminated CEO Geoffrey Morphy with immediate effect on Monday following his lawsuit against the firm, in which he claimed $27 million in damages for breach of contract.

Morphy, who previously served as President and COO, was elevated to CEO in December 2022.

However, in March of this year, Bitfarms declared that Morphy would be stepping down once a replacement was found, although he would remain in charge during the transition period to ensure smooth operations.

“It has been the greatest privilege of my career to serve Bitfarms, our shareholders, and our employees. I am extremely proud of what we’ve accomplished as a team,” Morphy stated at the time.

However, relations deteriorated, and on Friday, Morphy initiated legal proceedings by filing a Statement of Claim in the Superior Court of Ontario against Bitfarms, citing breaches of contract, wrongful dismissal, and seeking aggravated and punitive damages totaling $27 million, according to a company statement released today.