Bitfarms Fires CEO Geoffrey Morphy Following $27 Million Lawsuit
Bitfarms Fires CEO Geoffrey Morphy Following $27 Million Lawsuit
Bitfarms ousted its CEO Geoffrey Morphy on Can also fair 13 after he filed a $27 million lawsuit against the firm.
In preserving with a press delivery from the Bitcoin miner, Morphy filed a multi-million greenback disclose within the Superior Courtroom of Ontario on Friday alleging damages precipitated by Bitfarms connected to breach of contract, wrongful dismissal, and aggravated and punitive damages worth $27 million.
Bitfarms Fires Morphy After $27 Million Lawsuit
Bitfarms Chairman and co-founder Nicolas Bonta has been appointed length in-between President and CEO of Bitfarms.
The bitcoin mining firm’s shares had been purchasing and selling 5.9% decrease as of early Monday afternoon.
Most contemporary replace on Bitfarms $BITF CEO files for somebody preserving 👇
I beforehand said optics matter and that the CEO fiasco at this point of the #bitcoin cycle used to be VERY unfamiliar, a execrable witness, and a probably consequence of a fallout amongst administration. Here is now confirmed.
To manufacture optics… pic.twitter.com/LgnKRhnyeT
— Danny Marques | Investing Informant 📊📈 (@Invst_Informant) Can also fair 13, 2024
“The firm believes the claims are with out advantage and intends to protect itself vigorously,” Bitfarms said.
To boot to to files of Morphy’s sudden exit, Bitfarms moreover announced Monday that it would push its first quarter convention call to Wednesday morning at 8 a.m.
The Start up Of A Apt Fight Between Crypto Geoffrey Morphy And Bitfarms?
Bitfarms at the delivery announced Morphy’s transition to leave the Toronto-based in March, declaring he would lumber away “upon completion of an govt search” for his replacement.
After Bitfarms used to be founded in 2017, Morphy joined its administration crew in 2020 sooner than rising to the role of CEO in slack 2022.
“It has been the ideal privilege of my profession to serve Bitfarms, our shareholders, and our workers,” Morphy said in a press delivery at the time. “I’m extraordinarily relaxed with what we’ve carried out as a crew.”
Factors between the now-ousted CEO and Bitfarms have clearly risen to the floor, nonetheless, with out reference to Bonta recently relating to Morphy as “an integral allotment of the firm’s success.”
Bitfarms To Drawl CEO Replace In Coming Weeks
The CEO’s departure comes in some unspecified time in the future of a elaborate time for crypto miners, with public mining firms reporting Bitcoin manufacturing decreases following April’s quadrennial halving occasion
Miners have struggled within the halving’s aftermath as mining rewards had been lowered from 6.25 BTC to three.125 BTC.
Markus Thielen, Head Researcher at 10x Learn, warned in an April 2024 show mask that a summer lull within the crypto market also can take a look at miners dump a mountainous fraction of their holdings and “doubtlessly liquidate $5 billion worth of BTC.”
“The overhang from this promoting also can final four to 6 months, explaining why Bitcoin could perchance well maybe lumber sideways for the subsequent few months—because it has carried out following previous halvings,” Thielen said.
Meanwhile, Bitfarms said that the see for its subsequent CEO is “nearing completion,” with a replacement scheduled to be announced within the subsequent weeks.
Source : cryptonews.com
