Summary by Moomoo AI
On May 13, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced the immediate termination of Geoffrey Morphy as President and CEO. Morphy has also ceased to serve as a director of the company. Following his termination, Morphy filed a lawsuit against Bitfarms in the Superior Court of Ontario, seeking damages for breach of contract, wrongful dismissal, and aggravated and punitive damages totaling USD$27 million. Bitfarms has expressed its belief that the claims are without merit and has stated its intention to defend itself vigorously. Nicolas Bonta, Chairman and Co-Founder of Bitfarms, has been appointed as the interim President and CEO. The company also indicated that the search for a new CEO is in its final stages and expects to appoint a successor in the coming weeks. Bitfarms, which operates 11 Bitcoin mining facilities across four countries and is committed to using sustainable energy sources, is navigating this leadership transition while defending against the legal claims brought by the former CEO.