{"id":13469,"date":"2024-05-13T19:46:09","date_gmt":"2024-05-13T16:46:09","guid":{"rendered":"https:\/\/forklog.com\/en\/bitfarms-dismisses-ceo-amidst-27-million-lawsuit\/"},"modified":"2024-05-13T19:46:09","modified_gmt":"2024-05-13T16:46:09","slug":"bitfarms-dismisses-ceo-amidst-27-million-lawsuit","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitfarms-dismisses-ceo-amidst-27-million-lawsuit\/","title":{"rendered":"Bitfarms Dismisses CEO Amidst $27 Million Lawsuit"},"content":{"rendered":"

The mining firm Bitfarms expedited the dismissal of CEO Geoffrey Morphy following his lawsuit against the company. This was announced<\/a> in a press release.<\/p>\n

In March 2024, the company announced<\/a> a change in CEO. At that time, it was expected that Morphy, who had held the position since December 2022<\/a>, would continue his duties during the search for a new leader to ensure a “smooth transition.”<\/p>\n

However, on May 10, he filed a lawsuit in the Ontario Superior Court, seeking $27 million from Bitfarms for breach of contract, wrongful dismissal, and punitive damages.<\/p>\n

\n

“The company believes the claims are without merit and intends to defend itself vigorously,” the statement reads.<\/p>\n<\/blockquote>\n

The interim CEO is now the chairman and co-founder of the firm, Nicolas Bonta.<\/p>\n

At the time of writing, Bitfarms shares are trading at $1.62, having fallen 6.07% in the last 24 hours and 50.91% since the beginning of the year.<\/p>\n

\"BITF_2024-05-13_19-44-40\"
Daily chart of BITF on Nasdaq. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

In April, Bitfarms mined 269 BTC, a 6% decrease from March. For the miners’ results from the past month, see the special digest.<\/p>\n","protected":false},"excerpt":{"rendered":"

The mining firm Bitfarms expedited the dismissal of CEO Geoffrey Morphy following his lawsuit against the company. This was announced in a press release. In March 2024, the company announced a change in CEO. At that time, it was expected that Morphy, who had held the position since December 2022, would continue his duties during […]<\/p>\n","protected":false},"author":1,"featured_media":13468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,83],"class_list":["post-13469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-business"],"aioseo_notices":[],"amp_enabled":true,"views":"63","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13469"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13468"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}