Bitfarms announced in March that Morphy would depart as CEO upon completion of its executive search but has now accelerated the termination.
Toronto-based Bitcoin mining firm Bitfarms fired CEO Geoffrey Morphy on Monday, effective immediately, after he filed a lawsuit against the company claiming $27 million in damages for breach of contract.
“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 said at the time. Bitfarms believes the claims are without merit and intends to defend itself "vigorously," adding that Morphy no longer serves as a company director.
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