Bitcoin Mining Giant Bitfarms Axes CEO Amidst $27 Million Lawsuit
Summary
Bitfarms terminated interim president and CEO Geoffrey Morphy after he filed a $27 million lawsuit against the company, alleging breach of contract and wrongful termination. Nicolas Bonta, the chairman, is now the interim president and CEO. Bitfarms is close to appointing a permanent CEO. The company is facing challenges in the Bitcoin mining industry, including increased energy prices and reduced revenue due to a software code update. Despite Bitcoin's price surge, Bitfarms' shares have declined by about 40% this year, closing at $1.73.
