Crypto mining company Bitfarms announced the dismissal of CEO Geoffrey Morphy.
Morphy filed a statement of claim with the Ontario Superior Court last week, seeking $27 million in damages for breach of contract, wrongful termination, and aggravated and punitive damages.
Bitfarms said the allegations were without merit and intended to defend against them.
In terms of finding the right executive candidate, Bitfarms said the search for a new head of the company is nearing completion and plans to appoint a new CEO in the coming weeks. Meanwhile, the company's chairman and co-founder Nicolas Bonta has been appointed on an interim basis until a new candidate is selected. (MarketWatch)