Bitfarms Settles Dispute with Former CEO Geoffrey Morphy

Bitcoin mining firm Bitfarms has resolved its dispute with former CEO Geoffrey Morphy, who previously sought $27 million in punitive damages over allegations of breach of contract and wrongful dismissal.

In a bitcoin production update for September, Bitfarms noted that “the employment dispute with the former CEO has been settled” but did not provide further details on the terms.

Morphy joined Bitfarms in 2020 as president and COO and was promoted to CEO in 2022. The company initially announced in March that Morphy would depart, but he would continue in his role as president and CEO until an executive search was completed. However, Bitfarms terminated Morphy’s role after he filed a legal complaint against the company in the Superior Court of Ontario.

Bitfarms has experienced a series of leadership changes over the past few months, as it fought off a hostile takeover campaign by Riot Platforms (NASDAQ: RIOT).

Following Morphy’s termination, Bitfarms’ co-founder and then-chairman Nicolas Bonta took over as interim CEO but later stepped down from the board and management. The company’s former chief mining officer, Ben Gagnon, was then appointed as CEO.

Last week, it was reported that Bitfarms and Riot had settled, ending the hostile takeover bid ahead of Bitfarms’ special shareholder meeting scheduled for November 6.