The Toronto-headquartered Bitcoin miner said in a release it terminated outgoing CEO Geoffrey Morphy after he filed the lawsuit on May 10 claiming breach of contract, wrongful dismissal and other issues. Bitfarms said it “believes the claims are without merit and intends to defend itself vigorously.” (The Logic)

Talking point: Bitfarms announced Morphy’s departure on March 25 without explanation, saying he would continue to lead the company while a committee searched for a new CEO. Bitfarms co-founder and chair Nicolas Bonta will replace Morphy until the executive search is completed, which should be soon, the company said. Morphy took the top job at Bitfarms in December 2022, in the depths of the crypto winter immediately following the collapse of Bahamas-based crypto giant FTX. Bitcoin’s fourth halving event in April, which cut the rewards for successfully mining a new block of transactions in half, has put pressure on Bitfarms and other miners’ profitability. Shares of Bitfarms dropped nearly eight per cent on the Toronto Stock Exchange on Monday.