Bitfarms has dismissed its CEO and is facing a $27 million lawsuit.

Mining company Bitfarms accelerated the departure of CEO Jeffrey Morphy after he filed a lawsuit against the company. This was stated in a press release.

In March 2024, the firm announced a CEO change. At that time, it was expected that Morphy, who had held the position since December 2022, would fulfill his duties while a new leader was sought to ensure a "smooth transition."

However, on May 10, he filed a lawsuit in the Ontario Superior Court, seeking $27 million in damages from Bitfarms for breach of contract, wrongful dismissal, and payment of punitive damages.

"The company believes the claims are unfounded and intends to vigorously defend itself," the statement said.

Temporary CEO Nicholas Bonta, the chairman of the board and co-founder of the company, has taken over.