Bitfarms CEO Resigns Amid Lawsuit; Ripple Reveals US Tether Pursuit; US Banks Disclose Bitcoin ETF Holdings
Summary:
Bitfarms CEO, Geoffrey Morphy, has resigned after filing a lawsuit against the company in Canada. Meanwhile, Ripple CEO Brad Garlinghouse claims the US government's legal action against Tether is evident, underscoring its vast market capitalization. US banks Wells Fargo and JP Morgan Chase have disclosed their Bitcoin ETF holdings, revealing considerable investments in the sector.
Geoffrey Morphy, Chief Executive Officer of Bitfarms, a cryptocurrency mining company, is resigning after filing a lawsuit against the firm for $27 million, citing wrongful dismissal and contract breach among other allegations. Bitfarms, however, has refuted the accusations and appointed Nicolas Bonta, the company's Chairman and Co-Founder, as the interim CEO. The search for Morphy's replacement started in March. Bitfarms, with several Bitcoin mining facilities in North and South America, had earlier announced a significant investment for equipment upgradation.
Brad Garlinghouse, CEO of Ripple, posits that the U.S. government's legal action against stablecoin manufacturer Tether is evident. While the implications on the cryptocurrency market remain uncertain, Garlinghouse highlights Tether's importance in the crypto ecosystem with its immense $110 billion market capitalization. Interestingly, Ripple is set to launch its own U.S. dollar stablecoin later this year.
In other financial news, U.S. banking giants Wells Fargo and JP Morgan Chase revealed their Bitcoin ETF holdings. Wells Fargo declared that it owns $143,111 in shares of Bitcoin ETFs including ProShares Bitcoin Strategy ETF and Grayscale Bitcoin Trust. JP Morgan Chase's disclosure unveiled an approximate stock worth about $1.2 million, a surprise considering the constant skepticism of CEO Jamie Dimon towards Bitcoin.
Published At
5/13/2024 8:44:30 PM
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