River Financial Sues Blockstream Services Canada for $6.7M in Unpaid Bitcoin Mining Fees
River Financial, a leading BTC brokerage backed by Peter Thiel, has filed a lawsuit against Blockstream Services Canada over unpaid bitcoin mining services.
The dispute dates back to December 2021 when River signed a managed hosting agreement with Blockstream's Canadian arm, which was then part of the larger Blockstream Corporation. The deal allowed River to sell hosted BTC miners through its 'River Mining' initiative.
River pre-paid almost $7.8 million for three Hosting Services Orders from 2021 and 2022, but by December 13, 2024, Blockstream still held $4.3 million of those funds.
A termination agreement was signed on the same date, requiring Blockstream to pay River roughly $6.7 million in monthly installments of $239,389.40 starting August 1, 2025. However, Blockstream defaulted on this payment, leaving River with no choice but to file a lawsuit.
The company alleges breach of contract and unjust enrichment, citing that the first missed installment occurred about half a year before the Liquid Network hack existed.