River Financial decided to sue Blockstream Services Canada over unpaid amounts from a mining hosting deal. The total comes to around 6 point 7 million dollars after they canceled the contract in late 2024. There was a termination agreement that covered prepaid fees and an early exit penalty with monthly payments starting the next year.
Payments happened for a bit then stopped around March of 2026. River filed in federal court in Northern California once it became clear nothing more was coming. It feels like the situation got messier than expected once details started coming out.
Blockstream Corp itself says they spun off the US and Canada mining side so they are probably not the defendant here. The person who signed for the Canadian entity has a prior fraud conviction which adds another layer. A magistrate judge already recused himself and the case got reassigned. There was also a big breach on the Liquid Network not long ago. I am not totally sure how all these pieces fit together yet. Hosting deals only work if the other side is solid. The money figure keeps coming up but nothing is settled at this point.