River Financial sues Blockstream Services Canada for $6.7M

River Financial has filed a lawsuit in the Northern District of California against Blockstream Services Canada ULC, seeking approximately $6.7 million in unpaid refunds and termination payments.

The dispute arises from a canceled contract between the San Francisco-based Bitcoin financial services firm and the Canadian entity. River alleges a breach of a termination agreement that required $3.55 million in prepaid refunds and a $3.15 million early-termination payment.

Blockstream Corp has issued a statement clarifying that the sued entity, Blockstream Services Canada ULC, has not been under its ownership, control, or management since mid-2024. While the services firm continues to use the name under license, it is distinct from the parent company led by Adam Back.