REG - Blue Star Capital - SatoshiPay Update

Blue Star CapitalAnnouncement

24/04/2026 07:00

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RNS Number : 7438B  Blue Star Capital plc  24 April 2026

24 April 2026

Blue Star Capital plc

 

("Blue Star" or the "Company")

 

SatoshiPay Update

 

Blue Star Capital plc (AIM: BLU), the investing company with a focus on
blockchain and payments, provides the following update related to its investee
company SatoshiPay Ltd ("SatoshiPay").

 

Hyperbridge Attack

On 13 April 2026, the Hyperbridge protocol, a decentralised, interoperability
coprocessor built on the Polkadot network that facilitates transfers of
Polkadot's DOT token (DOT) to Ethereum (ETH), suffered a software exploitation
due to a fault within its ecosystem, specifically a vulnerability in its
verification logic which allowed bypassing of state-proof checks within the
smart contracts.

 

The exploitation allowed an attacker to artificially mint approximately 1
billion bridged DOT tokens, which were subsequently swapped for ETH via
SatoshiPay's ETH/DOT liquidity pools on Uniswap, across both Ethereum and
Arbitrum. The total loss has been estimated by Hyperbridge at approximately
US$2,500,000. Of this sum, SatoshiPay's exposure is approximately US$250,000
in aggregate, primarily reflecting the dilution of bridged DOT tokens on EVM
networks and the direct loss of assets associated with the affected protocol.

 

Following the attack, SatoshiPay filed an official report with Action Fraud
(UK) and submitted a formal notice of claim to the developers of Hyperbridge,
which has publicly outlined a recovery strategy involving law enforcement and
Binance compliance teams. Hyperbridge has stated that in the event that
recovery efforts do not make affected users whole, it is committed to an
allocation of BRIDGE tokens to cover the residual loss, structured to avoid
market disruption.

 

SatoshiPay is also engaging with the relevant counterparties and ecosystem
participants in relation to remediation and next steps, including ongoing
discussions aimed at achieving an appropriate resolution for affected
liquidity providers.

 

The Company notes that the incident arose from a vulnerability within a
third-party protocol and did not result from any failure, breach or
vulnerability within SatoshiPay's own systems or infrastructure. SatoshiPay
has confirmed that its Pendulum and Vortex networks operated as designed
throughout and that user funds within those environments remain secure.
SatoshiPay removed all remaining liquidity from the affected pools in order to
prevent additional losses and confirmed that there were no resultant GDPR
breaches as a consequence of the attack.

 

SatoshiPay's participation in Hyperbridge was undertaken as part of broader
ecosystem activity to support cross-chain interoperability initiatives.
SatoshiPay is engaging with relevant ecosystem participants to assess outcomes
and contribute to a more robust framework for risk management and
infrastructure assurance.

 

Any further updates will be communicated to the market by the Company in due
course.

 

Pendulum FX Launch

SatoshiPay has confirmed that its Pendulum FX decentralised exchange ("FX
DEX"), deployed on the Base network, has been integrated by leading
decentralised finance aggregators, including 0x and KyberSwap. These
integrations are currently active and are routing user order flow to the FX
DEX.

 

The Company notes that integration with established aggregators represents an
important step in validating the FX DEX's functionality within the wider
decentralised finance ecosystem and is expected to support increased liquidity
utilisation and user reach over time.

 

In addition, SatoshiPay continues to develop its Vortex platform, with the FX
DEX forming a core component of its next-generation fiat-to-crypto ramp
infrastructure. Leveraging this architecture, SatoshiPay is targeting a
reduction in end-to-end transaction times for certain corridors, including
Brazil, to approximately 60 seconds from fiat on-ramp to delivery on the
destination chain and token.

 

AlfredPay Launch

SatoshiPay also announces that negotiations with AlfredPay, a fintech
infrastructure provider focused on cross-border payments using stablecoins,
have successfully concluded.

 

As announced on 2 February 2026, AlfredPay will serve as a cornerstone for the
North American operations of Vortex, and SatoshiPay will aim to leverage
AlfredPay's infrastructure to enable broader access to stablecoin-powered
payment solutions.

 

Live testing in a restricted production environment has been initiated to
position SatoshiPay for its North American launch, with the view to target
Mexico and Colombia shortly thereafter.

 

For more information please contact:

 

 Blue Star Capital plc                +44 (0) 777 178 2434
 Tony Fabrizi

 Cairn Financial Advisers LLP         +44 (0) 20 7213 0880
 (Nominated Adviser)
 Jo Turner / Liam Murray / Ed Downes

 Axis Capital Markets Limited         +44 (0) 20 3026 0449
 (Sole Broker)
 Lewis Jones

 

About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue
Star's investments include SatoshiPay Ltd, an experienced blockchain company
with a strong track record in innovative payment solutions; Dynasty Media
& Gaming, whose B2B white label platform is a full-stack gaming ecosystem;
and Paidia, a female focussed gaming platform.

 

About SatoshiPay

SatoshiPay is a blockchain technology company building software solutions at
the intersection of fiat and decentralised finance. The company is driving
ecosystem growth through strategic projects and incubations including Vortex
Finance (www.vortexfinance.co (http://www.vortexfinance.co) ), a ramping
platform providing widget and API solutions for seamless fiat-to-crypto access
and cross-border payments; Pendulum (www.pendulumchain.org
(http://www.pendulumchain.org) ), a cross-chain infrastructure connecting
stablecoins and traditional currencies to DeFi; and Nabla Finance
(www.nabla.fi (http://www.nabla.fi) ), a next-generation, active automated
market making decentralised exchange. SatoshiPay holds strategic token
positions, leveraging synergies across its portfolio, deploying liquidity and
earning yield to strengthen its ecosystem and shareholder value.

 

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions shareholders and prospective
shareholders not to place undue reliance on these forward-looking statements,
which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this announcement relate
only to events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions or updates
to these forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement except as
required by law or by any appropriate regulatory authority.

 

 

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