US charges ex-Robinhood engineers over alleged pre-listing crypto trades
The former employees allegedly earned more than $50,000 each by trading Hyperliquid perpetuals ahead of Robinhood token listings.
Two former Robinhood engineers face US charges over alleged pre-listing cryptocurrency trades. Hefu Chai and Huaisong "Jerry" Xiang allegedly profited over $50,000 each by trading Hyperliquid perpetuals ahead of Robinhood token listings. Prosecutors say the engineers used confidential information about upcoming listings to gain an edge in derivative markets.
The DOJ alleges Chai and Xiang accessed a private Slack channel with listing dates, trading perpetual contracts on Hyperliquid before tokens debuted on Robinhood. Each faces one count of commodities fraud and wire fraud, punishable by up to 10 and 20 years in prison respectively.
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