Two Robinhood (HOOD) engineers face criminal charges for pre-listing Hyperliquid trades

Two Robinhood engineers charged with insider trading using Hyperliquid perpetuals

ByOlivier Acuna|Edited bySheldon Reback
10 min ago
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Federal prosecutors charged Robinhood engineers Hefu Chai and Huaisong Xiang with commodities and wire fraud, alleging they used confidential information about planned crypto listings to trade perpetual futures on Hyperliquid.
Prosecutors said Chai traded before at least 10 listing announcements and Xiang before at least 11, with each earning more than $50,000 between 2025 and 2026.
The charges show that trading derivatives on decentralized platforms remains subject to federal fraud laws, and each defendant could face up to 10 years in prison if convicted.

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