Two Robinhood engineers charged with allegedly using confidential listing information to trade perpetual contracts

The U.S. Attorney's Office for the Southern District of New York has charged Robinhood engineers Hefu Chai and Huaisong Xiang with exploiting their positions to obtain cryptocurrency listing plans, purchasing perpetual contracts for the related tokens on the decentralized derivatives trading platform Hyperliquid prior to public announcement, each profiting over $50,000. Both currently face charges of commodity fraud and wire fraud, carrying maximum sentences of 10 and 20 years, respectively. The charges have not yet been adjudicated by a court.