Two former Robinhood engineers charged with insider trading on Hyperliquid

Two former Robinhood engineers, Hefu Chai and Huaisong Xiang, have been charged in the United States with commodities fraud and wire fraud. Prosecutors allege that the pair used confidential information regarding upcoming token listings on Robinhood Crypto to trade perpetual futures on Hyperliquid for personal profit. Each individual reportedly generated over $50,000 in gains from these transactions between 2025 and 2026. Robinhood stated that it conducted an internal investigation and reported the matter to authorities. The defendants are presumed innocent until proven guilty.