Former Robinhood Engineers Charged with Insider Trading

The US Department of Justice has charged former Robinhood engineers Hefu Chai and Huaisong Xiang with insider trading. Prosecutors allege the pair stole internal information regarding upcoming token listings on Robinhood Crypto between 2025 and 2026 to trade perpetual futures on Hyperliquid, netting over $50,000 each. They face charges under the Commodity Exchange Act and wire fraud, carrying potential prison sentences of up to 10 and 20 years, respectively.