Two Robinhood engineers, Hefu Chai and Huaisong Jerry Xiang, have been charged by the U.S. Department of Justice with commodities fraud and wire fraud. They allegedly used confidential information about upcoming token listings on Robinhood Crypto to trade perpetual futures on the decentralized platform Hyperliquid, each earning more than $50,000 between 2025 and 2026. If convicted, they face up to 10 years in prison for commodities fraud and 20 years for wire fraud. Prosecutors are using the Commodity Exchange Act to pursue this insider trading case involving derivatives, and Robinhood cooperated with the investigation.
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