Federal prosecutors charged Hefu Chai, 36, and Huaisong Jerry Xiang, 30, two former Robinhood Crypto engineers, with commodities fraud and wire fraud. Prosecutors allege they used confidential information about upcoming Robinhood token listings to trade perpetual futures on Hyperliquid before public announcements. Each defendant allegedly profited more than $50,000 between 2025 and 2026. The case extends crypto insider-trading enforcement to decentralized derivatives markets for the first time. Both defendants are presumed innocent, and no trial date has been set.
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