Two former Robinhood $HOOD engineers allegedly turned confidential token-listing information into profitable Hyperliquid trades.
Prosecutors say they traded perpetual futures before Robinhood publicly announced the listings, with each allegedly making $50,000+.
The defendants, Hefu Chai and Huaisong “Jerry” Xiang, each face one count of commodities fraud and one count of wire fraud.
If convicted, each defendant faces:
• Up to 10 years in prison for the commodities fraud charge
• Up to 20 years for the wire fraud charge
The charges are allegations, and both defendants are presumed innocent unless proven guilty.
Prosecutors say they traded perpetual futures before Robinhood publicly announced the listings, with each allegedly making $50,000+.
The defendants, Hefu Chai and Huaisong “Jerry” Xiang, each face one count of commodities fraud and one count of wire fraud.
If convicted, each defendant faces:
• Up to 10 years in prison for the commodities fraud charge
• Up to 20 years for the wire fraud charge
The charges are allegations, and both defendants are presumed innocent unless proven guilty.
