Robinhood Employees Charged with Insider Trading on Hyperliquid

The U.S. Department of Justice has charged two former Robinhood employees for allegedly trading on Hyperliquid using confidential listing information.

Hefu Chai and Huaisong Xiang, both former engineers at Robinhood, are accused of repeatedly trading between 2025 and 2026 using confidential information regarding tokens that were soon to be listed on Robinhood Crypto.

The trades were executed through perpetual futures contracts on Hyperliquid instead of purchasing the tokens directly. According to the prosecution, both individuals separately earned over $50,000 in profits from these trades.