Robinhood Engineers Charged Over Insider Trading in Cryptocurrency Derivatives
Two former Robinhood engineers have been charged by federal prosecutors for allegedly using insider information about impending token listings to trade perpetual futures on Hyperliquid.
Hefu Chai and Huaisong Xiang, both employed at Robinhood as engineers, are accused of exploiting their access to non-public data regarding cryptocurrencies that were planning to be listed on the platform.
Between 2025 and 2026, they allegedly opened positions in perpetual futures on Hyperliquid before any announcements by Robinhood, resulting in gains exceeding $50,000.
The charges bring attention to a new theme of insider trading in the cryptocurrency world, where trades can be viewed but tracking identities behind pseudonymous wallets is more difficult than expected.