Robinhood Engineers Charged Over Alleged Crypto Listing Trading Scheme

U.S. prosecutors charged two Robinhood engineers with fraud over an alleged scheme to trade on confidential information about upcoming cryptocurrency listings.

The case centers on trades made through Hyperliquid’s perpetual futures market. Hefu Chai and Huaisong Xiang allegedly used nonpublic information from Robinhood Crypto to take positions in tokens before the exchange announced their listings.

Prosecutors said each engineer made more than $50,000 from the alleged trades.

Alleged Use of Confidential Data

According to the complaints, Chai and Xiang had access to confidential listing information through their engineering roles at Robinhood. Prosecutors allege they used that information to trade tokens before the listings became public.

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The trades were made through Hyperliquid’s p…

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