A pair of software engineers at Robinhood Markets Inc. allegedly used inside information about the forthcoming availability of certain crypto tokens on the company’s trading platform to trade futures, U.S. authorities allege.
In complaints that were unsealed in a federal court in Manhattan on Tuesday, the engineers, Hefu Chai and Huaisong (Jerry) Xiang, were charged with wire fraud and commodities fraud in connection with their alleged trading in perpetual futures.
According to the complaints, as engineers at the brokerage firm, Chai and Xiang had access to non-public information about when the firm would enable trading in certain tokens on its crypto trading platform.
It’s alleged that, between March 2025 and February 2026, they repeatedly used that information to buy perpetual futures linked to those tokens on decentralized derivatives exchange, Hyperliquid, ahead of Robinhood’s announcements about the planned listing of the tokens.
Once the tokens were listed, they generated profits from their illicit trading.
The allegations have not been proven.