US DOJ Charges Two Former Robinhood Engineers for Front-Running Token Listing News

PANews, September 16 - The U.S. Attorney's Office for the Southern District of New York has charged former Robinhood engineers Hefu Chai (36) and Huaisong Xiang (30), alleging that between 2025 and 2026, they stole internal information about upcoming token listings on Robinhood Crypto and traded related perpetual contracts on Hyperliquid ahead of the announcements, each profiting over $50,000. Each defendant faces one count of violating the Commodity Exchange Act (maximum sentence of 10 years) and one count of wire fraud (maximum sentence of 20 years).