Hefu Chai and Jerry Xiang, engineers at Robinhood, used their access to confidential listing decisions to buy perpetual futures on Hyperliquid before Robinhood publicly announced new crypto listings. Every time a token was about to be listed, they'd already be positioned. Each made $50K+ before getting caught.
Charged today with commodities fraud and wire fraud. Up to 30 years combined. Robinhood cooperated with the FBI investigation.
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