Robinhood shares fell more than 5% to a two-week low after engineers Hefu Chai and Huaisong "Jerry" Xiang were charged with commodities fraud and wire fraud over alleged insider trading in crypto derivatives on Hyperliquid. Prosecutors say the employees used confidential information about Robinhood Crypto’s planned token listings to trade perpetual futures, earning more than $50,000 each before public announcements. Robinhood’s stock was down 6.7% from the start of the year but remained about 177% above its 2021 public-market debut. The case adds to a series of crypto-related insider-trading and market-manipulation prosecutions involving Coinbase, Gotbit and FTX.