Two Robinhood engineers, Hefu Chai and Huaisong Xiang, have been charged by the U.S. Department of Justice with allegedly using confidential information about upcoming Robinhood Crypto listings to trade perpetual futures, derivatives without an expiration date, on Hyperliquid. Complaints unsealed by the Southern District of New York allege the trades occurred repeatedly between 2025 and 2026 before the listings were announced publicly, with each defendant making more than $50,000. Both men face commodities fraud and wire fraud charges, carrying maximum prison sentences of 10 years and 20 years, respectively. Chai, 36, of Menlo Park, California, is due in federal court in Northern California, while Xiang, 30, of Jersey City, New Jersey, is scheduled to appear before a federal magistrate judge in New York. The case also revives scrutiny of allegations against Jane Street Group over its trading before the May 2022 collapse of TerraUSD, or UST, when prosecutors alleged the firm sold about $192 million of the stablecoin after communicating with Terraform Labs insiders through a private Telegram channel.