Robinhood staffers charged with crypto-related trading fraud

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeCryptocurrencyNewsRobinhood staffers charged with crypto-related trading fraudThe two staffers allegedly made more than US$50,000 each from their tradesAuthor of the article:Last updated 28 minutes ago The two engineers allegedly made the Robinhood trades between 2025 and 2026, according to the statement Photo by Tiffany Hagler-Geard/BloombergTwo former Robinhood Markets Inc. employees were charged by United States prosecutors with fraud for allegedly using nonpublic information to trade crypto-linked perpetual futures on a decentralized derivatives exchange.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe engineers, identified as Hefu Chai, 36, and Huaisong Xiang, 30, allegedly used confidential information related to whether and when additional cryptocurrencies would be supported by Robinhood to buy crypto-linked perpetual futures on the exchange Hyperliquid, according to a statement Tuesday from Manhattan U.S. Attorney Jamie McDonald. The two staffers allegedly made more than US$50,000 each from their trades.“Robinhood takes market integrity seriously and has zero tolerance for insider trading,” a company spokesperson said in an emailed statement. “We have robust insider-trading policies and procedures in place, including for new crypto listings. We immediately investigated and reported this matter to law enforcement and regulators, and will continue to cooperate with their investigations.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againChai, of Menlo Park, California, and Xiang, of Jersey City, New Jersey, allegedly made the trades between 2025 and 2026, according to the statement. They are scheduled to appear in court in California and New York on Tuesday.The two are no longer Robinhood employees, the company spokesperson said.Chai didn’t immediately respond to a LinkedIn message requesting comment on the charges. Robert Stahl, a lawyer representing Xiang, said his client denies the charges and will vigorously defend himself in court.—With assistance from Chris Dolmetsch.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.