Two Robinhood Engineers Charged With Fraud Over Insider Information

RegulationDigital Finance
โดย Seeking Alpha·US·Read original
Summary · why it matters

The U.S. Attorney's Office for the Southern District of New York has charged two Robinhood employees with fraud. Robinhood engineers Hefu Chai and Huaisong Xiang face commodities fraud and wire fraud charges arising from a scheme to misappropriate confidential business information from their employer. According to the complaint filed in Manhattan federal court, the two had access to nonpublic information about whether and when Robinhood would support additional cryptocurrencies for trading on a subsidiary digital asset trading platform, and that information was allegedly used to trade perpetual futures on the decentralized derivatives exchange Hyperliquid. U.S. Attorney Jamie McDonald said the charges make clear that corporate insiders cannot evade the securities and commodities laws by trading on misappropriated information in derivatives such as perpetual futures, tokenized securities, or other similar financial instruments.

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Robinhood Markets Inc
HOOD
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Two Robinhood engineers charged with fraud for misappropriating confidential company information about crypto listing plans.

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