United States Attorney for the Southern District of New York, Jamie McDonald, and Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), James C. Barnacle, Jr., announced today the unsealing of Complaints charging HEFU CHAI and HUAISONG XIANG, a/k/a “Jerry Xiang,” with commodities fraud and wire fraud arising from a scheme to misappropriate confidential business information from their employer, Robinhood Markets, Inc. (“Robinhood”), and use that information to trade perpetual futures on Hyperliquid, a decentralized derivatives exchange. CHAI will be presented today in the Northern District of California. XIANG will be presented today before U.S. Magistrate Judge Ona T. Wang.
“Misappropriating confidential information to trade in the derivatives markets for personal benefit is illegal,” said U.S. Attorney Jamie McDonald. “That is…
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