Source: United States Department of Justice Criminal Division
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.