Even Robinhood employees have to open a 'rat room' on Hyperliquid? The US Department of Justice accuses two Robinhood engineers of taking advantage of their work to know in advance which tokens Robinhood Crypto is preparing to launch and the specific time It is alleged that between 2025 and 2026, the two individuals purchased perpetual contracts of related tokens on Hyperliquid before Robinhood officially announced their listing. They waited for the news to be announced and the price to rise before making a profit, with each individual earning over $50000 Jerry Xiang's wallet is listed in the complaint letter, ending with acf9. In 2025, all of his best trades were opened long and then closed for profit on the day Robinhood listed the tokens, holding for less than an hour At present, the case is still in the stage of accusation, and the two individuals have not yet been found guilty by the court Hyperliquid seems to be transitioning from a Crypto perpetual contract platform to a price discovery layer for new assets, new news, and market expectations On chain data can also see this expansion At present, the DeFi TVL of Hyperliquid L1 is about 1.272 billion US dollars, the assets entering across chains are about 8.884 billion US dollars, the stablecoin scale is about 6.88 billion US dollars, and about 402 protocols have been counted in the ecosystem In the past 24 hours, the on chain DEX trading volume was approximately 339 million US dollars. It should be noted that this number cannot be directly equivalent to the huge perpetual contract trading volume of HyperCore, and can only reflect a part of the activity in the Hyperliquid ecosystem The challenge of Hyperliquid to the Crypto market first occurs in the order of asset pricing In the past, when a token gained primary liquidity and when it began to be centrally priced was largely determined by centralized platforms such as Binance and OKX. Exchanges announced their listing, users entered the market to trade, and the market began to reprice Now, even if spot trading has not yet been launched, traders may still establish positions in advance through perpetual contracts on Hyperliquid The listing announcement of CEX can still affect prices, but it may not be the starting point for price discovery Hyperliquid challenges not only the perpetual contract trading volume of centralized exchanges, but also CEX's control over the liquidity and pricing power of new varieties CEX has a fiat currency entrance, a compliant account system, a large user base, and mature custody services Hyperliquid provides another structure: on chain settlement, self custody, public order book, and a derivative market that does not require waiting for traditional trading platforms to complete the complete listing process With HIP-3, RWA perpetual, and more external assets entering, Hyperliquid may no longer only undertake crypto trading, but may also include 24/7 price exposure to stocks, commodities, indices, and other risky assets But this case also exposes another side that Hyperliquid must face Being publicly available on the chain does not necessarily mean that the transaction is legal. Insider trading, market manipulation, abnormal account monitoring, and institutional compliance issues will not disappear just because the trading occurs on a decentralized platform The closer Hyperliquid is to the global financial infrastructure, the more it needs to face the market governance pressure that was previously borne by CEX, securities firms, and exchanges HYPE Hyperliquid Robinhood CEX