He glanced at the coin listing schedule in Slack and immediately went to Hyperliquid to open a long position. On Tuesday, the U.S. Department of Justice charged two former Robinhood engineers, Hefu Chai and Huaisong "Jerry" Xiang, with commodities fraud and wire fraud. Within Robinhood, the two were labeled as "Coin Aware Individuals" and had access to a private Slack channel dedicated to coin listing schedules. The rules were clear: no trading on any platform within 24 hours before or after an announcement. They bypassed their own company's platform and went to Hyperliquid to open perpetual long positions, waiting for the coin to spike after being listed on Robinhood before closing their positions. Prosecutors said Hefu Chai made moves at least 10 times before announcements, involving coins like MEW, Moo Deng, ASTER, XPL, HYPE, and ENA. How much did they make? Between 2025 and 2026, each of them earned just over $50,000, averaging $5,000 per trade across 10 trades. Holding the most valuable document in the company and only making $5,000 per trade—that’s not even enough to cover a month’s rent in the Bay Area. Meanwhile, those on-chain addresses that front-run listings rake in hundreds of thousands per trade, and no one comes knocking. Two federal felony charges, $50,000 on paper, and they’ll have to pay their own legal fees.