Robinhood, Hyperliquid, and Commodities Fraud: Inside the SDNY Insider Trading Complaints

SDNY charged two former Robinhood engineers with commodities fraud and wire fraud for trading Hyperliquid perpetual futures ahead of crypto listing announcements. Former DOJ Fraud Section prosecutors break down the charging theory, the Chastain property problem, the commodity and swap classification questions, and the attribution gaps in the affidavits.