Did ‘insider’ secretly short Robinhood on Hyperliquid?
A pseudonymous researcher has posted a suspicious trade by a collection of Hyperliquid wallets that some crypto traders suspect of having a special relationship with Robinhood. Continuing a pattern of curious trades, the “insider” opened a prescient short on Hyperliquid‘s HOOD perpetual futures contracts — crypto derivatives that mimic the price of Robinhood’s common stock — mere hours before Robinhoods scheduled first-quarter earnings release. After its disappointing earnings, shares of Robinhood‘s stock fell sharply yesterday evening, rewarding the traders’ leveraged short in after-hours trading. Stock price chart of Robinhood over the past day. Source: TradingView The trader(s) at the center of the allegations are wallets ending in 177D, bc7b, acf9, and their various sockpuppets. They first transacted on July 16, 2025, and have gained attention from various Hyperliquid commentators. Critics claim that the trader gained advance knowledge of Robinhoods earnings results this week, secretly opening a directional bet against the stock via crypto exchanges to avoid actual stock short-sales that might have exposed them to greater regulatory scrutiny. Robinhood trading correlation versus causation Thoroughly convinced of the accusation that correlation equals causation, a researcher posted a thread about wallets that were funded by Robinhood withdrawals that subsequently traded on Hyperliquid and MEXC wallets ahead of Robinhood-related listing