Prosecutors investigating the massive crash of the cryptocurrency TerraUSD and its sister asset Luna have requested an arrest warrant for Shin Hyung-sung, who co-founded Terraform Labs with CEO Do Kwon.

Investigators at the Seoul Southern District Prosecutors’ Office requested arrest warrants for Shin, a co-founder of local e-commerce giant TMON who is also known as Daniel Shin, and seven others late Tuesday on charges of fraud and capital market law violations.

Four of the eight figures, including Shin, are early-stage investors of TerraUSD and Luna while the remaining four played a key role in developing the technology behind the cryptocurrency and its sister token. All eight are residing in the nation.

Prosecutors believe Shin pocketed 140 billion won in undue profit by selling off Luna after its value rose sharply, having held tokens issued in advance without the knowledge of general investors.

Shin, who had been summoned for questioning on three separate occasions since November 17, is also accused of leaking customer information held by his company, Chai Corporation, to Terraform Labs and other companies.

In a statement, Shin expressed deep regret over the prosecution’s move to seek his arrest, claiming that he has nothing to do with the massive crash of TerraUSD and Luna since he had left Terraform Labs two years before the crash.