Song Ja Ho, CEO of the PICA Project was recently released from prison after being detained on charges of fraud.
The 12th Criminal Affairs Division of the Seoul Southern District Court announced the decision on Monday, February 5, bringing an end to his seven-month detention.
Song Ja Ho was taken into custody in July 2023, after a warrant was issued by Judge Yoo Hwan Woo right after he violated the Capital Market Act, cutting off business.
The warrant stated that there was a risk of an escape and evidence destruction.
Song Ja Ho was accused of manipulating market prices, recording unfair profits as well as interfering in coin trades.
The CEO embezzled approximately 33.9 billion KRW. As per the warrant, the number of victims was recorded to be around 14,000.
Song Ja Ho’s defense fought for his bail, exercising their right to defend him at all costs.
The court has granted bail on certain conditions, including a travel ban, as well as a penalty of 200 million KRW.
It also included attaching an electronic device for tracking purposes, restricting residing opportunities etc.
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