Song Ja Ho, the CEO of PICA Project, who had been detained on charges of fraud, has been released from prison. The decision to grant bail to Ja Ho was made by the 12th Criminal Affairs Division of the Seoul Southern District Court on February 5, marking the end of his seven-month-long detention.

Operating an art-sharing economy business, Song Ja Ho was arrested in July of last year on charges of violating the Capital Market Act and obstruction of business. The arrest warrant was issued by Judge Yoo Hwan Woo due to a risk of an escape and destruction of evidence.

Specifically, PICA Coin, a product of PICA Project, promotes investments in sculptures, allowing several buyers to jointly own one piece of artwork. Song Ja Ho stands accused of defrauding investors without securing artwork and manipulating market prices for unfair profits as well as interfering coin exchange trades. With accomplices like the Lee brothers, he is implicated in embezzling approximately 33.9 billion KRW (approx. US$30m). According to the arrest warrant at the time, the number of victims amounted to around 14,000.

Despite legal disputes, Song Ja Ho's defense sought bail, expressing a desire to exercise their right to defend him while he remained free. The prosecution opposed bail, citing the seriousness of the case and the risk of Song Ja Ho fleeing. However, the court's decision differed.

The court granted bail under certain conditions, including a deposit of 200 million KRW (approx. US$150k), a travel ban, the attachment of an electronic device for real-time tracking purposes, restrictions on residence, and another prohibition on leaving the country.

Song Ja Ho gained public recognition not only for his role in PICA Project but also for his high-profile relationship with KARA member Gyuri from 2019 to 2021. Despite rumors implicating Gyuri in Song Jaho's alleged crimes, she clarified on social media in February last year, stating her innocence and urging the truth to prevail based on the facts revealed.