SEOUL — An economic commentator on the Internet who criticized and angered the South Korean government but commanded a huge following was freed from jail Monday after a court acquitted him of charges of using the Web to maliciously spread false information.

The arrest of Park Dae-sung in January and his trial on charges of spreading false data in public with a harmful intent — a crime punishable by as much as five years in prison — prompted debate about how much freedom of expression should be tolerated in cyberspace in this extensively wired country.

Mr. Park, an unemployed 31-year-old, gained an almost prophet-like status among many South Koreans after he correctly predicted the collapse of the U.S. investment bank Lehman Brothers, the crash of the South Korean currency — the won — and the effects on South Korea of the U.S. subprime mortgage crisis.

In some of the hundreds of online commentaries he posted under his pen name, Minerva, Mr. Park also unleashed scathing attacks on the government’s response to the global financial crisis. Some of his postings contained factual errors. The government accused him of undermining the financial markets.