Season 2 of Squid Game, Netflix’s global sensation, has generated extensive discussion due to its incorporation of a crypto scam storyline. Among the new characters is Lee Myung-gi, a 30-year-old YouTuber and crypto scammer. Myung-gi operates a fraudulent MG Coin channel, using it to deceive individuals into investing in fraudulent activities.
The show portrays him as a criminal attempting to evade punishment by participating in life-threatening games. Myung-gi’s plot mirrors real cryptocurrency scams, which exploit people’s desire for quick and easy money, as well as their greed.
Prior to the games, Myung-gi devised a Ponzi scheme involving the fictitious Dalmatian coin and swindled billions of won from investors. His character provides insight into the influence of social media and financial crimes.
Parallels to Real-World Scams
The plot is based on the 2021 Squid Game cryptocurrency fraud case. Following the first season of the series, fraudsters capitalized on its success by launching the unrelated Squid token. The scheme promised a “play-to-earn” model, where individuals could purchase tokens, play games, and earn more tokens that could be converted into fiat currency.
The token’s value skyrocketed from less than a dollar to an astounding $2,861. However, the creators vanished and absconded with all the investments, leaving investors with worthless tokens.
Similarly, the second season of Squid Game also depicts the risks of investments and the volatility of cryptocurrencies through a comparable narrative. The show employs Myung-gi’s obsession with monitoring Bitcoin prices as a satirical nod to the market’s instability.
Critical Reception of Season 2
Despite the inclusion of recent topics such as cryptocurrency scams, the reviews of the new season have been somewhat mixed. Some have praised the complexity of the storyline and the character’s development, while others have criticized the first two episodes for being slow-paced.
Rebecca Nicholson from The Guardian remarked that the season was sluggish, with the initial episodes feeling slow. She noted that the series gains momentum once the games commence, but the pace remains leisurely. However, Nicholson commended a significant plot twist while expressing reservations about the second season’s creativity compared to the first. She awarded the season three out of five stars and called for improvements in the already approved third season.
On the other hand, The Times provided a positive four-star review, highlighting the film’s multi-layered exploration of themes such as revenge and redemption. According to Tim Glanfield, there was a deliberate and contemplative approach to life outside the arena, describing it as a spectacular comeback.
The season also introduces new players alongside Seong Gi-hu, who endeavors to help the new participants survive the games. Critics agree that the show remains focused on the life-and-death competition aspect while also striving to expand the breadth of the story.