Season 2 of Squid Game, Netflix’s globally popular series, has generated extensive discussion due to its inclusion of a storyline about a cryptocurrency scam. One of the new characters is Lee Myung-gi, a 30-year-old YouTuber and crypto scammer. Myung-gi operates a fake MG Coin channel, using it to deceive people into investing in fraudulent activities.
In the show, Myung-gi is portrayed as a criminal who attempts to evade punishment by participating in life-threatening games. His plot closely resembles real-life cryptocurrency frauds that exploit people’s desire for fast and easy money, as well as their greed.
Prior to the games, Myung-gi devises a Ponzi scheme involving the fictional Dalmatian coin, through which he swindles billions of won from investors. His character sheds light on the influence of social media and financial crimes.
The storyline draws parallels to the real-world Squid Game cryptocurrency fraud case in 2021. Following the success of the first season of the series, fraudsters capitalized on its popularity by launching the unrelated Squid token. The scheme promised a “play-to-earn” model, where people could purchase tokens, play games, and earn more tokens that could be converted into fiat currency.
The token’s value soared from less than a dollar to an astonishing $2,861. However, the creators vanished, leaving investors with worthless tokens and revoking all investments.
Similarly, season two of Squid Game portrays the risks of investments and the volatility of cryptocurrencies through a similar narrative. The show satirically depicts Myung-gi’s obsession with checking Bitcoin prices as a nod to the market’s instability.
The critical reception of season two has been mixed, despite the inclusion of recent topics such as cryptocurrency scams. Some viewers appreciate the complexity of the storyline and character development, while others criticize the slow pace of the first two episodes.
Rebecca Nicholson from The Guardian described the season as slow, with the initial episodes feeling sluggish. She noted that the series gains momentum when the games commence but still maintains a slow pace. However, Nicholson praised a significant plot twist and expressed uncertainty about the second season’s creativity compared to the first. She gave the season a three out of five-star rating and called for improvements in the already approved third season.
On the other hand, The Times provided a positive four-star review, highlighting the movie’s multi-layered exploration of themes such as revenge and redemption. According to Tim Glanfield, the show takes a slow and contemplative approach to life outside the arena, leading to a spectacular comeback.
Season two also introduces new players alongside Seong Gi-hu, who strives to help the newcomers survive the games. Critics agree that the show remains focused on the life-or-death competition aspect while expanding the scope of the story.