‘Squid Game’ Season 2: Crypto Fraud Narrative Sparks Debate

Season 2 of Netflix’s global sensation, “Squid Game”, has ignited widespread discussion with its inclusion of a crypto scam narrative. Among the new characters is Lee Myung-gi, a 30-year-old YouTuber and crypto scammer. Myung-gi operates a fake MG Coin channel, deceiving people into investing in fraudulent activities.

The Crypto Scam Plot

Lee Myung-gi’s character is depicted as a criminal trying to evade punishment by joining life-threatening games. His plot mirrors real-world cryptocurrency frauds, highlighting people’s hunger for quick, easy money and their greed. Before entering the games, Myung-gi orchestrated a Ponzi scheme with the fictional Dalmatian coin, swindling billions of won from investors.

Parallels to Real-World Scams

The storyline draws inspiration from the 2021 “Squid Game” cryptocurrency fraud case. After the first season’s success, fraudsters launched the unassociated Squid token, promising a “play-to-earn” model. The token’s value skyrocketed, but the creators disappeared, leaving investors with worthless tokens. Similarly, Season 2 of “Squid Game” depicts the risks and instability of cryptocurrency investments through Myung-gi’s narrative.

Wishing you a very merry Squidmas. SQUID GAME SEASON 2 IS NOW PLAYING!!!!! pic.twitter.com/avOzJq7BKH

— Squid Game (@squidgame) December 26, 2024

Social Media Influence and Financial Crimes

Myung-gi’s character provides insight into the influence of social media on financial crimes. His fixation on checking Bitcoin prices serves as a satirical nod to the volatility of the cryptocurrency market. The show emphasizes the dangers of trusting online influencers with financial advice, as seen through Myung-gi’s deceptive practices.

Critical Reception

While the inclusion of contemporary topics like cryptocurrency scams has been praised, the reviews for Season 2 have been mixed. Some viewers appreciate the complexity of the storyline and character development, while others criticize the slow pacing of the initial episodes. Rebecca Nicholson from The Guardian noted that the season picks up momentum during the games but felt the overall pace was sluggish. Conversely, The Times highlighted the show’s multi-layered approach to themes such as revenge and redemption, describing it as a “spectacular comeback”.

Gi-hun and The Salesman playing Russian Roulette was a masterpiece. #SquidGame2 pic.twitter.com/hP0KCYwIsi

— Netflix (@netflix) December 28, 2024

As “Squid Game” Season 2 continues to captivate audiences, its exploration of cryptocurrency scams adds a timely and relevant dimension to the narrative. The character of Lee Myung-gi serves as a cautionary tale about the perils of financial greed and the influence of social media on investment decisions.