Season 2 of Squid Game, the global sensation on Netflix, 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 on YouTube, using it as a means 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 closely resembles actual cryptocurrency scams that 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, through which he swindled billions of won from investors. His character offers insight into the influence of social media and financial crimes.
The storyline draws parallels to real-world scams, particularly the 2021 Squid Game cryptocurrency fraud case. Following the success of the show’s first season, fraudsters took advantage by launching the unrelated Squid token. The scheme promised a “play-to-earn” model, allowing individuals to 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, absconding with all the investments and leaving investors with worthless tokens.
Similarly, season two of Squid Game also portrays the risks of investments and the volatility of cryptocurrencies through a similar narrative. The show satirically highlights Myung-gi’s obsession with checking Bitcoin prices as an allusion to market volatility.
The critical reception of season two has been somewhat mixed, despite its inclusion of recent topics such as cryptocurrency scams. Some have praised the complexity of the storyline and the character’s development, while others have criticized the initial two episodes for being sluggish.
Rebecca Nicholson from The Guardian criticized the season for its slow pacing, stating that it picks up momentum once the games commence. However, she praised a significant plot twist while expressing doubts 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 movie’s multi-layered exploration of themes such as revenge and redemption. Tim Glanfield noted a slow and thoughtful approach to life outside the arena and described it as a spectacular comeback.
The second season also introduces new players alongside Seong Gi-hu, who strives to help the new players survive the games. Critics agree that the show maintains its focus on the life-and-death competition aspect while also expanding the scope of the story.