Squid Game Season 2 Tackles Crypto Scams

Netflix’s Squid Game returns with Season 2, sparking global conversations as it dives into a storyline involving cryptocurrency fraud. Among the new characters is Lee Myung-gi, a 30-year-old YouTuber who operates a fraudulent crypto scheme.

Myung-gi, portrayed as a crypto scammer, lures victims into his fake MG Coin channel. His scheme mirrors the allure and dangers of quick-money opportunities, reflecting the greed and desperation driving real-world financial crimes.

Before entering the games, Myung-gi orchestrates a Ponzi scheme with a fictional Dalmatian coin, defrauding billions of won from investors. His fixation on monitoring Bitcoin prices serves as a satirical jab at the volatility and instability of cryptocurrency markets.

Real-World Parallels: The Squid Token Fraud

The crypto scam subplot in Squid Game draws inspiration from a real-life event: the 2021 Squid Game cryptocurrency fraud. Following the success of the show’s first season, opportunistic fraudsters launched a fake Squid token, claiming it offered a “play-to-earn” model.

• The Rise: The token’s value surged from less than $1 to an astonishing $2,861.
• The Fall: The creators disappeared, leaving investors with worthless tokens and no recourse.

Season 2 echoes this cautionary tale, using Myung-gi’s story to highlight the perils of speculative investments and the influence of social media in perpetuating scams.

Mixed Reception of Season 2

While the inclusion of contemporary issues like cryptocurrency scams has garnered attention, Squid Game Season 2 has received mixed reviews.

• The Guardian’s Take:
  Reviewer Rebecca Nicholson found the first few episodes sluggish, though she praised a major plot twist and called for more creativity in the already greenlit third season. She rated it 3/5 stars.
• The Times’ Perspective:
  Tim Glanfield offered a more positive review, highlighting the “multi-layered” approach to themes like revenge and redemption. He described the season as a “spectacular comeback” with thoughtful exploration outside the games, awarding it 4/5 stars.

Expanding the Narrative

Season 2 continues to follow Seong Gi-hu, the protagonist of Season 1, as he mentors new players navigating the deadly games. Critics agree that while the show retains its focus on life-and-death competition, it also broadens its narrative to include nuanced social commentary.

With its exploration of cryptocurrency scams and the human behaviors driving financial fraud, Squid Game Season 2 offers more than just a continuation of its high-stakes drama. By weaving real-world issues into its plot, the show raises awareness about speculative greed and the dangers of unchecked ambition.

As it gears up for its third season, Squid Game remains a cultural touchstone, blending entertainment with sharp critiques of modern society.