Who is the Crypto Scammer in Squid Game Season 2 and what did he do? Details explored 

Squid Game is currently the most exemplary cultural phenomenon that the world of entertainment has ever since. Beginning as a high-octane drama show, Squid Game has now left an indelible cultural footprint amidst countless fans of the show scattered all across the globe. The second season of Squid Game recently dropped, giving rise to widespread adoration for the South Korean drama.

Season 2 featured memorable characters who were hard-pressed with financial duress and decided to try their luck in the live-or-die games competition.

In an instance of art imitating life, season 2 featured the character of Lee Myung-gi, a thirty-year-old YouTube influencer who owns an influential YouTube channel by the name of MG Coin.

However, under the garb of a sizable social media presence, Lee Myung-gi is a fraudster who has his sight set on duping people via crypto-currency scams. This character that was written into the narrative might be speculated to have emanated from a real-life crypto-currency scam that rocked the world back in 2021, when scammers developed a Squid Game token bitcoin or the Squid, and despite having no affiliation to the Netflix show, ended up scamming millions of dollars from investors.

Who is Lee Myung-gi from Squid Game season 2?

The character of Lee Myung-gi is featured in season 2 as a contestant in the deadly games. At one point, he is seen arguing with the moderators of the games, demanding his cell phone back. The moderators curtly tell him that the participants will get their phones back once the games are over, but Myung-gi can't rest easy with this knowledge.

Myung-gi is given to an incessant habit of constantly monitoring Bitcoin prices through his phone. While hinting at the volatile nature of the Bitcoin market, the show has also commented upon the criminal dealings that go on, often uncensored, in the domain of cryptocurrency. As per the narrative, Myung-gi is a criminal on the run, trying his best to escape justice.

Prior to entering the games, Myung-gi had promoted a Ponzi cryptocurrency scheme with the Dalmation coin. This eventually led to defrauding the investors out of billions of won and ever since then Myung-gi has been on the run. He might have entered the games hoping to make a fortune and repay his debts.

The real-world Squid Game cryptocurrency scam

Back in 2021, a real-world Squid Game cryptocurrency scam made it to the headlines. Although scams in the domain of cryptocurrency are nothing new, this instance was indeed novel as the mechanism of the scam centered around the popularity of the Netflix show. Under this scam, following the immense popularity of the first season of the show in 2021, scammers developed a cryptocurrency token/coin by the name of the Squid Game token or simply, Squid.

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This was in no way affiliated with the show, by the way. The scammers lured investors with the idea of 'play-to-earn' whereby users could first purchase the token and play the games in order to win more tokens which could then be exchanged for fiat money or other cryptocurrency.

Initially, as the price of the token was less than a dollar, numerous investors joined the bid to buy it. Soon enough, the value of the token skyrocketed and reached a peak of $2861. It was then that the scammers pulled the rug and disappeared, after having transferred millions into their own funds.

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