The VIPs Were Playing the Game, the Old Woman AKA Player 149’s Betrayal Will Be Bigger Than Player 001 in Squid Game 3: Squid Game 2 Theories That May Come True

After the cliffhanger ending of Squid Game 2, fans can’t stop speculating theories about a potential plot twist in Season 3. The second season saw some great moments in storytelling, including how Seong Gi-hun aka Player 456 and Player 001 develop a friendship between them. It turns out that Player 001 is The Front Man in disguise, who betrays Gi-hun during the final moments of Season 2.

Player 001 in a still from Squid Game 2 | Credits: Netflix

Lee Jung-jae’s character has yet to know about the real identity of Young-il / Player 001. However, fans believe that Season 3 is about to throw the biggest plot twist at us. They speculate that one of the VIPs or the boss of The Front Man is playing the game as an insider. Fans have some theories about who these insiders are.

Player 149 could secretly be the boss in Squid Game 2 (Fan Theory #1)

The mother-son duo, Player 149 and Player 007, in Squid Game 2 | Credits: Netflix

In Squid Game 2, we get introduced to the mother-son duo of Jang Geum-ja and Park Yong-sik. She only finds out that her son had joined the games too for money to pay off debts incurred by his gambling habit. Her background story is that she was married to an unfaithful husband and had a son. It is also said that she helps pregnant women deliver their babies in her local neighborhood.

However, fans are not entirely convinced about the mother and her son’s background. An Instagram page, @squidgameleaks, shared several arguments to claim that Kang Ae-sim’s character is one of the big bosses, running the game. The fan page shared that the show creator Hwang Dong-hyuk has spread several clues in Season 2 about the real identity of Jang Geum-ja.

Firstly, Player 149 was the only player who was allowed a secret weapon inside the games. She carries a hairpin, which plays a crucial role in the subsequent plot of the second season. The fan argued that when even the tiniest tracker brought in by Gi-hun was discovered, it remained mysterious why the hairpin was never confiscated.

Secondly, the fan argued that even when the mother is separated from her son, she comes out alive with the help of the main characters. In particular, she gets help from Player 001, who we know for a fact is an insider. At one point, he even risks his life to save Player 149. It also appears that none of the players who are close to Jang gets harmed in the games, particularly Player 222.

Thirdly, the fan argues that Player 149 stopped Player 388 from attacking the administrators in the pink suit, saying that it wasn’t worth dying here. However, others in the comment shared that the fan’s opinion was biased because of the first season’s climax twist. Others went along with the fan and even suggested that Jang could be the wife of Player 001 from the first season.

Besides Player 149, another player is also believed to be an insider (Fan Theory #2)

Player 125 in Squid Game 2 | Credits: Netflix

Fans have also come up with theories that Player 125, played by actor Lee David, is originally one of the VIPs. In Squid Game 2, Park Min-su is shown to be a timid person, who lacks confidence and rarely stands up to people. He forms a connection with co-contestant Se-Mi. The last we see of him in the season, he is hiding from the fight and sobbing over the death of Se-Mi.

According to Reddit, the speculation that he was one of the VIPs arose from the credits of Season 1. During the first season, David Lee is credited as the actor who played one of the VIPs. Fans assumed both actors to be the same and came to the conclusion that he was an insider. However, some fans argue that both actors are not one and the same.

Another Instagram fan page, @my_kdrama_mansion, also shared the same speculation. Interestingly, fans noted in the comments that not just one, but all of the VIPs from the previous season may have joined the games just for fun.

Squid Game 2 is now available for streaming on Netflix.