Is Player 125 a VIP in Squid Game season 2? The theory explained

4 January 2025, 11:00

Is Squid Game season 2's Player 125 one of the VIPs? The theory explained. Picture: Netflix

By Katie Louise Smith

Is Min-su one of the VIPs in Squid Game? Here's why people think Player 125 might be hiding their real identity. [WARNING: Spoilers ahead!]

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After one week, Squid Game has completely taken over social media with viewers now speculating what might happen in season 3 after that absolutely wild cliffhanger ending.

The second season of the Netflix K-drama introduces hundreds of new players alongside Seong Gi-hun who returns to the games in order to take it down from the inside. One of those players is Player 125, named Park Min-su, played by South Korean actor Lee David.

Squid Game season 2 has already sparked a ton of theories and now, for some reason, people are speculating that Player 125 is actually one of the VIPs?! How have they come to that conclusion? Well, here's your explanation...

Read more: Squid Game season 3: Release date, cast, plot, spoilers and more
Read more: Squid Game season 3 'Jack and Jill' game theory explained

Is Player 125 one of Squid Game's VIPs?

Squid Game post-credits scene teases new season 3 game

Who plays Player 125 in Squid Game season 2?

Min-su is played by actor Lee Da-wit, who is also sometimes billed as Lee David. (He's credited as Lee David on Netflix's Tudum website.)

30-year-old Lee is a well-known South Korean actor and has countless film and TV roles under his belt, including TV series Itaewon Class and SF8, and films such as Poetry, Romance Joe and Pluto.

Squid Game season 2 introduces Min-su as a player who joins the games after falling victim to a housing scam. He ends up being a reluctant member of Thanos and Nam-gyu's group alongside Se-mi.

Min-su is very timid and was easily swayed by Thanos' crew to vote to stay despite initially voting to leave. During the fight in the dorm, he hides on the top bunk and attempts to save Se-mi by throwing a glass bottle at Nam-gyu but ultimately fails.

Read more: Who survived Squid Game season 2? Every character still alive and who died

Lee David (also known as Lee Da-wit) plays Min-su in Squid Game season 2. Picture: Netflix

Who are the VIPs in Squid Game season 1?

The VIPs are introduced in Squid Game season 1 episode 7 when they're invited to the games compound to watch the Glass Bridge game and bet on the players.

They are a group of very wealthy older men, all of whom were originally clients of Oh Il-nam (the old man). These men helped Il-nam fund the games and see it as a form of entertainment for themselves.

All of the VIPs speak English and the majority having American accents. The Eagle-mask VIP and the Deer-mask VIP speak with different accents, with the Deer-mask VIP sounding like he's from an east Asian country.

Interestingly enough, the VIP who wears the Deer mask is played by an actor called David Lee but we never see his face.

Squid Game's VIPs were introduced in season 1 episode 7. Picture: Netflix

Is Min-su (Player 125) a VIP?

Because the actors have a similar name, this has now led viewers to theorise that Min-su is actually one of the VIPs and is posing as a player. Several videos have popped up on TikTok as well as discussion threads on Reddit speculating about Player 125's identity.

In the comments of one viral TikTok, one user wrote: "Definitely Min-su. Got saved by Front Man. Keeps away his [distance] so he doesn't die. He didn't save Player 380."

Almost all of the people theorising that Min-su and VIP 3 (Deer mask) are played by the same actor appear to be referring to a screenshot of a Google search result which may be inaccurate.

According to IMDb, the two characters are not played by the same person. Two separate actors, with two different names, are listed as Min-su and VIP 3.

One Reddit user also argued that the height and voices of the two characters also don't match up. Min-su is also in his late 20's, while the Deer-mask VIP seems considerably older.