Squid Game Season 3 Fan Theory: Is Lee Jung-Jae’s Player 456 Or Seong Gi-Hun Alive?
Squid Game 3 was released on June 27, 2025, and still now, viewers are coming up with different fan theories. Read on to know what they have to say about Player 456!
Viral Squid Game Season 3 Fan Theory Suggests Player 456 Is Still Alive! ( Photo Credit – Instagram )
Advertisement
Spoiler Alert: The following article reveals and discusses key plot points from Squid Game Season 3.
Squid Game has finally concluded with season 3 as it premiered its last season on June 27, 2025. Starring Lee Jung-Jae, Lee Byung-Hun, and other Korean actors in important roles, the survival drama kept all of us on edge. While the final season received mixed reactions from the viewers, fan theories continue to surface all over social media platforms. In the last season, all the living players gathered for the final round of games, deciding who would win the prize money.
Many fans disliked how the creators ended the show with the baby (Player 222, played by Jo Yu-Ri, delivered her baby during a game) being the winner. Others pointed out how they killed all the main characters and kept the unnecessary ones till the end. Meanwhile, some viewers said they didn’t believe Player 456 or Seong Gi-Hun (played by Jung-Jae) is dead. So, now, according to a fan theory, he is still alive.
Advertisement
Is Player 456 Still Alive?
Many Squid Game fan accounts have been sharing their theories about Player 456 being alive on Instagram. One such account posted a video clip in which they explained that some hints in the show can prove that he is still alive. As per the theory, the mysterious person who went to the hotel at the end of the last episode of the series to withdraw money was none other than Seung Gi-Hun (Lee Jung-Jae). Because the person had the same walking posture as Player 456.
The fan further jogged our memory and asked, “Remember what the gangster lackey said that apart from Hwang Jun-Ho (Wi Ha-Joon) and him, only the owner of the money, Player 456, knows where the money was hidden.” While everyone thought that it was Hwang Jun-Ho who took the money, when the person went to retrieve the money, he opened the door with a gun. So, if it were Hwang Jun-Ho, he wouldn’t have opened it with a gun unless it was another insider, such as Player 456.
Did Player 456 Make A Deal With The Front Man?
The video creator gave another hint that when Player 456 chose to commit suicide and make the baby the winner of the game, his eyes were slightly open. However, his eyes were entirely open when the Front Man took his mask off to check on him. So, when the island detonated, there were tears in his eyes, and as per the image, it seemed like he was watching it from afar.
The theory also claimed that Player 456 may have seemingly made a deal with the Front Man, who later gave Seong Gi-Hun’s daughter his bank card, which had the same amount of money as it had been withdrawn earlier. Only time will tell whether the theories are true! Until then you can re-watch Squid Game Season 3 and see if you are able to spot some clue by yourself!
Not to rub salt in the wound of an already painful ending and painful death for Gi-hun but I think he survived the fall and was just paralyzed. We've seen characters survive falling before. He was probably alive when In-ho approached him and the island exploded. He saw it all. pic.twitter.com/kXVR2wLC4C
