Does the new Front Man image foreshadow Gi-hun's haunting fate in Squid Game Season 3? Speculations explored

On May 31, 2025, during the Netflix Tudum event in Los Angeles, the highly anticipated trailer for Squid Game season 3 was revealed. The trailer gave a glimpse of what lies ahead for the players who survived in season 2. As always, it also generated numerous theories and speculations about the upcoming final installment of Squid Game.

The new trailer and stills for Squid Game season 3 just provided more hints for a long-standing theory involving Lee Jung-jae’s Gi-hun and the Front Man/Hwang In-ho, played by Lee Byung-hun. A new image was shared by actor Lee Byung-hun of his character In-ho wearing a suit with the number 132 inscribed, just like the players in the final game.

This hinted at a flashback scene depicting him winning the Squid Game in 2015. The flashback scene might give us a proper explanation of the circumstances of how In-ho became the Front Man. Furthermore, this also hints at the possibility of a popular theory of Gi-hun becoming the Front Man himself.

More on this in our story.

Based on Front Man’s flashback image, will Gi-hun become the next Front Man in Squid Game Season 3? Speculations explored

The image was shared by Byung-hun on his Instagram handle, where we can see a tired but tense and determined look on In-ho’s face. The number 132 on his suit is a clear indication that it is from a flashback scene when In-ho was a real player and not a disguise in Squid Game Season 3. The still also suggests that it was captured after he had won the game and right before he became the Front Man.

In Squid Game, Gi-hun's character is mostly investigated through the context of the Front Man, In-ho. The still of In-ho in the Instagram post could be linked to Gi-hun's future. Since this still could be part of a flashback as well, it might help the audience contextualise and understand the situations In-ho had gone through to become the Front Man. Furthermore, Gi-hun's life taking the same route might be indicative of him taking In-ho’s place as the Front Man.

As we know, Squid Game has depicted how people showcase their true nature depending on their circumstances and greed. After winning in the first season, Gi-hun, in season 2, was proactive in explaining and informing other players about how his guilt was eating him alive after the result. But, ultimately, as in the first season, despite the outcome, most players still chose to participate.

In-ho, disguising himself as a player in season 2, tried to show Gi-hun that the true nature of the people is a primary reason the game is ongoing. In Squid Game Season 3, we might see Gi-hun struggling to keep his faith in humanity and then doing the right thing at last. However, this could also end with Gi-hun losing his faith and becoming a part of an organization he is opposing.

Therefore, the flashback scene of the Front Man in Squid Game Season 3 might make this popular theory of Gi-hun replacing him a reality. However, at this point, this is just a speculation as no official revelation has been made regarding the connection.

More about Squid Game Season 3

The final trailer of Squid Game Season 3 depicts how brutal the last phase of the games would be, especially for Gi-hun, given his rebellion against the Front man.

Other than Lee Jung-jae and Lee Byung-hun, several other characters will be back, such as Wi Ha-joon, Kang Ha-neul, Im Si-wan, and Park Sung-hoon, among others.

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Squid Game Season 3 will be available to stream on Netflix from June 27, 2025.

Also Read: "I learned a lot from this character" : Squid Game's T.O.P reveals how portraying Thanos helped him

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