Squid Game season 3 surprise cameos explained: Cate Blanchett, hallucinations and returning dead players in finale twist

Netflix’s Squid Game Season 3 has closed the chapter on one of the most globally influential survival dramas of the streaming era. The final six episodes, released on June 27, 2025, delivered intense emotional arcs, shocking eliminations, and a handful of unexpected yet narratively essential cameos that set social media and fan forums ablaze. With emotional resonance prioritized over gore, the finale took audiences on a psychologically brutal ride that culminated in haunting memories, ghostly flashbacks, and a possible expansion of the deadly game’s reach far beyond South Korea.

As Seong Gi-hun, the Front Man, Hwang Jun-ho, and Kang No-eul battled the Game’s darkest phase yet, cameo appearances added new tension, nostalgia, and speculative firepower. The reappearances ranged from dream sequences and moral reckonings to new characters like an international recruiter, suggesting an ominous future direction for the franchise.

Netflix has not officially confirmed a sequel or spin-off, but institutional sentiment around the season suggests it could become a benchmark for globalized K-drama storytelling. Below, we break down the major cameo moments that stirred theories, emotional reactions, and implications about the evolving scope of Squid Game’s fictional deathmatch universe.

What is the significance of Cate Blanchett’s cameo as the American recruiter in the Squid Game Season 3 finale?

Two-time Oscar-winning actress Cate Blanchett stunned fans with a blink-and-miss appearance that rewired the direction of the Squid Game mythos. Taking over the mysterious recruiter role previously played by Gong Yoo in Seasons 1 and 2, Blanchett appears during the finale’s final minutes in a Los Angeles subway station. She is seen engaging in the same ddakji game, drawing in American participants to the global version of the tournament.

The cameo serves a dual purpose: it closes a thematic loop while planting the seed for a geographically expanded narrative. With the original island facility destroyed in a desperate cover-up by Hwang In-ho, the presence of a Western recruiter suggests that the institution behind the games may be decentralized, mobile, and evolving. Speculation is now running high that Netflix could launch a Westernized spin-off series.

Institutionally, the appearance of Blanchett—a titan of international cinema—signals Netflix’s willingness to bridge Korean prestige television with global star power to secure international cross-market traction. Public sentiment on social media has widely embraced the possibility of Blanchett reprising her role in a potential American continuation, though no formal announcement has been made.

How does Kang Sae-byeok’s return as a hallucination change Gi-hun’s decision in the final game?

Jung Ho-yeon’s cameo as the late Kang Sae-byeok, also known as Player 067, arrived at one of the finale’s most critical emotional peaks. As Gi-hun is pushed to the brink—knife in hand, ready to kill a sleeping contestant to secure victory—a vision of Sae-byeok surfaces in his mind. The imagined moment, echoing a Season 1 conversation, reminds him of his past moral compass: “You’re not that kind of person.”

This flashback stops Gi-hun in his tracks. The hallucination is not just a callback for fan service—it encapsulates the show’s deeper message about psychological damage, trauma, and self-identity. It reflects how the Games have fractured his values but not eradicated them. While Gi-hun ultimately meets a tragic fate by the end of the finale, the appearance of Sae-byeok gives him a redemptive arc, allowing the audience to witness his ethical awakening in the face of despair.

Public discourse across Korean and international audiences has praised the return, calling it one of the series’ most emotionally affecting moments. Institutional coverage has interpreted the scene as a powerful narrative tool to bookend the original tragedy that defined the show’s first season.

Why does Thanos appear in Min-su’s hallucinations and what does it reveal about his character arc?

Episode five dives deep into the psyche of Min-su, who suffers a breakdown triggered by his withdrawal from drug-laced pills hidden in a cross-shaped locket once belonging to the character Thanos, played by Choi Seung-hyun. As Min-su loses his grip on reality, he imagines Thanos and Nam-gyu jeering at him from the edge of a competition podium.

This surreal sequence symbolizes Min-su’s inner torment. Thanos’ ghostly return is less about his individual character and more about the weight of psychological trauma. These visions expose Min-su’s struggle with fear, guilt, and addiction—themes that remain central to Squid Game’s darker philosophical territory.

Though Choi Seung-hyun’s appearance was limited, fans rallied on social media, interpreting the hallucination as both a closure to Season 2’s emotional wounds and a nod to audience demand. The hallucination also contextualizes Min-su’s vulnerability, preparing viewers for his eventual fall in the structure’s climactic scene.

What does Se-mi’s imagined return reveal about Min-su’s guilt and Squid Game’s use of psychological trauma?

The character Se-mi, portrayed by Won Ji-an, does not return in the flesh but instead haunts Min-su’s mind throughout Season 3. Still suffering the consequences of failing to protect her from a brutal attack in Season 2, Min-su is plagued by visions of her face and voice. In the final episodes, as Myung-gi prepares to strike Min-su fatally, Min-su sees Se-mi one last time, extending her hand.

This hallucination offers a poetic yet tragic end to Min-su’s arc. Se-mi becomes both a symbol of his guilt and a trigger for his acceptance of death. Myung-gi, who strikes him, morphs into the imagined form of Se-mi’s outreached hand, deepening the ambiguity between salvation and fatalism.

The psychological toll of the games, already well-documented throughout the series, reaches a crescendo in this moment. Critics and fans alike have applauded the show for handling trauma with eerie subtlety rather than overt dramatization. The return of Se-mi as a hallucination provides an introspective bridge between seasons, underlining how no player ever truly escapes the mental aftermath of the game.

Did BTS star Kim Taehyung (V) appear in Squid Game Season 3 despite strong speculation?

Despite viral rumors and deep speculation across fan communities, BTS member Kim Taehyung, also known as V, did not appear in Squid Game Season 3. Speculation began after photos of him in the series’ pink guard uniform circulated, alongside behind-the-scenes images with members of the cast.

However, Netflix has confirmed that Taehyung was not part of the production. His prior engagement with the show—including expressing fandom during media interviews and cosplaying during concerts—was strictly personal. The Season 3 finale includes no involvement from V, and the rumors have since been debunked by official sources.

While this may have disappointed some ARMY members, fans praised the show for keeping the focus on its narrative integrity rather than inserting celebrities purely for publicity purposes. Media coverage characterized the incident as a reflection of K-pop’s influential shadow across Korea’s entertainment ecosystem.

How does Squid Game Season 3 end and what do the cameos imply about a possible global expansion?

The final chapter of Squid Game ends with Gi-hun sacrificing himself so that Jun-hee’s newborn child can survive and win the game. The emotional climax, supported by cameo hallucinations and returning memories, reaffirms the series’ core thesis: survival at the cost of morality results in lasting scars.

With Blanchett’s recruiter cameo hinting at a broader American involvement and the destruction of the Korean island base, Squid Game appears to be laying the groundwork for a globally decentralized death game system. The institutional structures behind the games are portrayed as vast, elusive, and evolving—hinting at future expansion if Netflix greenlights a follow-up series.

Critically, public sentiment across global fanbases has embraced the finale for its completeness. Meanwhile, industry watchers note the Blanchett moment as a potential launchpad for Western markets, mirroring how Money Heist expanded its universe post-finale.