Decoy (2023)

Some lies fade. Others reload.

🧩 A Game of Truth in a Maze of Deception

Decoy (also known as Bait) is a complex, slow-burning South Korean crime thriller that digs deep into the ruins left behind by a massive financial fraud — and the murders it may have inspired years later. With dual timelines, morally conflicted characters, and a suffocating noir atmosphere, the series doesn’t just tell a story — it autopsies a nation’s trust.

Set in 2023 but deeply tied to a catastrophic Ponzi scheme from 2005, Decoy follows a renewed wave of killings that seem inexplicably linked to a man long thought dead: Noh Sang-cheon, the infamous con artist behind one of Korea’s most devastating fraud cases. His death was declared years ago, but the victims he left behind have never forgotten… and neither has the truth.

🔍 The Plot: A Death That Won’t Stay Dead

At the heart of Decoy is Goo Do-han, a former lawyer turned police detective. Calm, sharp, and quietly haunted, Do-han is tasked with unraveling the mysterious deaths of multiple individuals connected to the old scam. The deeper he digs, the clearer it becomes that Noh Sang-cheon may not be as dead as the world believed — and that someone, somewhere, is exacting bloody revenge.

But Do-han is not alone in this search. He’s joined — and sometimes obstructed — by Cheon Na-yeon, a journalist whose life was upended by the fraud case. Determined to unearth the truth, she becomes both an ally and a witness to the systemic cracks that allowed such crimes to happen in the first place.

Each episode flips between present-day investigation and flashbacks to the rise and fall of Sang-cheon, allowing the audience to slowly connect the dots. What emerges is a chilling mosaic of greed, betrayal, and the cost of silence.

🎭 Characters: Everyone’s a Victim. And a Suspect.

Goo Do-han is a quietly riveting presence — not a hero in shining armor, but a man who once believed in justice and now must chase it down in the shadows. His transformation from legal advocate to field investigator reflects his disillusionment with institutional power.
Cheon Na-yeon is sharp, skeptical, and emotionally scarred. She doesn’t chase headlines — she chases closure. Her arc becomes a reflection of the viewers' need for accountability in a world full of manipulation and noise.
Noh Sang-cheon may or may not be alive, but his presence looms large. In flashbacks, he’s charismatic and poisonous — a man who weaponized charm and public trust. In the present, he’s a ghost — possibly orchestrating something darker than money could ever buy.

Each character carries emotional weight and personal stakes. This isn’t just a crime to solve — it’s a reckoning years in the making.

🎥 Style & Direction: A Noir for the Digital Age

The direction leans heavily into modern noir. Cold lighting, dim corridors, glass offices and frozen alleyways dominate the visual language of the show. There’s no glamor here — just the gray fatigue of urban life, punctuated by the threat of violence and the silence of unsaid truths.

The editing is meticulous. Flashbacks don’t just fill in gaps — they complicate our perception. Dialogues are lean, often leaving more unsaid than spoken. And the score is restrained, letting tension rise through atmosphere rather than volume.

The result is a world that feels deeply real, unsettlingly quiet, and heavy with consequence.

🧠 Themes: Justice, Memory, and the Long Shadow of Greed

At its core, Decoy isn’t about who pulled the trigger — it’s about who created the system that made it possible. The series critiques not just the perpetrators of fraud, but also the indifference of institutions, the media frenzy that turns victims into gossip, and the complicity of silence.

The show asks a terrifying question: What happens when justice fails? When courts close, and the guilty vanish, who gets to decide what comes next?

It also explores memory — how time doesn’t heal all wounds, and how the past never truly dies. For some characters, remembering is a burden. For others, it’s a weapon.

✅ Strengths

Tightly woven mystery that grows more layered and complex with each episode
Rich character development, especially for the leads
Thought-provoking commentary on modern crime and accountability
Haunting atmosphere that keeps viewers on edge without relying on gore

❌ Weaknesses

Slow pacing may deter viewers expecting faster, more action-heavy narratives
Dense subplots can be overwhelming without close attention
Emotional payoff is gradual and demands patience

🎯 Final Verdict

Decoy is not built for casual viewing. It’s a series that demands attention, emotional investment, and the willingness to sit with discomfort. But for those who commit, the reward is a masterfully told story that blends crime thriller with moral drama, holding up a mirror to the systems we trust — and the lies we tell to make them work.