Walking on Thin Ice Ending Explained: Kyeong and Eun-soo’s Fate Sealed – Does Kyeong Finally Get His Ultimate Revenge?

Walking on Thin Ice Ending Explained: Kang Eun-soo’s life turns upside down when her husband falls sick and leaves her family in debt. However, when she starts to sell drugs to make ends meet and save her family, she finds an unlikely ally as her life is threatened.

The series takes up KBS2’s Saturday-Sunday timeslot previously occupied by Twelve. The series, with 12 episodes, will air from September 20 – October 26, 2025.

Walking on Thin Ice Ending Explained

The season opens with Kang Eun-soo enjoying her time with her family. Her life doesn’t have a lot of money, but she’s satisfied with her family and how they live, as there is a lot of love there. Things, however, come crashing down quickly when she figures out that her husband has terminal cancer and that he has lost all of their money and their house in a scam trying to get rich quickly. Heartbroken, desperate and trying to make ends meet, she wonders what to do and takes up odd jobs here and there to earn more money.

One day, a gang member trying to flee from the police accidentally leaves behind a bag of ecstasy in her home. At first, she thinks about giving it back to the police, but after learning about how costly they are, she finds an opportunity in the situation to finally catch a break. With no way to sell the drugs, she comes across James, an elusive supplier in the nightclub where she works as a cleaner, and approaches him to do business together.

It is here that they both realise that they know one another – James works as a substitute art teacher in her daughter’s school. This knowledge leaves both of them vulnerable, and they eventually do start working together, realising that they can both make a lot of money. James, or Lee Kyeong, has his own demons and is, for some reason, trying to make a lot of money quickly to invest in a company. Meanwhile, the police, headed by Jang Tae-gu, is after the bag of drugs that has seemingly disappeared into thin air, and starts to suspect Eun-soo’s involvement.

Kyeong and Eun-soo, through many ups and downs, start to make a lot of profit, but things escalate quickly when Tae-gu arrives at Eun-soo’s doorstep. Things get more dangerous as they realise that there is a mole in the police department who desperately wants to stop them from selling the drugs without giving them a cut of the profits.

Who is the mole? What are their motivations?

In a shocking twist, Kyeong learns that Tae-gu is the mole in the police department who has been keeping the police away from the Phantom Gang in one way or another for years, getting a cut of the profits as a result. Although he doesn’t tell his partner at first, Eun-soo figures it out eventually. Tae-gu starts to blackmail the two of them to get the drugs and the money that they have earned over the months from selling them, which leaves them desperately trying to stop him from ruining their lives.

Tae-gu wants his son back in his life and, for that, he needs to have a good house so that the courts give him custody. However, that’s difficult to do on a police officer’s salary, and thus, he starts to do all of this. Unfortunately, illegally taking money is also a bad idea when it comes to getting custody, so he keeps on struggling as his ex-wife threatens to take his son away. Although he has a lot of money hidden in his walls, he is unable to show that to the court. Plus, it doesn’t help that he’s corrupt and greedy and possibly loves the thrill of the

Why is Kyeong desperate to invest in Tuen Holdings? What is his relation to Hwi-rim?

Kyeong’s past is a big part of the scenario, as we learn in later episodes that Kyeong went to prison on false pretexts when he was young because of Hwi-rim. He drugged a friend, which resulted in his death, and pinned it on Kyeong. It destroyed his life, but Kyeong came out of prison and rekindled his relationship with his brother to get revenge. Thus, he has been desperately trying to get as much money as possible to buy stocks in Hwi-rim’s company, Tuen Holdings, and oust him from his position after they get a vote.

However, Hwi-rim figures out Kyeong’s true identity and gets him arrested. In the end, thankfully, Kyeong can get his revenge against Hwi-rim, and he is fired from Tuen Holdings and sent to jail not only for possession of drugs but also for the death of Kyeong’s friends years ago. In the end, Hwi-rim dies in prison from an overdose.

What happens to Eun-soo and Kyeong in the end?

In the end, both Kyeong and Eun-soo are arrested, and the police ask them to act as bait for Tae-gu. The plan works, and after a lengthy battle between all of them, Tae-gu is shot a few times and falls into a lake. His skeletal remains were found a year later, still holding the bag full of cash.

Meanwhile, Eun-soo and Kyeong both go to prison, but thankfully get out soon enough. Eun-soo’s relationship with Su-ah is permanently altered, and she now works menial jobs thanks to her prison time. Meanwhile, Kyeong rekindles his relationship with his family after proving his innocence and ends up finding out something that destroys him.

What does the ending scene signify?

Walking on Thin Ice episode 12’s last scene showcases that Kyeong was backstabbed by his own father, who knew that Kyeong was being framed by Tuen Holdings and let it happen in exchange for Tuen saving their family business. It’s a brutal betrayal that ends in Kyeong almost hitting his own father. Meanwhile, a worn-down Eun-soo, living terribly, finds Mint in one of the bags while at work and has a moment of weakness wherein she steals the drugs.

Both of them grapple with terrible thoughts – Kyeong of ending his life and Eun-soo of stealing the drugs and making money off of it, signifying that the best of people in this world can fall weak sometimes and can do terrible things under the right circumstances.

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Also Read: Walking on Thin Ice Season 1 Review