The Thieves — Ending Explained

The narrative reaches its climax through several major reveals and resolutions:

• The Past Betrayal Revealed: Four years prior, Macau Park did not betray Pepsee and Popeye. Popeye severed Macau Park’s rope during a gold heist, causing Macau Park to fall, while Pepsee was arrested. Macau Park kept the truth hidden to spare Pepsee further heartbreak.
• Undercover Operative: Julie, recruited as a Chinese safecracker, is revealed to be an undercover Macau police officer assigned to arrest Wei Hong.
• The Real Target: Macau Park never planned to sell the diamond for cash. His entire operation was an elaborate trap to lure Wei Hong—the mob boss who murdered his father—out of hiding.
• The Climax & Ending: In Busan, Macau Park eliminates Wei Hong during a brutal gun battle across apartment balconies. Macau Park swaps the diamond, while Popeye is run over and arrested. In the closing scene at a luxury hotel pool in Hong Kong, Yenicall attempts to fence the fake jewel, only to discover Macau Park has intercepted the real "Tear of the Sun" and passed it to Pepsee, leaving both women alive while he slips away once more.

Critics and audiences frequently analyze two key ambiguities:

• Macau Park's Heist Mechanics: Debates center on whether Macau Park intended from day one to sacrifice the entire team or if the betrayal escalated due to Popeye's and Julie's unexpected counter-plots. Evidence suggests Park engineered the chaos to isolate Wei Hong, yet anticipated Popeye's treachery.
• Yenicall's Moral Compass: While presented as thoroughly selfish, her hesitation upon learning of Zampano's arrest and her subtle melancholy at the pool in Hong Kong hint at genuine emotional attachment buried beneath self-preservation.