In 1933 Gyeongseong, under the harsh grip of Japanese occupation, life is a web of whispered loyalties and hidden deeds. When five ordinary citizens are accused of being members of a clandestine anti-Japanese network known only as Phantom, the city tightens around them with suspicion and surveillance. As interrogations escalate and rumors spread, each suspect must confront the cost of resistance—what they are willing to betray, what they will risk, and who among them might actually be the traitor.
The film unfolds as a tense, atmospheric thriller where identity is everything and trust is a dangerous luxury. Against the backdrop of ransacked neighborhoods and shadowed alleys, alliances shift and moral lines blur, forcing characters to reconcile personal survival with collective hope. Phantom delivers both political urgency and intimate human drama, tracing how courage and fear collide in a moment when a single accusation can change destinies.