The reason why In-ho disguised himself as one of the players and participated in squid game was simple. He just wanted to spy on you, player 456. To gain insight on what you had planned against him.

After winning the last time, you returned to put an end to the entire squid game. He was aware of your hatred for him. And he knew you hadn’t come defenceless.

In-ho had wanted you to leave the country after last time. He prayed you would take the money and the flight. Yet you came back. You put your life at risk, just to save others.

Of course, In-ho was in complete control of his emotions. He was positive he wouldn’t really soften on you, even if he worked alongside you like a loyal friend.

He realised he was kidding himself when he killed somebody for you with his bare hands during one of the games. In-ho hadn’t realised he had become so attached.

“I had to do that. You understand, don’t you?”

Being the captain, the executive of the games, his life wasn’t at risk at all. In-ho was immune to the games. But he was going out of his way to keep you alive, even if he was deceiving you and you were an enemy.