Bloodhounds Season 2 Episode 1 opens with Kim Gun-woo and Hong Woo-jin continuing their lives as dedicated boxers and close friends. Three years after the events of the previous season, the two have moved forward from the loan-shark war that nearly destroyed their lives. Gun-woo is now focused on building his career inside the boxing ring, while Woo-jin remains beside him as his closest friend and training partner. Their peaceful routine begins with intense morning training before they help Gun-woo's mother, So-yeon, at her café and prepare for Gun-woo's upcoming championship fight. Gun-woo is preparing for a major bout against the powerful Russian boxer Adik Belov. At the official weigh-in and opening ceremony, the atmosphere immediately turns hostile. Adik deliberately provokes Gun-woo and even slaps him in front of the crowd, hoping to intimidate him before the fight. Gun-woo refuses to react emotionally, showing the discipline and patience that have made him a dangerous boxer. The fight begins with Adik taking control through his aggressive style. Gun-woo absorbs heavy punishment and struggles during the opening round, but instead of panicking, he studies his opponent and waits for an opportunity. In the second round, Gun-woo begins turning the fight around and lands a powerful punch that damages Adik's eye. Despite the injury, Gun-woo chooses to finish the fight without deliberately causing unnecessary damage. He targets Adik's body and eventually wins with a devastating body shot. Watching from the crowd is Im Baek-jeong, a former boxer who now controls the Iron Knuckle Fighting Championship, or IKFC. Baek-jeong immediately recognizes Gun-woo's talent and realizes that the young boxer could become extremely valuable to his underground operation. After Gun-woo's victory, he returns home to celebrate with Woo-jin and his mother. Hong Min-beom also joins them, and the group remembers President Choi and the people they lost during their previous battle. Min-beom explains that he intends to build a children's hospital in President Choi's honor. Baek-jeong's world is revealed to be far darker than professional boxing. Adik is heavily indebted to his organization and is forced into an illegal underground fight. Baek-jeong brutally attacks the injured fighter and turns the match into a deadly spectacle for wealthy gamblers. After Adik's defeat, Baek-jeong decides that Gun-woo is the fighter he wants next. Baek-jeong and his men visit Gun-woo's home and offer him enormous money to join IKFC. Gun-woo immediately refuses because he knows the organization is involved in illegal fighting and criminal activity. Baek-jeong calmly accepts the rejection but orders his men to investigate Gun-woo's family. Baek-jeong identifies Gun-woo's mother as his easiest leverage. He orders his men to kidnap her and force Gun-woo into accepting the IKFC offer. At the same time, he begins gathering information about Gun-woo's friends and former enemies, including Kang In-beom. Baek-jeong's men eventually attack Gun-woo's home. Gun-woo and Woo-jin fight the intruders and manage to protect So-yeon. The surviving attackers flee, and Gun-woo follows them in an attempt to discover who sent them. The chase ends when Sergeant Yun Tae-geom remotely detonates an explosive inside the attackers' vehicle. Gun-woo watches the vehicle explode and realizes that Baek-jeong is willing to use murder and terrorism to force him into the underground fighting world. Episode 1 establishes Baek-jeong as Gun-woo's new enemy and introduces IKFC as a powerful criminal organization built around illegal boxing, gambling, and violence. Gun-woo has rejected Baek-jeong's offer, but the attack on his family makes it clear that refusing will come with a terrible price.