Contains spoilers for this episode and earlier episodes.
Cho turns his gun on Vincenzo because the vault contains more than gold. He takes the marked bar holding the Guillotine File, but Vincenzo fights back and discovers the concealed storage device. Cho reveals his intelligence-service background and interest in the stolen material. Their quarrel is interrupted when suspicious tenants abandon their trip and return. Rushing to hide the entrance, the men shut Cho's jacket and the only iris-recognition device inside the vault.
The gold is out of reach again, but Babel remains Jipuragi's immediate opponent. After the union leader's death, Vincenzo and Cha-young pressure a company-backed union official into exposing instructions from Babel's Vision Team. They bring prosecutor Jung evidence that can justify a raid, then arrange for Babel to hear about it in advance. The warning is deliberate: they want to follow the documents being removed and find material tying the orders to the chairman himself.
Han-seok begins appearing openly as Babel's real leader while Han-seo tries to survive the consequences of the hunting incident. The new chairman expects a polished public presentation, but Jipuragi replaces his promotional footage with an incriminating exchange about anti-union activity. Vincenzo and Cha-young watch from the balcony with popcorn as the event falls apart. A shower of pig's blood then covers Han-seok onstage, turning the spectacle he intended to control into a public humiliation aimed straight at Babel's exposed boss.