This episode made me a bit more sus of Nop, even though he was barely in it.
Because I very much believe there is a cop involved. And considering Phat's motivation and timeline in becoming a cop, it wouldn't be surprising if another child hurt by the huge scandal also ended up becoming a cop - but maybe with slightly different motivation.
(Also with Kim dying, that strongly indicates someone who has access on the inside, so whether it's Nop or not, I'm putting money on a cop).
But back to my point, Nop did something a bit strange this episode, which was call his suspended boss to come to the crime scene.
Now it could have just been a "we need our main characters to witness this for story reasons". But so far what we've been seeing in this story has been more thought out than that.
This is a major crime scene where you would 100% expect the new man in charge to show up and chase Phat away - and he did.
So why did Nop want Phat there in the first place? What did he need to see in person that he couldn't read in a report afterwards? Wouldn't Nop have the wherewithal to know it could look bad for Phat depending on who came? Phat's already slipping in his emotional control, he publicly attacked a reporter who baited him, and the new boss has already shown a propensity for poking at Phat.
Of course, if Phat has actually proven himself effective at getting close, that's one way to make sure he keeps in trouble and off the case.
But also! Stay with me here - there's clearly an admiration for Kaye's work throughout these crimes. There's a deep attention to detail. You could say it's an attempt to frame him, but if that was the case they could try to lure him close to the scene of a murder as it's happening. For a frame up job, they really don't seem to care where Kaye is or what he's doing. This reads much more as appreciation.
Kaye essentially masterminded these crimes, just in fictional form. And Kim was clearly worshipful of him because of that. Because he took their pain and formed a plan for revenge out of it.
What if Kim wasn't the only one. What if Nop wanted Kaye to come to the crime scene, to see how perfectly he had enacted the scene? To see all the little details, to appreciate how masterfully yet another piece of revenge had been completed?
All that to say, current theory - Nop is our top killer. I don't think Thun is involved in the killing, but I am currently theorizing that Nop is an informant for him, and using him (without Thun fully realizing it) to provoke Phat and lead Kaye where he wants him.