This is page 2/2 for the Phantom Bullet Arc.
Start reading here

During the tournament, Dyne dies to Pale Rider, then Kirito joins Sinon and they make a momentary truce, him trusting her a bit too eagerly. They watch as Death Gun appears, paralyzes Pale Rider with his silent sniper rifle, and shoots him with his pistol while crossing himself. The paralysis is gone, Pale Rider jumps up to fight back but suddenly convulses and disconnects. Death Gun says, "It's showtime," and moves out of sight. Kirito says Pale Rider is dead in real life as well. Sinon joins Kirito to find Death Gun who has jumped into the river unequipping everything, making him invisible to the sat scan. Meanwhile, the ALfheim Online friends watch the tournament broadcast, and Klein recognizes PoH's catchphrase and says Death Gun is an elite from Laughing Coffin. Asuna logs off to talk to Seijirō about Kazuto's talk in GGO.

Kirito parries an entire automatic rifle barrage. They anticipate Death Gun going to the city up north and go there. With only two new players are left to check, they track Jūshi X first. Just as Kazuto leaves, Death Gun stops using his camouflage cloak and paralyzes Sinon. He is about to shoot her but Kirito saves her, and they escape in a rope-tight chase.

Kirito and Sinon hide in a cave that will shield them from the sat scan for now. Kirito knows Sterben is Death Gun, and there is another one or more who act in the real world after having peeked over the tournament participants' shoulders from under the camo cloak when they filled the real address form, then breaking in and using something small like an injection to kill people, making it look like Death Gun's deed to scare everyone. He tells Sinon someone is at her bed right now, ready to murder her, so she cannot log out right now. Sinon freaks out and cries, but manages to overcome the dread and get in the mindset letting her survive as Kirito concocts a plan. Meanwhile, Asuna learns why the police cannot know Death Gun's real name, and goes to Kirito's hospital.

Sinon takes Yamikaze out, and Kirito uses his feeling of killing intent that is based on the game server's resource management slowdown, and manages to dodge Death Gun's rifle bullet then rushes to where Death Gun is hiding, parrying the follow-up bullets with his lightsaber as he goes. He remembers a LC member using the estoc but cannot remember the name. Sinon shoots, destroying Death Gun's sniper rifle. Since Kirito is guarded by the military, Death Gun cannot use the pistol and blow the legend, so he uses a gun part as an estoc, overpowering Kirito at first. He calls out Kirito on killings and how he can't even recall his name. Kirito's health parameters reach dangerous levels in real life, making Asuna worry. Sterben keeps striking Kirito, bringing him to the last hit points when he finally remembers the name, "Red-Eyed XaXa". He says it out loud, and Sterben is sent staggering. Sinon manages to aim at Sterben, and the Prediction Line staggers him further so he tries to escape, but Kirito shoots his cloak canceling the effect while finally getting his sword cut Sterben apart. Sterben mutters his partner would not let it end like this, and Kirito says they will all be found. Sinon and Kirito end the tournament with a Gift Grenade, going out in a flash and thus sharing the first place.

Shino logs out and is alone in her room. Then Kyōji comes over with a cake box. They talk about the tournament, and Kyōji reminds her he has been waiting. Things get progressively weirder, and Kyōji assaults Shino, taking out an injector with succinylcholine and confirming Kirito's thoughts. He wants them to die together. Shino is scared, but she suddenly has a vision of Sinon talking to her and reminding her to do her best despite all fears. She fights back, even tricking him with her award pistol she cannot afford herself to fear anymore. Kirito breaks in too, and they knock Kyōji out but not before he stabs Kirito's chest with his injector. However, there was a leftover medical equipment electrode stuck to his body, and he is saved by a miracle.

Shino turns the tables on her bullying ex-friends. Shinkawa Kyōji and his brother "XaXa" Shōichi are apprehended, while Kanamoto "Johnny Black" Atsushi is on the loose. Kazuto makes Shino appalled by talking about her past killing of the junkie criminal, but he says she has the right to justify her deed. With that, a post office worker from that time comes in, and she and her daughter Mizue thank Shino for saving their lives. Shino cries as Mizue holds her hands, thinking she can be strong and move forward after all.

References

• Phantom Bullet Arc - Fan Wiki
• Volume 5 - Fan Wiki
• Volume 6 - Fan Wiki