The discovery and publication of the Gospel of Judas created a sensation in scholarly and popular settings alike. Much of the interest in the new publication grows out of the interpretation that was advanced, in which Judas Iscariot is understood as a hero, more or less, the greatest of the disciples, to whom Jesus entrusted his most important teaching. Ongoing critical study of the Coptic text, however, has raised troubling questions about this interpretation and on what basis it rests. The recent recovery of more fragments of the text also undermines the widely reported interpretation. The present study reviews several recent publications that suggest a very different interpretation.