From (O)CT(O)PUS at The Swash Zone:
The name George Soros is often a target of derision and scorn in right wing circles. Whatever fringe groups think of George Soros as a person is beside the point; the name no longer refers to the man. Through semantic substitution, the name has morphed into a reflexive epithet that has no bearing upon his character.
I refer to the use of code words as disguised bigotry. Since it is considered “verboten” (German for “forbidden”) to use the K-word or the N-word when referring to certain ethnic groups, the idea is to disguise hate speech under cover of substitution — a form of bigotry by proxy. Code words avoid the outward appearance of bias, racism, or anti-Semitism — leaving room for plausible deniability.