EVR Studio, the Korean developer behind the unreleased action-adventure game, Mudang: Two Hearts, has officially gone bankrupt.
Official corporate registration documents (via kimchamchi on Reddit) from South Korea indicate that EVR Studio, the developer behind the upcoming action-adventure title Mudang: Two Hearts, has gone bankrupt. According to the corporate register, the 11th Division of the Seoul Bankruptcy Court made this declaration on June 5, 2026.
While EVR Studio has yet to issue a public statement regarding the future of Mudang: Two Hearts at the time of writing, the bankruptcy filing suggests that development has been halted. In most cases, a court-declared bankruptcy results in the suspension or termination of ongoing projects unless another company acquires the assets or secures funding to continue development. As such, it appears that development of Mudang: Two Hearts has been officially discontinued unless a third party steps in to acquire and revive the project.
Mudang: Two Hearts made its first appearance at last year’s Xbox Games Showcase. It attracted attention for its blend of action gameplay, stealth mechanics, and Korean cultural themes. It was set to be a narrative-driven third-person action adventure based in a unified Korea thrown into chaos after masked terrorists launch attacks in Seoul. The story followed soldier Ji Jeongtae, who unraveled a conspiracy linked to K-Pop star Gavi as both become entangled in a crisis fueled by manipulation, misinformation, and engineered emotions.
Blending cinematic storytelling with tactical stealth and dynamic combat, the game gave players the freedom to approach missions through stealth, close-quarters combat, or direct confrontation. Its open-ended level design encouraged experimentation, allowing players to use multiple routes, gadgets, environmental interactions, and a wide range of weapons to overcome challenges. The game focused on realism, drawing inspiration from real Korean Special Forces tactics and featuring motion-captured performances by active military personnel. Enemies behaved intelligently to player actions, coordinating searches, flanking maneuvers, and counterattacks, while specialized foes and powerful bosses demanded constant adaptation.
