EVRStudio, developer of Mudang: Two Hearts, declared bankrupt

You will not be playing Mudang: Two Hearts on Xbox Series X/S or any other platform. The Splinter Cell–like stealth-action game out of South Korea is seemingly no more after its developer declared bankruptcy.

An official court document shared on the Mudang subreddit shows the 11th Division of the Seoul Bankruptcy Court declared EVRStudio bankrupt on June 5. Founded in 2016, the company first made a splash with a Bohwagak VR exhibit for the Gansong Art Museum, then shifted to Metaverse content for marketing and advertisers before moving into game development.

Those efforts culminated in the 2025 reveal of Mudang: Two Hearts at Xbox’s summer showcase. The third-person shooter had promised a 2026 release window; its trailer drew nearly half a million views and comments such as “This looks insane!” and “Korean Splinter Cell. Amazing.” With the bankruptcy declaration, the project appears to be over and the studio is seemingly no more.

South Korea, Seoul

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