PS5 Action Game Mudang: Two Hearts Canceled After Bankruptcy

EVR Studio was declared bankrupt on June 5, 2026, and development on Mudang: Two Hearts has stopped. The project will not continue unless another company acquires the assets or revives the title.

Mudang: Two Hearts was revealed at the Xbox Games Showcase in June 2025. The game was presented as a third-person stealth-action title set on the Korean Peninsula and was accompanied by a reveal trailer. EVR Studio was listed as both developer and publisher when the project was announced.

Publicly available filing documents show the studio’s bankruptcy declaration date and indicate that work on the game ceased with the filing. Company records and reporting indicate EVR carried out mass layoffs about six months before the bankruptcy and later removed its website from the internet.

Development on the project dates back to at least 2023, when it was known internally as “Project TH.” At one point the game carried a 2024 release window; updates became infrequent after the June 2025 reveal and no new publisher was announced.

Because EVR handled both development and publishing, the bankruptcy affected the project’s funding, staffing and publishing plans. No acquisition of the studio or its assets has been announced, and no public details have been released about the bankruptcy proceedings or potential sales of the project.