In case there was still any doubt, you will not be playing Mudang: Two Hearts on Xbox Series X/S or any other platform. The impressive-looking Splinter Cell-like stealth-action game out of South Korea is seemingly no more. The studio behind it declared bankruptcy earlier this month.
An official court document from the nation’s corporate register was shared on the Mudang subreddit earlier today. It showed that the 11th Division of the Seoul Bankruptcy Court had declared EVRStudio bankrupt back on June 5. Founded back in 2016, the company initially made a splash with a Bohwagak VR exhibit for the Gansong Art Museum. It later pivoted to Metaverse content for marketing and advertisers, before trying to parlay its technical expertise into game development.
The culmination of those bets was the 2025 reveal of Mudang: Two Hearts at Xbox’s big summer showcase. The third-person shooter had action sequences that looked almost too good to be true and promised a 2026 release window. The trailer garnered nearly half a million views. The comments were glowing. “This looks insane!” one read. “Great military atmosphere, intense gunplay and nice looking characters. Looking forward to it!” Another person wrote, “Korean Splinter Cell. Amazing.”