Remember that slick-looking Korean stealth game that debuted at the Xbox Games Showcase last June? The one that had Metal Gear Solid and Splinter Cell fans salivating with its tactical espionage gameplay and dual-protagonist story? Yeah, it’s probably not happening. EVR Studio’s official website has been completely taken down, the company has been gutted by massive layoffs, and all signs point to Mudang: Two Hearts joining the ever-growing graveyard of promising games that never made it to release.
The Studio Collapse
The evidence is damning. According to Korean business tracking data, EVR Studio’s workforce cratered from over 100 employees to a skeleton crew of just 22 people. This hemorrhaging of staff reportedly began around July 2025, barely a month after the game’s big Xbox Games Showcase reveal. Multiple former employees confirmed the layoffs happened at “bizarre times” with management citing insufficient funding as the reason.
The studio’s official website, which once proudly showcased Mudang: Two Hearts with detailed development diaries and gameplay breakdowns, initially went offline before being completely deleted. Their YouTube channel went dark in August 2025, with no updates or communication since. When journalists reached out to EVR Studio’s CEO and moderators for clarification, they received nothing but silence.
What Investors Are Saying
Need4Games spoke directly with one of EVR Studio’s investors, and the picture they painted is grim. According to the investor, the game must be delivered by the end of March 2026, or there will be serious consequences. If that deadline isn’t met, an emergency shareholder meeting will be triggered to address the catastrophic situation. Given that it’s already January 2026 and the studio appears to be functionally defunct, hitting that March deadline seems virtually impossible.
The investor’s statement carries weight because it confirms what the circumstantial evidence already suggested. A studio that’s been stripped down to 22 people, with no website, no public communication, and no development updates in five months, isn’t secretly working on a polished 2026 release. They’re in crisis mode, if they’re functioning at all.
What Made Mudang Special
The potential loss of Mudang: Two Hearts stings particularly hard because the game looked genuinely innovative. Set in a near-future unified Korea, the narrative-driven stealth action game featured two protagonists with radically different backgrounds. Ji Jeongtae, an elite North Korean special forces operative, and GAVI, a K-pop idol living under constant surveillance, found themselves at the center of a conspiracy involving government manipulation of public emotions.
| Aspect | Details |
|---|---|
| Developer | EVR Studio (South Korea) |
| Planned Platforms | Xbox Series X/S, PlayStation 5, PC |
| Original Release Window | 2026 |
| Staff Count (June 2025) | 100+ employees |
| Staff Count (Current) | 22 employees |
| Last Public Update | August 2025 |
The game’s technical ambitions were equally impressive. EVR Studio built a state-of-the-art performance capture pipeline with fluid motion-matched animations, dynamic spatial audio, and what they called “situational awareness AI” that could dynamically recalculate paths in real-time rather than following predetermined routes. Enemy soldiers could vault over ledges, enter through windows, and even drop down from higher positions to engage in immediate melee combat.
Community Devastation
The Reddit thread announcing the probable cancellation filled with disappointed fans expressing their grief. One commenter captured the sentiment perfectly, noting they’d been craving something similar to Splinter Cell and Metal Gear Solid, and Mudang seemed like it would finally scratch that itch. Another user mentioned they’d been thinking about the game earlier that same day, lamenting how nothing fills the void left by those classic franchises.
The timing couldn’t be worse for fans of tactical stealth games. With Splinter Cell dormant for over a decade and Metal Gear Solid essentially concluded, the genre has been starving for fresh blood. Mudang: Two Hearts looked like it could be that game – a modern take on stealth action with unique cultural perspectives and cutting-edge AI systems. Now it appears destined to become another cautionary tale about ambitious indie studios overextending themselves.
The Warning Signs
Looking back, there were red flags. Showcasing a game at a major event like the Xbox Games Showcase typically requires significant marketing budget and publisher support. For a relatively unknown Korean studio to secure that spotlight and then immediately start laying off staff suggests serious financial mismanagement or unrealistic projections about funding.
The complete radio silence since August is another major warning sign. Even studios in trouble usually maintain some level of communication with their community, even if it’s just to say development is ongoing. The total blackout from EVR Studio’s CEO, combined with the website deletion, suggests the people in charge have already moved on or are dealing with legal and financial complications that prevent public statements.
What Happens Next
There are essentially three possible outcomes at this point. The first and most likely scenario is that Mudang: Two Hearts is quietly cancelled, the remaining staff disperse, and the project joins the long list of games that looked promising but never materialized. The second possibility is that a larger publisher swoops in to acquire the project and either completes it themselves or shelves it indefinitely. The third and least likely option is that EVR Studio somehow secures emergency funding, reassembles a team, and delivers something by the March 2026 investor deadline.
Given the March deadline and current studio state, even if miracle funding appeared tomorrow, there’s simply not enough time to complete a game of this scope with a skeleton crew. The most realistic hope for fans at this point would be that the IP and existing assets get sold to a studio with the resources to properly finish what EVR started, though that process could take years.
FAQs
Is Mudang: Two Hearts officially cancelled?
Not officially. Neither EVR Studio nor any publishing partners have made a formal announcement. However, the studio’s website is down, they’ve laid off most employees, and all public communication has ceased since August 2025.
When was Mudang: Two Hearts announced?
The game was revealed during the Xbox Games Showcase in June 2025 with a planned 2026 release window for Xbox Series X/S, PlayStation 5, and PC.
What happened to EVR Studio?
According to Korean business tracking data, the studio’s workforce collapsed from over 100 employees to just 22, with layoffs beginning in July 2025 due to funding issues. Their website has been completely removed.
Could another studio finish the game?
It’s possible but unlikely in the near term. If investors or publishers acquire the IP and existing assets, development could theoretically continue under new management, though this would take considerable time and resources.
What made Mudang: Two Hearts unique?
The game featured dual protagonists – a North Korean special forces operative and a K-pop idol – in a political thriller set in near-future unified Korea. It promised advanced AI systems, performance capture technology, and tactical stealth gameplay reminiscent of Metal Gear Solid and Splinter Cell.
Has EVR Studio responded to the cancellation rumors?
No. Multiple journalists and community members have reached out to the CEO and studio moderators without receiving any response. The complete silence has only fueled speculation about the project’s fate.
What does the March 2026 deadline mean?
According to an EVR Studio investor, if the game isn’t delivered by the end of March 2026, there will be severe consequences for management and likely an emergency shareholder meeting to address the situation.
Conclusion
The apparent collapse of Mudang: Two Hearts serves as a harsh reminder of how quickly things can fall apart in game development. Just seven months ago, this was one of the most buzzed-about reveals at Microsoft’s showcase. Today it’s a ghost story, with a gutted studio, a deleted website, and a community mourning what could have been. Whether it’s mismanagement, unrealistic scope, insufficient funding, or some combination of all three, the result is the same – another promising game that tactical stealth fans desperately wanted is probably never going to exist. Unless something dramatic changes before that March deadline, we’ll be left wondering what Mudang: Two Hearts could have accomplished if it had the resources and stability to reach the finish line.