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An exciting action-adventure game for the PS5 that was announced in June 2025 seems to have been canceled before it even got off the ground. The title, Mudang: Two Hearts, was showcased during the Xbox Games Showcase. It was developed by South Korean studio EVR Studio, which has now filed for bankruptcy earlier this month.
The game resembled titles like Splinter Cell and Metal Gear Solid, featuring a third-person perspective set on the Korean Peninsula. A reveal trailer can be viewed below:
[YouTube Trailer Link]
On Reddit, user kimchamchi shared documents indicating that EVR Studio officially declared bankruptcy on June 5, 2026, halting all development on Mudang: Two Hearts.
[Reddit Post Link]
Further digging suggests the studio was in trouble as early as six months prior, having undergone mass layoffs. Shortly after the layoffs, the studio’s website went offline, and activity went silent.
It’s worth noting that reports on Reddit pointed to EVR Studio facing significant financial difficulties, with some suggesting the cancellation of the game and the shutdown of the studio’s online presence.
Although Mudang: Two Hearts was announced last year, the project had been in development since at least 2023, previously known as “Project TH,” with a planned release in 2024. Without external help or rescue, it appears the project is now definitively dead.
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