The Studio Behind A 2025 Xbox Showcase Surprise Just Went Bankrupt

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Kotaku · 3 min read · studios

EVR Studio, developer of the showcase-revealed stealth-action game Mudang: Two Hearts, declared bankruptcy on June 5 after facing financial difficulties and layoffs. The studio, founded in 2016, had pivoted from VR and metaverse content to game development before the 2025 Xbox reveal.

Mentioned entities

EVR Studio Gansong Art Museum Mudang: Two Hearts Seoul Bankruptcy Court Splinter Cell Ubisoft Ubisoft Toronto Xbox

Appeared in 2026-06-24.