EVR Studio
Defunct2 known investors
South Korean video game developer and publisher behind the stealth shooter MUDANG: Two Hearts; filed for bankruptcy in 2026.
Also known as EVR STUDIO
Investors · 2
Company profile
researched Aug 2026EVR Studio was a video game developer and publisher based in South Korea. Its best-known project was MUDANG: Two Hearts, a stealth shooter that was revealed during an Xbox Games Showcase and described in coverage as a "Korean Splinter Cell." The studio distributed and promoted its work through a Steam developer page and maintained a YouTube channel for development updates, the last of which was published in August of the year preceding the studio's collapse.
Development of MUDANG: Two Hearts stalled after its reveal, with few public updates. In January 2026, reports described mass layoffs attributed to a lack of funds, with staff numbers falling from more than 100 to 22 according to business trackers, and the game's dedicated website first going offline and then being removed entirely. The company's own website subsequently disappeared. In June 2026, a bankruptcy filing lodged with the 11th Division of the Seoul Bankruptcy Court was reported, effectively ending development on MUDANG: Two Hearts. Coverage noted that an IP rescue or acquisition by another publisher was viewed as unlikely given wider contraction in the games industry.
Business model
EVR Studio operated as both developer and publisher of its own game titles, distributing through PC and console platforms including Steam and Xbox.
Traction
The studio's Steam developer page listed 1,132 followers. MUDANG: Two Hearts drew substantial attention after its reveal at an Xbox Games Showcase, though no title was released before the studio's bankruptcy.
Latest developments
Following January 2026 reports of mass layoffs due to a lack of funds and the removal of the MUDANG: Two Hearts website, EVR Studio was reported in June 2026 to have filed for bankruptcy in the 11th Division of the Seoul Bankruptcy Court, ending development of the game.
▸Full profile — market position, technology, go-to-market, geography, risks & controversies
Market position
The studio was a single-title-focused independent developer whose stealth shooter MUDANG: Two Hearts attracted significant attention after its Xbox Games Showcase reveal, but the project never shipped.
Technology
The studio developed a stealth-action shooter title, MUDANG: Two Hearts, for PC and console platforms.
Go-to-market
Players of stealth shooter and stealth-action games on PC and console.
Geography
Based in South Korea; the bankruptcy filing was made in the Seoul Bankruptcy Court.
Risks & controversies
The studio went publicly silent after its game's reveal, ceasing development updates and taking down the game's website and its own website. Layoffs were attributed to a lack of funds, and an investor was quoted as saying the game was expected by the end of March 2026 or investors would convene a meeting. Bankruptcy followed.
Compiled by commissioned research from 3 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 2
launches, deals, and filingsEVR Studio filed for bankruptcy in the 11th Division of the Seoul Bankruptcy Court, effectively cancelling development of the stealth shooter MUDANG: Two Hearts.
Reports described mass layoffs at EVR Studio attributed to a lack of funds, reducing headcount from over 100 to 22, alongside the MUDANG: Two Hearts website going offline and then being removed.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 3
primary sources listed
- EVR STUDIO - Steam Developerstore.steampowered.com · web
3 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does EVR Studio do?
- South Korean video game developer and publisher behind the stealth shooter MUDANG: Two Hearts; filed for bankruptcy in 2026.
- Who are EVR Studio's investors?
- EVR Studio's investors include Groom Investment, Kakao Ventures.