On January 31, 2026, Ashes of Creation suffered a sudden and dramatic collapse, with its developer Intrepid Studios effectively shutting down just 52 days after the game launched in Early Access on Steam.
The high-profile MMO, which had been in development for nearly a decade and funded through both crowdfunding and private investment, unraveled over the course of several days following an unexpected leadership crisis.
The situation began when founder, CEO, and Creative Director Steven Sharif announced his resignation in a post on the game’s official Discord server. Sharif said he was stepping down “in protest,” claiming control of the studio had shifted to a Board of Directors whose directives he could not ethically support.
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That explanation was immediately met with skepticism from the community. Public California state filings from early 2026 reportedly listed only Sharif and his husband as the company’s directors, raising questions about the existence of the board he described and fueling accusations of a “rug pull” among players.
Following Sharif’s departure, much of Intrepid Studios’ senior leadership resigned in quick succession, including Director of Communications and Marketing Margaret Krohn. Within days, the studio issued mandatory WARN Act notices indicating a permanent closure and the layoff of more than 200 developers.
Leaked internal reports suggested the studio was facing a severe financial crisis and was unable to meet its most recent payroll obligations. This came despite Ashes of Creation having reportedly sold between 250,000 and 300,000 copies on Steam at a $49.99 price point following its December 11, 2025 Early Access launch.
The collapse has triggered widespread backlash from players, many of whom purchased the game only weeks earlier. Thousands are now petitioning Steam for refunds, arguing the project was abandoned shortly after launch under extraordinary circumstances.
The controversy has also revived debate around the game’s original 2017 Kickstarter campaign, which raised more than $3.2 million. At the time, Sharif personally stated that backers would be refunded if the game failed to launch.
While Ashes of Creation technically launched in Early Access, critics argue the studio’s rapid collapse undermines the spirit of that promise.
As of February 1, 2026, Intrepid Studios is effectively defunct. Although servers briefly remained online following the layoffs, the lack of remaining staff has left the future of Ashes of Creation uncertain, with many players expecting an eventual shutdown.
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