Shadow Moses, the unofficial, fan-built Unreal Engine 4 recreation of the original Metal Gear Solid, has been cancelled. In a statement posted to the project's Facebook page, the developer(s) announced that "we have to cancel the Shadow Moses Project for reasons beyond our control".
It's tempting to speculate that Konami caught wind of the project and shut it down, but there's no solid evidence to confirm that. While the Metal Gear Solid remake is on ice, the developers have also promised "some other news" coming at some unspecified point.
It's a shame, but not entirely unexpected. Konami owns the Metal Gear Solid IP after all, and it's unlikely they'd want someone to remake one of their own games – whether profit is involved or not. Secondly, the project appeared to be the work of just one person – which seems too few for an undertaking of this scale.
Still, it did look kinda cool, while it lasted: