According to a forum post citing a former UTV employee, it's rumored that the entire team has been given their pink slips. "It is now officially dead," the unnamed source wrote. "They laid off the rest of the Faxion team, so there is no one left to do anything."
Disney recently bought out UTV Ignition, which oversees Faxion Online, and there was some speculation that the Mouse House might be making cuts in this struggling PvP MMO and elsewhere. So far this is an unconfirmed rumor, and it remains to be seen what impact this will have on Faxion going forward if true.