Earlier today, Korean studio Hanbitsoft announced to the media that development of Hellgate 2 was canceled, and the team is being dismantled. Hanbitsoft took over the Hellgate IP after the fall of Flagship Studios, and continued working on the game, including the global English version.
Previously crafted by Unreal Engine 3, Hanbitsoft mentioned the main causes for the cancellation of Hellgate 2 include slow development progress and the team being unfamiliar with Unreal Engine 3. A mobile version of Hellgate 2 was supposedly being developed alongside the client version as well.
Originally scheduled to launch in 2013 winter, Hellgate 2 missed the date and the delay continued after winter went by. Development for the global and Korean version of Hellgate: London has apparently stalled for a couple of years now, with no new content being planned.