The current theory is that the lawyer they referred to in their blog post convinced them to cease development. I don't think the PMDT is directly affiliated with Wavedash Games, but that might be the next venture for a lot of them. Maybe they will make their own IP, who knows? The makers of My Little Pony: Fighting is Magic started making the game Them's Fightin' Herds instead when Hasbro C&D'd them.