The Shadow Moses project was aiming to be a full Metal Gear Solid fan remake developed in Unreal Engine 4.

However, as it so often goes with these fan remakes, it has been promptly shut down once first bits of gameplay footage started appearing. To the developer's credit, they did manage to make a rather faithful adaptation, as you can see in the most recent trailer:

Information on why exactly the project has been canceled isn't available but the developers did post this on their Facebook page:

"Hi guys!

We have an important announcement to make today:

We have to cancel the Shadow Moses Project for reasons beyond our control.

We would like to thank everyone for the tremendous support we have received.

Shadow Moses team."

If I had to make a guess it would be because they didn't ask Konami for permission which leaves the publisher with only one course of action, a cease and desist letter.

While the Shadow Moses project might fade away, the developer's efforts were not wasted as they now have a well publicized and liked project to add to their resume without having to go through all the trouble of actually finishing, polishing and QA testing it. Not a bad deal, all things considered.