That's unpleasant news indeed. A new TL is fine, but scrapping most of all the previous work and starting from the beginning when the project was only a few percent away from 50%? Ugh. And I like NightEye159's translation. Renkosuke's translation was supposedly faithful to NightEye159's own style, which was reassuring.
I hope this new TL (Inskipp) isn't someone JAST hired or found. I don't like liberal and localized translations
The fact Moogy was the one to edit the tlwiki page instead of EchoMateria scares me a lot.