Well he said he would work on it at his own pace, but since he does not give any sign of life, not even on his discord, not a simple "Hi" It's easier to assume that for now it's dead, even if he finishes it, it could take a few years, so the tag is fine, you could say to put "On Hold" But that tag would mean he does not work on it currently, yet he said he does, but does not prove it (not that he has to), So the logical course is to put abandoned that way people don't get their hopes up.
In simple terms, since he does not get paid for it anymore, and does not give any signs of life. The course of the game is up to the developer whims. Money is a motivation he does not get anymore. So he could actually quit whenever he wants. That's the risk we have now.