Yes, Little Fighter Online was shut down

[MangaD]

Yes, LFO was shut down on April 27, 2016.

We are not there yet. Can you fix the date (to 27 January 2016).

Well, at March-April 2015, Marshall (the admin of LF2 official forum) told that he received an information that U1 is gearing up for a LFO follow up. Whilst not being 100% confirmed, we have no idea how accurate that infromation is and if/whether this information is still relevant.

They may be up to something, but whether they will do it or not we don't know. Check this out.

With LFO closing down, what holds the future for Little Fighter IP?

U1 still owns the IP until someone decides to buy it, if they are willing to sell it.

In my opinion there's always the possibility of another game that appears with similarities to LF2 (there's already Hero Fighter), but I guess we're missing the modifiability aspect, which we would really be eager to see in a LF2 successor.

In the beginning LF2 data files were encrypted too and modification was not possible, am I correct? Then Marti & Starsky decided to let it be modifiable.

What I know about Hero Fighter is that is has great potential and the code is object oriented. Should Marti decide to make it modifiable sometime, it shall be. Though this is unlikely...