They have closed it and their reasoning is "because they feel like it". One really has to question why they didn't at least sell it to several potentially, rumored suitors, but I guess they felt like it. Exact reasons have not been given and a lot of this have been vague, but many artists are wondering why the fuck this has happened the way it did. CG Hub for people that don't know was a website where artists in 2D, 3D, caricatures, concept art, and many more uploaded their work. This involved anything from personal projects to movies, tv, videogames, and books. Many of the best artists in the world uploaded their work there.
Besides CG Hub opining a "Pro" version which allowed many artists to pay for the full year and start to get a few extra benefits. This happened roughly 2 months prior to the website shutting down. So this if not illegal, is incredibly shady. People paid money and got screwed over it since CG Hub decided to close the doors.
At the end of the day, it's their product and they have every right to do with it as they please. However since part of freedom of speech has not been completely closed off by government officials on the internet, I'd say this is a pretty douchey and illogical move from them. They could have at least sold it off to another company that would have kept going.
hope of a new website
However there is hope that there might be another website made in a very similar fashion to CG HUB, where they take the best design/UI aspects and take off the crappy variations. There is a potential Kickstarter coming out soon, but until then I can just send you the link to the company creating the website, Shakuro. I'm still skeptical, but at least it's something.
Link Here
