I am very sorry to have to inform everyone that Monty Oum has passed away. I am not sure what else to say, just that I'm sure everyone here is grieving.
You can read Matt's Journal here (the site is taking a of traffic so you might have to wait before reading it).
Rest in piece, Monty. We'll miss you.
Edit:
Guys this does not mean the show is over. You have to remember that RWBY (just like RVB) has its own staff of animators that work the show. Its not Monty that animates the whole thing on his own. Not to mention that Miles and Kerry are the ones in charge of the writing of the show. Monty was the Creator and the one who helped push