There's some bad news for anyone that's been awaiting the arrival of V2, a new version of Vine from one of the service's founders.

Dom Hoffman, Vine co-founder, said today that he's "postponing the V2 project for an indefinite amount of time." Hoffman said that there are multiple reasons for this decision, but he pointed to financial and legal hurdles as the largest.

Hoffman originally said that V2 would be funded by him, but he now says that because of the interest and enthusiasm that the project has generated, the estimated costs for even just the first few months would be beyond what can be personally funded.  He added that the legal fees have been "overwhelming."

For now, Hoffman admits that his V2 project would external funding in order to work, and so he's decided to step back from it indefinitely.

Vine was adored by a lot of people, so it's no surprise that a follow-up from one of Vine's co-founders would generate a lot of excitement. Unfortunately, it looks like anyone interested in a new Vine will have to forget about V2 for now. Stay tuned and we'll update you if V2 comes back from its indefinite postponement.