Scalebound was an action RPG in development by Platinum Games for the Xbox One. I say was because Microsoft has officially cancelled the project after spending about four years in development.

The rumors started to swirl earlier today but all doubt was removed when Microsoft issued the following statement to the public.
"After careful deliberation, Microsoft Studios has come to the decision to end production for Scalebound. We're working hard to deliver an amazing lineup of games to our fans this year, including Halo Wars 2, Crackdown 3, State of Decay 2, Sea of Thieves and other great experiences. For more information on our 2017 plans, please visit: http://bit.ly/2i1E5bV."

Scalebound was last seen back at Gamescom 2016 in August. According to the rumors that surfaced earlier today by Eurogamer and other outlets, the relationship between Platinum and Microsoft got a little dicey near the end of the year.
Work on the game took a serious knock last autumn, Eurogamer sources say, when several senior members of the development team were forced to take a month away from the pressure of the project's heavy workload.

These project members then returned, but Scalebound was now behind schedule. With continuing issues surrounding the game's engine and overdue deadlines, the decision was made that the project could no longer continue.

Another one bites the dust. Below, you can see some gameplay from E3 2016.