Times have been rough for Capcom as of late. Capcom was the target of a cyber hack that, as of what is known when this article was written, may have stolen a potentially staggering amount of info, including that about projects which may be in development.
Capcom's internal computer systems were targeted by ransomware. The hacking attempt was successful and a large amount of data was compromised, with the group responsible demanded $1.1 million dollars in bitcoin and threatening to release the data. Some of the data has seemingly begun circulating online, which is bad news for Capcom, but potentially tantalizing for players.
Information leaked so far includes data about upcoming titles. This are separate, and much less concerning, than the personal employee information Capcom says may be compromised. Several titles have not been officially revealed yet, but it's not hard to guess what they are. However, one project gets special mention in Capcom's internal communications that is referred to as "project Guillotine" on Switch, and there is very little to hint at what it might be. Project Guillotine has not been named to be any specific game, expansion, or other project.
In-house codenames may be misleading, for precisely the reason Guillotine illustrates: If it leaks, no one knows what it is. Therefore, Guillotine could be any franchise, or an entirely new IP. For some time, it has been accepted that Capcom is probably shelving the Onimusha franchise. However, if there's one thing Onimusha is known for, it's a healthy amount of guillotine-esque katana chops. It's impossible to be sure, but some players have chosen to hope for the return of Onimusha, or another long-dormant franchise.
It may be easier to determine what project Guillotine is not at this point, rather than what it is, as some information from the leak can help narrow this down. A Phoenix Wright collection is in the works according to the leak and referred to as such, so Guillotine likely has little to do with that franchise. Similarly, there are a few well known Resident Evil projects in the pipeline, with the leak revealing Resident Evil 8 details.
While "Guillotine" may make some think of Monster Hunter, this is likely not the case. The leak reveals that Monster Hunter Rise and Stories 2 may be coming to PC, and these ports are likely the next big announcements in that series. For now, Guillotine is still a mystery that Capcom gets to keep.
Source: Nintendo Life