It would be nice if someone would keep users updated about this situation. I have gotten an email from GrandWP customer support confirming that no security risk has been detected, and that they are working with wordpress to resolve the issue.
It is still unknown however why wp removed it though, which makes me feel uneasy about keeping the plugin installed on my websites. They really should update us about what’s going on. Also, should we manually update the plugin by downloading it from their website in the meantime?