“TrueCrypt is not secure,” official SourceForge page abruptly warns

That is pretty scary, especially the confusion over whether it is official or not.  I think people would much rather use an open source tool than a prioprietary one in this situation.

Some good detail from a reddit thread:
http://www.reddit.com/r/sysadmin/comments/26pxol/truecrypt_is_dead/

Tried it and did not like it...over hyped if you ask me.  I have been using Axcrypt which does a very good job for what it is...and is still being developed.  Check it out.
 
Baldrick

EXCERPT:
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Doubters soon questioned whether the redirect was a hoax or the result of the TrueCrypt site being hacked. But a cursory review of the site’s historic hosting, WHOIS and DNS records shows no substantive changes recently.
What’s more, the last version of TrueCrypt uploaded to the site on May 27 (still available at this link) shows that the key used to sign the executable installer file is the same one that was used to sign the program back in January 2014 (hat tip to @runasand and @pyllyukko). Taken together, these two facts suggest that the message is legitimate, and that TrueCrypt is officially being retired.
That was the same conclusion reached by Matthew Green, a cryptographer and research professor at the Johns Hopkins University Information Security Institute and a longtime skeptic of TrueCrypt — which has been developed for the past 10 years by a team of anonymous coders who appear to have worked diligently to keep their identities hidden.
“I think the TrueCrypt team did this,” Green said in a phone interview. “They decided to quit and this is their signature way of doing it.”
 
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Thanks Jasper!

Thorough cryptanalysis will search for backdoors and crippling weaknesses.

by Dan Goodin - May 30 2014
 
TrueCrypt, the whole-disk encryption tool endorsed by National Security Agency leaker Edward Snowden and used by millions of privacy and security enthusiasts around the world, will receive a second round of safety audits despite being declared unsafe and abruptly abandonedby its anonymous developers two days ago.
Phase II of the security audit was already scheduled to commence when Wednesday's bombshell advisory dropped on the TrueCrypt SourceForge page. After 24 hours to reflect on the unexpected move, an organizer with the Open Crypto Audit Project said he saw no reason to scrub those plans. Online fundraisers to bankroll the project have raised about $70,000, well past the $25,000 organizers had initially aimed for.
"We have conferred and we are firmly going forward on schedule with the audit regardless of yesterday's circumstances," Kenn White, a North Carolina-based computer scientist and audit organizer told Ars Thursday. "We don't want there to remain all sorts of questions or scenarios or what ifs in people's minds. TrueCrypt has been around for 10 years and it's never received a proper formal security analysis. People are going to continue to use it for better or worse, and we feel like we owe the community the proper analysis."
 
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