TrueCrypt is apparently dead...but MAY be forked with new authors (this would be similar to what I think happened with "Open Office" forked to "Libre Office")
It's disappointing to see this freeware/donateware, highly effective venerable security and privacy enhancing open-source
program come to such an ignoble end.
The life and untimely demise of TrueCrypt
By Susan Bradley
The developers of TrueCrypt, a once highly respected, open-source encryption application, have apparently folded their tents and disappeared.
Left behind are questions and paranoia--and a message that users should migrate to other encryption platforms.
As reported on the Gibson Research site, TrueCrypt isnít destined for the grave. There are just too many TrueCrypt supporters. The Linux Foundation and the Open Crypto Audit Project announced that theyíll bring back TrueCrypt in a process called ďforking the code.Ē The new authors will restructure the software, provide a new license, and eventually release the product under a new name.
My recommendation to current TrueCrypt users? Donít panic! But also donít deploy any new versions of TrueCrypt; simply maintain what you have. Based on the OCAP audit, TrueCrypt does not have any back doors and still provides secure encryption that canít be easily cracked.
(note: as I understand it (and mentioned in the PCWorld article) there has never been a publicly acknowledged successful penetration of a properly implemented TrueCrypt install)
One problem with proprietary encryption programs is there's no way to tell if a backdoor/master-decryption has been provided to other parties (governments, corporations, etc).
From TrueCrypt's Homepage
This page exists only to help migrate existing data encrypted by TrueCrypt.
The development of TrueCrypt was ended in 5/2014 after Microsoft terminated support of Windows XP. Windows 8/7/Vista and later offer integrated support for encrypted disks and virtual disk images. Such integrated support is also available on other platforms (click here for more information). You should migrate any data encrypted by TrueCrypt to encrypted disks or virtual disk images supported on your platform.
Unfortunately, one can't just simply "migrate" to BitLocker as TrueCrypt's message would seem to suggest. There are hardware and software requirements and limitations.
Here's an article that talks about BitLocker, who can use it, what OS and what hardware (motherboard "Trusted Platform Module" support) you have to have, etc. It also talks about the downsides involved with using a proprietary encryption scheme. Media portability raises its own issues, and in my opinion it is also not nearly as versatile as was TrueCrypt.
edit: added a bit more info re BitLocker