Developers don't abruptly shut down projects. If there are problems with the code, they release statements and patches. If they lose interest in the project, they call it orphaned and ask for maintainers. If it's a mix of the two, they at least say so.
But what happened with TrueCrypt was truly bizarre. No warning. No phase-out. Telling people to move to BitLocker?
I think there's only one way to interpret that. They did something bizarre because it was all the noise they could make without telling us what really happened. AKA some of their developers got served gag orders.
But what on earth could a TrueCrypt dev be gagged for? A gag order implies that some three-letter-agency had enough foresight to know they were planning to disclose something. If it was that there was a government backdoor in TrueCrypt itself, how would NSA/FBI know that they discovered it? How would they know that it could be tied back to them? Why didn't the audit [1] catch it? Gag orders are pretty loose in terms of legality in the first place, but even still, would a gag order prevent them from releasing a statement about a security hole (without mentioning its origin) and releasing patches?
It's a total guess, but my theory is that TrueCrypt discovered something outside their codebase (EG: Windows itself) that was undermining encryption. They reached out to Microsoft, who contacted FBI/NSA, and they were served their gag orders. This is the only theory I can think of that makes a gag order possible, in other situations the FBI/NSA wouldn't have been able to know about a disclosure before it happened.
[1]: istruecryptauditedyet.com