TrueCrypt's developers chose not to graciously turn their beloved creation over to a wider Internet development community, but rather, ... to attempt to kill it off by creating a dramatically neutered 7.2 version ... - Steve Gibson
I have no idea what's going on with TrueCrypt, Speculations include a massive hack of the TrueCrypt developers, some Lavabit-like forced shutdown, and an internal power struggle within TrueCrypt. I suppose we'll have to wait and see what develops. - Bruce Schneier.