In case you were in a cave for the last few weeks, let us tell you that the development of TrueCrypt, the most widely used open source disk encryption software has recently ceased. In an abrupt announcement made from software’s official outlet, it was told that the development ceased on 5 May due to Microsoft dropping support of Windows XP. Also the a note saying that the software had vulnerabilities was dropped.
But don’t worry – the groups who were doing the security audit of TrueCrypt are now trying to fork the project, and patch the vulnerabilities. Minor vulnerabilities were discovered during the security audit.
You can read about the fork effort here
You can read about the original developer of TrueCrypt stopping development, here.