The TrueCrypt website has been changed it now has a big red warning stating "WARNING: Using TrueCrypt is not secure as it may contain unfixed security issues". They recommend using BitLocker for Windows 7/8, FileVault for OS X, or (whatever) for Linux.
So, what happened? The TrueCrypt site says:
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.
Did the TrueCrypt devs (or SourceForge?) get a NSL? They are offering a "new" version (7.2), but apparently the signing key has changed and a source code diff seems to indicate a lot of the functionality has been stripped out. What's up?
If you don't trust Microsoft, you don't access your secret data under Windows. Because no matter whether you use BitLocker, TrueCrypt or anything else, as soon as you access the data under Windows, Windows will have access to it. So given that Windows and BitLocker are both made by Microsoft, there's no security difference between BitLocker under Windows and TrueCrypt under Windows. Indeed, you could argue that BitLocker under Windows is more secure, since you only have to trust Microsoft, while with TrueCrypt under Windows you have to trust both Microsoft and the TrueCrypt developers.
And no, that TrueCrypt's source code is available doesn't help you in this case, since Windows' source code isn't.
since Windows' source code isn't.
Not to you or me certainly, but it is to some people [windowsitpro.com]. I don't really know how talented their security reviewers are or what NDAs they're bound by, but it isn't fair to say that nobody has access to it.