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When it’s finished, any problems found can be patched by the community in a new fork of the TrueCrypt code and TrueCrypt can continue. TrueCrypt is the only software package to ever undergo an independent audit like this one. TrueCrypt’s open-source code is currently undergoing an independent audit - work that started before the abrupt shutdown - and Phase 1 of the audit has been completed without any big problems being found. TrueCrypt 7.1a is the last real version, released in February, 2012 and used by millions of people since then. However, the Gibson Research Corporation argues TrueCrypt is still safe to use. The developers have made statements saying they’re not longer interested in the code, and that third-party developers can’t be trusted to maintain and patch it properly.
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Yes, TrueCrypt development was officially halted and its official downloads page was taken down.
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