The Open Source TrueCrypt product and website encourage users to seek alternatives as some compromises to user safety may have been discovered. There is not a lot known about these warnings so far. Further developments are likely to emerge later.
QUOTE: If you use TrueCrypt to encrypt your data, you need to switch to a different encryption software to protect your files, and even whole hard drives. The open source and freely available TrueCrypt software has been popular for the past ten years because it was perceived to be independent from major vendors. The creators of the software have not been publicly identified. Edward Snowden allegedly used TrueCrypt, and security expert Bruce Schneier was another well-known supporter of the software. The tool made it easy to turn a flash drive or a hard drive into an encrypted volume, securing all the data stored on it from prying eyes.
The mysterious creators abruptly shut down TrueCrypt on Wednesday, claiming it was unsafe to use. “WARNING: Using TrustCrypt is not secure as it may contain unfixed security issues,” read the text on TrueCrypt’s SourceForge page. “You should migrate any data encrypted by TrueCrypt to encrypted disks or virtual disk images supported on your platform,” the message said. “It’s time to start looking for an alternative way to encrypt your files and hard drive,” wrote independent security consultant Graham Cluley.
TrueCrypt alternatives are noted in following link: