7.2 was stripped of encryption functions. Even if it was without bugs, what good is it? Not to mention the weird way they walked away from their software.
It really was weird. Here's my new theory:
These guys released their best version ever, 7.1a, in Febuary 2012. They had a party, said goodbye, and moved on with their lives. Everyone assumed that since it's open source, some new guys would come along to take over the project. Instead, for two years, there were no security updates, and no credible fork. TrueCrypt was languishing. One of the developers decided to force the world to take action. He pulled that amazing stunt, complete with recommending everyone use Microsoft BitLocker. Now he's kicking back with a beer and watching the world go nuts. It's like kicking an ant hill.
Did it work? You bet! A bunch of geeks like me said, "I want to help!" A couple of Swiss Pirate Party dudes said, "We'll lead the effort", and before the weekend was over, they had thousands of offers for help. True to the Pirate Party spirit, they even pirated the TrueCrypt name: truecrypt.ch. Also true to the Pirate Party spirit, they don't really know how to organize a team of geeks to work together in a common direction. So, I said "Follow me!" on the forum, and signed up geeks as fast as I could at the site that became CipherShed.org. Now they're self-organizing like some sort of slime mold, creating order out of chaos. It's really fascinating to watch! I hope the original authors are enjoying the drama