This is a pretty confusing case, hard to make much of it, LavaBit 2 is of course a possibility. But while we're making these theories, I wanna sound my wild theory: Considering that: (1) TrueCrypt authors go to great to keep their identities hidden, and (2) it turns out TrueCrypt is not free/open software -- TrueCrypt is actually a project by some spooky 3-letter agency.
But anyway, thoughts on alternatives? CiskCryptor (http://en.wikipedia.org/wiki/DiskCryptor) sounds like a nice one, it's FLOSS. Thoughts on it?