TrueCrypt's developers have remained anonymous over the years for privacy reasons, and even though the program's source code has been publicly available for anyone to look at, questions have been raised about the integrity of the build process, as most people download and use pre-compiled binaries of TrueCrypt.
The source code review is just the first phase of the professional audit envisioned by the Open Crypto Audit Project. Phase two will consist of a formal cryptanalysis of the program's cryptographic functions.
The project also wants a legal review of the software's license and the creation of a deterministic build process to ensure that pre-compiled TrueCrypt binaries have not been altered.
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