No, this is possible.
This doesn't "crack" anything, it simply extracts passwords from memory or hibernation files. They detail the process they go through, so read up before saying it's bull. They even talk about one of the security weaknesses of Firewire having direct memory access - a weakness shared by Thunderbolt. While it provides faster access, physical security is lowered as a result.
Steve Gibson has talked on numerous instances about extracting information from memory, and specifically citing
a study that shows this is possible. The same goes for the hibernation and/or pagefile, as they too may have cached the password for the TrueCrypt volume.
However, the encryption itself is so far known and proven to be solid. It would take years (decades, millenia, etc) to brute force a complex password even on powerful super-computing clusters. But if the information for decrypting the data is already stored in a decrypted state, it becomes comparatively simple to extract the passwords, or potentially even parts of the decrypted data.