Seems like a shitty encryption if it's that easy.
I guess it was a short password to prove it is working, as it was done in 40 seconds with two 6990.
This is only the beginning, the programmer has speed up the whirlpool hashing now by 58% and yet to work on cascaded modes.
But the times where Truecrypt was secure will be surely over soon, when you now can hack every windows password with a 25 GPU cluster (10x HD 7970, 4x HD 5970 (dual GPU), 3x HD 6990 (dual GPU), 1x HD 5870):
http://arstechnica.com/security/2012/12/25-gpu-cluster-cracks-every-standard-windows-password-in-6-hours/Guess you can hack everything if you want to and have good equipment sooner or later.