In 2005 Prof. Xiaoyun Wang announced a differential attack on the SHA-1 hash function. NIST found that the attack was practical, and announced plans for transitioning to SHA-2 algorithms and development of SHA-3.
Researchers have recently announced they have discovered a new way to break a number of cryptographic hash algorithms. Click here to read NIST's brief comments on recent cryptanalytic attacks on secure hashing functions and the continued security provided by SHA-1.