MegaUpload has been shut down by federal prosecutors in Virginia. The site’s founder Kim Dotcom and three others were arrested by the police in New Zealand on request of US authorities. MegaVideo, the streaming site belonging to the same company and 16 other domains connected to the Mega company were seized as well. An indictment unsealed today by the department of justice claims MegaUpload has caused the entertainment industries more than $500 million in lost revenue. Not sure what this means going forward. Mr. Dotcom just weeks ago claimed to be operating within the law and has a tons of money and lawyers to fight. Given the Pirate Bay website still runs today I think MegaUpload will come back online in the future. In the meantime other storage locker websites like RapidShare, FileServe, WUpload and others will benefit.



