Bad news for online movie streamers and music downloaders…
Federal prosecutors have indicted Megaupload.com and feds have shut the cyberlocker down.
Founder Kim DotCom, formerly Kim Schmitz, was arrested in New Zealand along with two others on behalf of the U.S.
The company even listed Swizz Beatz as its CEO!
The site tried to fight back before the shutdown, saying that the accusations against them were "grotesquely overblown."
The following statement was on their site before it was killed.
The fact is that the vast majority of Mega's Internet traffic is legitimate, and we are here to stay. If the content industry would like to take advantage of our popularity, we are happy to enter into a dialogue. We have some good ideas. Please get in touch.
The website allowed users to upload and share film, tv shows, music and files too large to send through email.
Megaupload claimed that most of its practices are legitimate and the Motion Picture Association of America begs to differ.
The MPAA claimed the site robbed them of over 50 million big ones!
We'll see if this case goes anywhere or any other sites go down.