Megaupload Shut Down on Piracy Charges

Indictment claims site was responsible for over $500 million in lost revenue

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Megaupload, one of the world's most popular file-sharing sites, was shut down by federal prosecutors in Virginia following charges against its founder and others for violating piracy laws. An indictment accuses the company of costing copyright holders over $500 million in revenue for pirated music, television, movies, video games and other content. The company claims it had been diligent in responding to complaints from copyright holders demanding that material be removed from the site in accordance with the Digital Millennium Copyright Act.

Megaupload, which at one point was the 13th most popular website in the world, was established in Hong Kong in 2005. The service allowed users to upload files and offered free and premium packages that allowed different limits for uploading and downloading.

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