Feds shuts down Megaupload claiming more that $500 million in lost revenue

Well the other shoe has fallen folks.

For those of you who may have forgotten Megaupload was that file-sharing site that got a bunch of big name artists to take part in a music video supporting Megaupload only to have it taken down on YouTube under some highly questionable reasons by Universal.

Of course the video was reposted, t hen taken down and then finally reposted again where it remains at this point in time.

Unfortunately though it would seem that the Feds have decided that the company needs to be taught a real lesson on who the boss is and have shut the site down along with charging its founder and others with violating piracy laws.

The indictment accuses the company of costing copyright holders more than $500 million in lost revenue from pirated films and other content. The indictment was unsealed Thursday, one day after websites shut down in protest of two congressional proposals intended to thwart the online piracy of copyrighted movies and TV programs.

via Associated Press

This action of course just happened to occur one day after the Great Internet Black-out that saw many big name websites “go dark” in opposition to the government’s proposed SOPA and PIPA legislation.

Here’s the video that Megaupload had made.